Central African Republic Forms Committee to Push Cryptocurrency Adoption by DailyCoin

© Reuters. Central African Republic forms committee to push cryptocurrency adoption
  • In July 2022, the Sango Genesis crypto project is launched.
  • Central African Republic aims to build the ultimate crypto hub.
  • Due to vague regulations, the Sango project has struggled to take off.

Faustin Archange-Touadera, the ambitious president of the Central African Republic, has announced the formation of a commission dedicated to cryptocurrency in the country. According to Touadera, the new commission will consist of 15 specialists and is expected to “draft a new, more comprehensive law”.

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Buying citizenship using cryptocurrencies is illegal

Despite the groundbreaking idea of ​​developing an all-in-one app for CAR citizens and inviting the brightest crypto-minds to a tax-exempt innovation hub, the Sango project has been slowed down by the CAR government. Indeed, on August 30, 2022, the CAR Supreme Court vetoed the initiative of the pro-cryptocurrency president to sell electronic residency and citizenship via Sango Coin, the original token of the African country’s revolutionary project.

In fact, the Sango crypto project aims to bring in a $3 trillion market for cryptocurrency investors by tokenizing the entire country, including the natural resources. Currently in cycle 3, the Sango project now offers crypto investors:

  • Electronic residence with three years of Sango Coin service.
  • Land and property with five years shares of Sango Coin.
  • Full citizenship with ten years of Sango Coin.

Investors must register on the Sango platform to lock in the fixed collateral of their choice. According to the current Cycle 3 storage system, the amount of cryptocurrency or fiat spent on each Sango purchase will be returned after the specified period.

on the flip side

  • Sango’s online presence isn’t maintained very well, as the official Sango Project Twitter account has only 66 followers since its launch.
  • Social engagement regarding Sango coin seems to be very low, barely mentioning anything daily.
  • Sango’s funding rounds didn’t go as planned. The fourth cycle was supposed to end by the end of 2022.
  • Instead, it is still in Cycle 3, with 80% of Sango Coins still in circulation. Besides, it is still priced at the starting floor price of $0.19.

Why should you bother

Central African Republic is the second country to adopt Bitcoin (BTC) as legal tender.

Learn more about cryptocurrency adoption around the world:

Chinese Digital adds smart contract capabilities

El Salvador is hosting a Bitcoin Beach party featuring top Bitcoin (BTC) Maxis

See the original on the Daily Queen

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