As the first country to adopt Bitcoin as legal tender in Africa, the Central African Republic appears to be struggling with its investor-focused Sango Coin token.
The Central African Republic has announced that it will defer the listing of the Sango Coin cryptocurrency on crypto exchanges due to current market conditions and for marketing reasons. The update was revealed in Sango’s Telegram group.

Sango Coin was launched in July with the aim of raising nearly $1 billion over the next year. However, according to Sango’s website, only $1.66 million of the coin has been sold so far.

In April this year, the Central African Republic manufactured bitcoin

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legal tender, making it the first African country to do so. The country also previously announced a plan allowing foreign investors to purchase citizenship for $60,000 in Sango coins. However, this initiative was blocked in August by the country’s highest court as unconstitutional.

Cointelegraph recently caught up with Mamadou Moustapha Ly, the Central African engineer who oversaw the development of Sango Coin, at a conference in Senegal, West Africa. As a payments expert, Ly also runs fintech startup Kete Cash. Ly pointed to the creation of what he called “tokens – not coins” called Sango. Sango is the token that would accompany the country’s plans to make Bitcoin legal tender.

Moustapha speaks to Cointelegraph in Senegal
First, Ly pointed out that the Bitcoin as Legal Tender Act clearly states that the country will adopt bitcoin: no other cryptocurrency or even Sango Coin is mentioned. He painted a clear distinction between sango and bitcoin:

“The law states that the digital currency that is legal tender is bitcoin. We recognize it as our official currency. […] The Sango play is a project for the State of the Central African Republic.
His remarks are supported by the President of the Central African Republic, Faustin-Archange Touadéra. The mathematician expressed his support for bitcoin and only bitcoin. However, the president expressed his solidarity with the creation of the Sango token as the country moves towards a “better future” via blockchain technology.

Sango Coin offers foreign investors attractive incentives, including citizenship by investment and, optionally, a Central African passport and governance benefits. In some ways, it is comparable to bitcoin or volcano bonds from El Salvador in that the coin offers a fast foreign investment service.

Related: Central African Republic Court Rules New $60,000 Crypto-Investment Citizenship Program Unconstitutional

Despite the challenges facing the Central African Republic and Sango Coin, it is important to note that the country’s adoption of Bitcoin as legal tender is an important step in the widespread adoption of the world’s largest crypto.

Cointelegraph has contacted specialists on the ground in ZAR and will update the article as new information becomes available.

Source: CoinTelegraph