The Central African Republic is struggling to list its ambitious e-governance token – Sango Coin – due to current market conditions and marketing reasons
As reported by Cointelegraph, the Central African Republic will delay the listing of their national cryptocurrency, Sango Coin, on crypto exchanges.
Sango Initiative is another far-reaching blockchain initiative of the country which adopted Bitcoin as a legal tender in April. The Sango token is designed as a governance token rather than cryptocurrency. Staking the coin is supposed to help people obtain citizenship or e-Residency, buy land property, participate in public auctions or tokenise natural resources.
However, the initiative of selling citizenship for crypto was blocked as unconstitutional by the country’s top court in August.
Unlike other governments that are developing a CBDC, the Central African Republic has built its Sango Coin on the decentralized Bitcoin network. That is the first-ever example of a bitcoin-backed cryptocurrency adopted and supported by a government.
Moreover, the Central African Republic’s token offers attractive incentives to foreign investors, such as a fast-track foreign investment service.
Despite the challenges faced by the Central African Republic with its Sango Coin, the country’s adoption of Bitcoin as a legal tender remains unchanged.