The Central African Republic has announced it will delay the listing of cryptocurrency, Sango Coin, on crypto exchanges due to current market conditions and marketing reasons. The update was revealed in Sango’s Telegram group.
“We are going to postpone the listing of sango and the 5% release to Q1 [the first quarter of] 2023,” said the statement, posted by moderators in sango’s Telegram channel, citing “current market conditions” and seasonal factors such as the holiday season.
Investors had been guaranteed a 5% return on their investment at the time of listing. The moderators chose not to address whether central bankers or legislative barriers were to blame for the delay. According to officials, the government wants to be “one step ahead” of emerging technologies and aims to establish the nation as a crypto center.
Central African Republic Launched Sango Coin for Fundraising
Sango Coin was introduced in July to raise close to $1 billion over the following 12 months. However, according to the Sango website, just $1.66 million worth of the currency has been sold thus far. The Central African Republic became the first African nation to legalize Bitcoin (BTC) as money in April of this year.
A plan to enable foreign investors to purchase citizenship for $60,000 worth of Sango Coins had also been previously disclosed by the nation. The nation’s highest court, however, rejected this initiative as unlawful in August.
In addition to governance benefits, Sango Coin provides alluring incentives to overseas investors, such as citizenship by investment and, ultimately, a CAR passport. It resembles El Salvador’s volcano bonds or Bitcoin in a manner since the currency provides a quick international investment solution.
The Central African Republic’s adoption of Bitcoin as legal cash is a key milestone in the general acceptance of the world’s largest cryptocurrency, notwithstanding the difficulties the country and the Sango Coin have endured.