Despite the obstacles encountered, the presidency of the Central African Republic is still determined to impose the Sango Coin project in its country. A tweet from President Faustin-Archange Touadéra, posted this Sunday, October 2, confirmed this.
The bear market, the somewhat lukewarm reception from the market and the contrary opinion of the Constitutional Court do not seem to have undermined the determination of the project promoters. The president’s tweet explains, “Even after the August 29 Constitutional Court ruling, which appears to have been misinterpreted by various media outlets, I maintained that the legal initiative referring to cryptocurrencies, including the first related initiative Sango , respects national law”. We had already devoted an article on this point.
He underlines his desire, even if it means watering down his wine a little, to cooperate with the regulatory authorities (in other words, the central bank of the CEMAC zone, namely the BEAC) following their discussion on the subject.
The Sango project managers took the opportunity to comment on this tweet, via their Telegram channel. According to them, there are currently many parties actively involved in the crypto world offering support both on the legal and technical side, and they promise “very high profile partnership announcements”. We will see…
Towards a first concrete application?
Specifically, the first phase of the Sango Genesis Cycle, already initially postponed and which was to end on 1er October, is granted a new grace period of 30 days. Then, the team claims to be working on a new product which this time poses no legal concerns: it is the possibility of obtaining an electronic visa via Sango in order to be able to travel to the Central African Republic. It should be available from the beginning of Cycle 1. If this really materializes, it would be a first practical application of the Sango Coin and would bring welcome credibility to this project.
In addition, the legal framework to allow tokenization and access to the country’s natural resources is about to be put in place. There will be official announcements on progress towards legalizing all other Sango products.
We are therefore waiting for the next announcements which should arrive at the end of the Sango Genesis cycle.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!