Central African Republic Sets Up Committee to Push Crypto Adoption

President of Central African Republic holding a golden microphone, giving a speech to the curious giraffes.
  • 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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.