- In July 2022, the Sango Genesis crypto project was launched.
- Central African Republic aims to build the ultimate crypto hub.
- Due to vague regulations, the Sango project struggled to take off.
Faustin Archange-Touadera, the ambitious President of the Central African Republic, announced the formation of a crypto-dedicated committee in the country. According to Touadera, the new committee will consist of 15 specialists and are expected to “draft a new, more comprehensive bill.”
15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d'élaborer un nouveau projet de loi plus complet sur l'utilisation des crypto-monnaies et d'offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3
— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023
Buying Citizenship With Crypto Deemed Illegal
Despite the ground-breaking idea to develop an all-in-one app for the citizens of the Central African Republic and invite the brightest crypto minds to a tax-less innovation hub, the Sango project was slowed down by the CAR’s own government. Indeed, on 30th August 2022, the High Court of the Central African Republic vetoed the pro-crypto president’s initiative to sell e-residency and citizenships via Sango Coin, the native token of the African nation’s revolutionary project.
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Indeed, the Sango crypto project aims to bring a $3 trillion market to crypto investors by tokenizing the whole country, including natural resources. Currently in Cycle 3, the Sango project now offers crypto investors:
- E-residency with three years of Sango Coin staking.
- Land and property with five years of Sango Coin staking.
- Full citizenship with ten years of Sango Coin staking.
Investors must register on the Sango platform to lock the fixed collateral of their choice. According to the current Cycle 3 staking system, the amount of crypto or fiat spent on each purchase will be returned in Sango coins after the specified period.
Sango - The First Digital Monetary System Built on Bitcoin https://t.co/k535nnM1wJ via @BTCTN
— Sango coin (@coin_sango) August 4, 2022
On the Flipside
- Sango’s online presence is very poorly maintained, as the official Sango Project Twitter handle has just 66 followers since its launch.
- The social engagement in relation to Sango coin seems to be extremely low, with barely any daily mentions.
- The Sango project’s funding rounds didn’t go as planned. The 4th Cycle was supposed to finalize by the end of 2022.
- Instead, it’s still in Cycle 3, with 80% of Sango Coins still in circulation. Besides, it’s still priced at the initial floor price of $0.19.
Why You Should Care
The Central African Republic is the second country to adopt Bitcoin (BTC) as a legal tender.
Learn more about crypto adoption around the world:
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