Central African Republic Forms Committee to Push Cryptocurrency Adoption by DailyCoin

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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15 experts #centrafricains issus de plus ministères de mon gouvernement composent le comité chargé d’élaborer un nouveau projet de loi plus sur l’utilisation des crypto-monnaies et d’offrir à la RCA cette a unique opportunity for economic and economic development. twitter.com/bZTS8HQxH3
— Faustin-Archange Touadera (@FA_Touadera) January 20, 2023

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.

Sango – the first digital cash system built on https://t.co/k535nnM1wJ via @BTCTN
– Sango Coin (@coin_sango) August 4, 2022

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.