The Central African Republic recently declared that they would put off the listing of the Sango cryptocurrency on exchanges due to market conditions and promotional reasons. This was reported on Sango’s Telegram group.
Sango Coin was unveiled in July with the goal of raising almost $1 billion within the next year. However, only $1.66 million worth of the token has been sold up to now, as per the Sango website.
In April the next year, Central African Republic made Bitcoin a legal tender (BTC), becoming the first African nation to do so. The nation had previously revealed plans to enable foreign investors to purchase $60,000 worth of Sango Coins citizenship. Nevertheless, the country’s highest court ruled this idea as unconstitutional in August.
Cointelegraph had a recent meeting with Mamadou Moustapha Ly, the Central African technician who supervised the development of Sango Coin, while he was attending a conference in Senegal, West Africa. Ly, a payments specialist, also takes care of fintech startups such as Kete Cash. She enlightened us about the formation of what she called a “token, not a coin” labelled Sango.
Firstly, Ly highlighted that the legal tender law clearly states that the nation will accept Bitcoin – no mention of any other cryptos or even Sango Coin, indicating a clear separation between them.
“The law establishes that the digital currency that is legal tender is bitcoin. We recognize this as our official currency. […] The Sango coin is a project for the state of the Central African Republic.”
His comments were backed up by President Faustin-Archange Touadéra. The mathematician has been an advocate of Bitcoin only, yet he was present to sustain the creation of the Sango Token as the country takes steps towards a “Brighter Future” with blockchain technology.
With #Bitcoin legal tender Inspiration and new chapters in the nation’s inspiring journey to a brighter future. #blockchain #technology.
Everyone is welcome to attend the Sango Genesis Event that will be broadcast on July 3 at https://t.co/LIQiKGhcBS. pic.twitter.com/7u6knv5f6w
— Faustin-Archange Touadera (@FA_Touadera) June 27, 2022
Sango Coin is offering appealing incentives for foreign investors such as citizenship by investment and eventually, a Central African Republic passport. In a way, this is similar to El Salvador’s Volcanic bonds that offer a fast-track foreign investing service.
Related: Central African Republic Court Says New $60,000 Crypto Investment Citizenship Program Unconstitutional
Despite the issues facing the Central African Republic, it is crucial to remember that the adoption of Bitcoin as the country’s legal tender is a major milestone in the acceptance of the biggest cryptocurrency in the world.
Cointelegraph has reached out to experts in the field. We will keep the article up to date with any new information from the Central African Republic.