Central African Republic Delays National Token Listing

Key Points:

• Sango Coin, the Central African Republic native cryptocurrency token, won’t be listed until the first quarter of 2023.
• In July, CAR President Faustin-Archange Touadéra declared Sango Coin to be the nation’s official cryptocurrency.
• The proposal was rejected as unlawful by the CAR’s highest court early this year.

According to Reuters, the Central African Republic (CAR) is postponing the launch of Sango Coin, the nation’s native cryptocurrency token. Sango’s listing won’t happen until the first quarter of 2023 as a result of the decision, which was taken because of the continuing crypto winter and marketing considerations.

On the coin’s official Telegram channel, it said that the plan to list the Sango Coin on as-of-yet unidentified cryptocurrency exchanges had been postponed until the first quarter.

In July, CAR President Faustin-Archange Touadéra declared Sango Coin to be the nation’s official cryptocurrency. The nation intends to use it as part of its tokenization efforts for its mineral resources.

The public sale of the cryptocurrency also started in July, with 200 million Sango Coins available to buy for $0.1. At the time of listing, investors were guaranteed a 5% return on their investment. Only $1.66 million worth of Sango has been sold thus far, barely meeting its first two sales goals of 7.9% and 0.01%, respectively, Reuters reported.

One of the administrators of the Telegram group responded when questioned about the CAR’s effort to allow international investors to get citizenship for $60,000 worth of Sango Coins that additional developments are anticipated in January. Earlier this year, the proposal was rejected as unlawful by the CAR’s highest court.

After El Salvador last year, the CAR, which has been devastated by war, became the first nation in Africa to use Bitcoin as legal cash in April. Following a dramatic decline in the price of Bitcoin last month, the president of El Salvador vowed to buy 1 Bitcoin every day.

Since hitting an all-time high in November 2021, the value of the global cryptocurrency market has decreased by nearly $2 trillion. The sell-off occurs as a result of investors staying away from risky assets due to macroeconomic headwinds and the failure of several crypto companies.

After the collapse of the cryptocurrency exchange FTX last month, which resulted in substantial crypto withdrawals and further undermined investor trust, the decline was made worse.

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Harold

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