the President Faustin-Archange Touadera wanted to attract foreign investors. To acquire citizenship, land and even resources against its new cryptocurrency, the Sango Coin. The highest court in the country ruled this kind of sale by cutting unconstitutional and its decision is without possible appeal.
At the beginning of July, the Sango project was launched. But the CAR Constitutional Court invalidated President Touadéra’s project on Monday August 29, 2022. The sale of Sango Coins against Central African lands and resources was deemed unconstitutional: everything related to “the sale of Central African nationality […]e-residence, […] of land and natural resources, as provided by the official Sango Genesis Paper and on the Sango.org website is rejected”.
Citizenship for $60,000
Four months after the adoption of Bitcoin as the national currency and one month after the official launch of the Sango Coin project, the president’s ambitions have stalled. The Court considered that it was neither more nor less than a big sellout on a world scale. The government hoped to attract foreign investors by offering:
- acquisition of citizenship “by locking a fixed guarantee from SANGO Coins in the amount of $60,000 for a period of 5 years” ;
- An e-residence “by locking in a fixed SANGO parts warranty in the amount of 6000 dollars for a period of 3 years” ;
- A landed property “by locking a fixed guarantee from SANGO Coins in the amount of $10,000 for a period of 10 years”.
The project is stopped, will the investors be reimbursed?
We are awaiting the reaction of the government following this unequivocal no. Waiting the website is still online and the sale is expected to continue through October. 7% (or 14,000,000) of the 200 million Songo Coins have already been sold: will investors be reimbursed? At 10 cents a corner, that still represents $1,400,000, a godsend for a bloodless country.
The website of the Sango cryptocurrency.
While some cities have adopted a local cryptocurrency, city corners, there is no question of “selling off” land or resources. We can understand that President Touadéra wants to modernize his country and attract investors, but his project is unclear and looks like a cut-out sale. It would certainly be better to involve the population first like in El Salvador starting with bitcoin trainings. Education above all with the population at the heart of the projects: this does not seem to be the case with the Sango Coin.
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!