Central African Republic top court blocks purchases with new cryptocurrency
Published: 29/Août/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/