The Sango Project, the organization behind the launch of the Central African Republic’s Sango Coin, has announced a delay in its listing due to legal and regulatory obstacles. The project stated in a message on its Telegram channel on March 31 that the delay will only be for a few weeks before the legal frameworks are finalized.
The government of the Central African Republic has made significant progress in establishing laws and regulations that will allow Sango Coin to be listed on crypto exchanges. However, the Sango Project has decided to postpone the listing to ensure full compliance with all relevant regulations and to launch the product in the most secure and responsible manner possible.
The Sango Coin listing was one of the objectives of Project Sango, a crypto hub proposed in the Central African Republic in May 2022. The government of the Central African Republic had passed legislation allowing citizens to use Bitcoin (BTC) as legal tender alongside the CFA franc, leading to the proposal of the crypto hub.
Since its launch in July 2022, the Sango Project has marketed Sango Coin to interested parties by offering pathways to Central African Republic citizenship through investments. However, this strategy was reportedly declared unconstitutional by the country’s court system in August 2022. Despite this setback, the Sango Project announced in December that it plans to list the tokens at a price of $0.45.
The delay in listing Sango Coin is a setback for the Sango Project, but the organization remains optimistic about the future. The project stated that the delay is necessary to ensure compliance with all relevant regulations, and it hinted that there are new surprises to come along with these laws.
The Central African Republic’s move to embrace cryptocurrencies is an interesting development in the global financial landscape. While some countries have been cautious about embracing cryptocurrencies, others have seen them as an opportunity to modernize their financial systems and attract investment. It remains to be seen whether the Central African Republic will be successful in its efforts to establish itself as a hub for cryptocurrency in Africa, but the launch of Sango Coin is a step in the right direction.
The Central African Republic (CAR), a landlocked country in Central Africa, rolled out the launch and sales of its national cryptocurrency called “Sango Coin” on Monday, July 25, as planned.
However, the sales of the national digital currency tokens started with a low tone, with just over 5% of the target bought in the hours after its launch. The slow start has so far raised questions about the project’s transparency and a broader market downturn in the industry.
As reported by Blockchain.News last week, the launch and sales of “Sango Coins” worth $21 million were expected as of Monday. The CAR government planned to put 210 million Sango Coins on offer (sales), priced at $0.10 each, with a minimum investment of $500 to be paid in cryptocurrencies, including Bitcoin and Ethereum.
Out of the initial $21 million on offer, about $1.09 million had been sold by 1115 GMT on Tuesday, after the digital token went on sale at 1700 GMT on Monday, according to Reuters media.
Investors, who were enthusiastic about the prospects, bought the Sango Coin, with a minimum investment of $100 paid in cryptocurrencies, including Bitcoin and USDT. This was a drop from customers’ planned minimum investment of $500.
A local investor named Michel Muna, a 35-year-old Cameroonian who imports food and drink, bought $524 worth of Sango Coin on Monday.
Some market experts have tried to explain the events behind the sales of the CAR’s crypto coins on the first day.
Joseph Edwards, head of financial strategy at Solrise, a crypto investment firm, said: “A crypto project not selling out its initial mint is a poor sign. It’s hard to get a precise read on things because of the whole coin and project’s deliberately obscure structure.”
Another crypto industry figure, who requested her identity to remain anonymous, said Sango Coin did not have what most crypto enthusiasts view as one of the assets’ main benefits – a lack of state involvement. “They’re building something that is literally controlled by the government,” she stated.
Revitalising National Economy
In April, the Central African Republic (CAR), one of the world’s poorest countries, made headlines when it became the first African state to make Bitcoin legal tender.
Opposition parties criticised the CAR for deciding without consulting the regional central bank that manages the shared currency of six countries, including the Central African Republic.
However, the CAR government defended the plan, stating that the move towards cryptocurrency is part of the nation’s effort to revitalise its economy and develop its financial inclusion with a ‘next-generation currency.’
Ranked among the poorest nations in the world, the CAR became the second to adopt cryptocurrency after El Salvador.
The Central African Republic (CAR), a landlocked country in Central Africa, plans to launch its Bitcoin investment platform popularly known as “Sango Platform” on July 25. That is according to an email sent to pre-registered users of the country’s cryptocurrency project.
As per the email seen on Friday, the Sango Platform will serve as a central hub for crowdfunding, distribution and community support efforts.
The email further stated: “Users are now able to become eligible and get ready for the official launch on the 25th of July by registering & getting KYC approved.”
The African nation further announced on Friday that it will launch a national cryptocurrency called “Sango Coin”, which is designed to complement its digital currency hub project, “Sango platform.”
The launch and sales of “Sango Coins” worth $21 million will begin next week. The sales will commence when 210 million Sango Coins are on offer, priced at $0.10 each, according to the country’s Sango investment website.
The “Sango Coin” will go on sale on July 25 with a minimum investment of $500 to be paid in cryptocurrencies, including Bitcoin and Ethereum.
The CAR’s nation’s treasury will hold 20% of the Sango Coin, as per the project’s website. The use of the Sango Coin is tied to the marketing of the country’s resources and government services on residency, citizenship, and land ownership.
Based on the CAR ‘s digital currency investment initiative, foreign investors will be able to buy citizenship for $60,000 worth of cryptocurrency, with the equivalent Sango Coins held as collateral for five years. Foreign investors will be able to purchase “e-residency” for $6,000 in cryptocurrency, held for three years.
Furthermore, both foreign and local investors can buy a 250-meter square plot of land listed as $10,000, with the Sango Coins locked away for a decade, according to the Sango website.
CAR, which relies on donors for over half of its budget, is rich in resources including Gold, Diamond, rare minerals, and other unexploited resources. Sango Coin will therefore enable direct access to the country’s resources for the whole world.
As per the Sango website, there would be 12 more-coin sales, with the price rising each time. However, several details are unclear, as the type of technology being used, firms supporting the rollout, and whether the price of the token would be free-floating or fixed, are still unknown.
The Sango investment platform terms and conditions stipulate that unused Sango Coins cannot be refunded and converted back into other cryptocurrencies.
Sango Coin will be the native cryptocurrency of the Sango investment project. It is backed by a Bitcoin reserve and governed by the country’s citizens. Sango Coin comes with several potential applications, including crypto trading, daily shopping, and digital economy investments.
Revitalize National Economy
As reported by Blockchain.News, the Central African Republic made headlines when it adopted Bitcoin as legal tender in April.
Now, the country plans to roll out its own national cryptocurrency “Sango Coin”. The move towards cryptocurrency is part of the nation’s plan to revitalize its economy and develop its financial inclusion with a ‘next-generation currency.’
The President of the Central African Republic Faustin-Archange Touadera, in a recent event, described ‘Sango Coin’ as the currency for the next generation. The president disclosed that an estimate of 57% of the national citizens does not belong to a bank. The country is made of small cities with little infrastructure, which make people unable to easily travel to a physical bank.
President Touadera believes that cryptocurrency can provide a safer approach for local residents to use and store their funds.
Touadera’s administration caught key stakeholders, including the regional Bank of Central African States, and crypto experts unaware. The International Monetary Fund and World Bank also recently raised concerns about the country’s Bitcoin adoption, citing a lack of transparency and the potential impact on financial inclusion.
CAR’s crypto ambitions still face major challenges, given that it is one of the world’s poorest countries with significant infrastructure gaps. In the country, access to the internet and electricity is quite low. Only 557,000 of the country’s 4.8 million people have access to the Internet and electricity coverage.
The Central African Republic (CAR) has doubled down on its plans to embrace the technology underpinning Bitcoin (BTC) with the recent launch of Project Sango, a National crypto hub.
Having been teased for a while, Project Sango was finally launched by President Faustin-Archange Touadera who posited that the initiative is billed to foster financial inclusion and lower the barriers to entry which is a major bottleneck in the country’s banking sector.
“Gold served as the engine of our civilization for ages! In this new age, digital gold will serve the same for the future! @SangoProject is the foundation that we will build on, together as one!” President Touadera said in a Tweet on Sunday.
Project Sango comes off as one of the country’s ambitious moves following its adoption of Bitcoin as a legal tender back in April, the second country after El Salvador. Project Sango is designed to bring out the potential of blockchain technology on various fronts and among many things, it will aim to attract businesses into the country as it looks to re-establish economic boom and global connectivity.
Per the President:
“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”
As an offshoot of the initiative, a cryptocurrency, dubbed Sango Coin is bound to be released as well as a metaverse platform dubbed Crypto Island. While many have seen the moves from the country as ambitious ones, a number of Bitcoin maximalists have advised the country to stick to the tenets and capabilities of Bitcoin only.
Economically, CAR is one of the poorest countries in Africa, and it believes the opportunities Bitcoin and its accompanying technologies will offer will help it retrace its path to prosperity.
Central African Republic (CAR) has officially adopted Bitcoin (BTC) as a legal tender in the country.
The move was ushered in with the unanimous adoption of the premier digital currency by the country’s lawmakers, who noted that the coin will now operate in correlation with the CFA franc.
As confirmed by the Chief of Staff to President Faustin Archange Touadera, Obed Namsio said the bill has been signed into law by the President. According to Namsio, the Central African Republic “is the first country in Africa to adopt bitcoin as legal tender,” Namsio said, adding that “This move places the Central African Republic on the map of the world’s boldest and most visionary countries.”
The CAR is one of the least economically buoyant countries in the world whose economy is solely dependent on mining. With the new legal tender, citizens, as well as businesses, will be able to transact in the digital currency, a trend that will be markedly different from other African nations, like Nigeria, known to have banned financial institutions working in the country from having business relationships with crypto trading service providers.
Indirectly Defying International Bodies?
While not much is known about the proceedings leading to the adoption of BTC as legal tender in CAR, the stance of the World Bank as well as those of the International Monetary Fund (IMF) is known through their objection to a related move made by El Salvador pre and post-September 7 last year.
Taking a cue from El Salvador, there has been a significant investment in digital currencies as President Nayib Bukele is known to always buy the dip – stacking up new Bitcoin units in periods of price corrections, a luxury that the CAR may not have.
There are a series of surveys that also suggest the BTC adoption in El Salvador is not as popular as widely publicized by the government. While still in its infancy, the CAR Bitcoin journey is one that is worth watching out for.