Central African Republic top court blocks purchases with new cryptocurrency

Published: 29/Aug/2022
Source: Reuters

BANGUI, Aug 29 (Reuters) – Central African Republic’s Constitutional Court on Monday ruled that the purchase of citizenship, “e-residency” and land using a cryptocurrency the government launched last month was unconstitutional.

The “Sango Coin” went on sale on July 21 despite a sharp fall in bitcoin prices during recent months, and doubts over the project’s viability in a poorly connected and war-torn country.

Under the initiative, foreign investors would have been able to buy citizenship for $60,000 worth of crypto – with the equivalent Sango Coins held as collateral for five years – and “e-residency” for $6,000, held for three years, according to the Sango website.

Read further: https://www.reuters.com/technology/central-african-republic-top-court-blocks-purchases-with-new-cryptocurrency-2022-08-29/

Themes: Naturalisation and Marriage
Regions: Central African Republic
Year: 2022