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The Central African Republic has pushed the anticipated listing of its national crypto to next year due to unfavorable parameters.
The Central African Republic (CAR) recently announced a delay in listing its national crypto token due to prevailing market conditions. According to the landlocked country, its Sango Coin listing would not launch until the first quarter of 2023.
The Central African nation also delayed a “release,” which would grant coin holders the ability to sell up to 5% of their tokens. As it stands, these coins remain “locked” for a year and cannot be sold. The country had earlier promised investors that they would receive 5% of their stake at the point of listing.
The Central African Republic did not specify whether the delay in the 5%-coin reimbursement resulted from central bankers or legal hurdles. In addition, the targeted crypto exchange(s) for listing the CAR’s national crypto also remain unspecified.
Central African Republic Plans to Leverage Crypto as Means of National Development
The Central African Republic is the second country in the world, after El Salvador, to adopt crypto as a legal tender. In the first half of 2022, the CAR declared Bitcoin (BTC) as a legal currency alongside the CFA franc. At the time, President Faustin Archange Touadera’s chief of staff, Obed Namsio, described the move as putting the CAR on “the map of the world’s boldest and most visionary countries.” However, the nation’s most senior judges subsequently rebuffed an attempt to grant citizenship to crypto investors in exchange for acquiring $60,000 worth of Sango Coin. According to the CAR high court, the citizenship offer is unconstitutional as nationality has no market value. Following the court’s decision to deny the citizenship path, a CAR spokesperson said the government was exploring other avenues. Furthermore, an unidentified moderator recently promised more updates regarding foreign investor citizenship next month.
As the first African country to legally adopt crypto as legal tender, the CAR is actively looking to develop its impoverished economy. One primary goal is to become a digital currency hub for the entire Sub-Saharan African region. In addition, several CAR government stakeholders want the country to be one step ahead of new and emerging technology. The country currently has poor internet access and below optimal electricity supply.
The war-torn Central African Republic launched the Sango Coin back in July, with plans to generate $1 billion over the next year. This national agenda has held sway despite concerns about Sango’s transparency and a broader crypto decline. So far, the African country has managed sales of only $1.66 million worth of its Sango token. This underwhelming development comes after the CAR achieved around 7.9% of its first sales target and only 0.01% of its second.
Despite being on the back foot for much of the year, the crypto marketplace took a worse turn following the recent collapse of FTX. So far, the global crypto market cap is $2 trillion, down from its peak in November 2021.