Central African Republic Sets Up Committee to Push Crypto Adoption

• 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.”

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.

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.

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:

China’s Digital Yuan Adds Smart Contract Capabilities

El Salvador to Host Bitcoin Beach Party Featuring Top Bitcoin (BTC) Maxis