- CAR announced that individuals could attain CAR citizenship by bonding $60000 worth of Sango tokens for five years.
- The organization behind the launch of the CAR digital asset, the Sango crypto coin, has announced a delay in its crypto coin listing.
- In December 2022, they postponed the crypto coin listing and the 5% release to Q1 2023.
After its launch, the Central African Republic’s national digital currency, the Sango crypto coin, set the pace for the entire continent. Many only heard of the concept of digital assets within a nation in a handful of African countries. When its government announced the country’s CAR digital asset, it sent a ripple effect. This led to several others considering the possible advantages of digital currency. Despite propelling crypto adoption in Africa, the Sango crypto coin project has faced several challenges. In a recent announcement, the project pioneers delayed its crypto coin listing after promising an official launch by 2023.
Is this merely a setback, or does it speak other truths about the difficulties of implementing digital assets and CBDCs in Africa?
The promise of a national digital Currency
When the Central African Republic officially recognized Bitcoin as an official currency, it shook most African governments. The concept of digital assets permitted in African countries was already unheard of. Its official recognition as a national reserve was far-fetched.
Fortunately, CAR had more surprises in line for the world. It announced the launch of its national digital currency, the Sango crypto coin. It is important to remember that the Sango crypto coin is a CAR digital asset rather than a CBDC. A CBDC is a digital asset backed by its country’s fiat currency. On the other hand, bitcoin back up sango crypto coins, hence the term national digital currency.
Aside from its label, it marked a significant milestone for crypto adoption in Africa. The Central African Republic proved to the entire continent and the globe that advocating for digital currency as a nation is possible.
According to its launch, a comprehensive legal framework supports the national digital currency. This is to protect users against falling prey to fraudulent activities. Furthermore, there are 220 million Sango available at launch, and developers launched it on a Bitcoin-based Sango sidechain that exists on Bitcoin infrastructure. Citizens can purchase the CAR digital asset through Bitcoin, Ether, BNB Smart Chain, Dai and any stablecoin available.
More than just a coin
The Sango crypto coin was an ambitious project with additional features such as citizenship, residency, and land ownership through a bonding program.
When released, CAR announced that individuals could attain CAR citizenship by bonding $60000 worth of Sango tokens for five years. During that duration, the tokens will be inaccessible to the user and will be retrievable after the expiration of the five years. It’s a residence and property ownership feature that worked similarly. An individual had to bond $6000 for three years and $10,000 for ten years to acquire any legal document officially.
The national digital currency would serve as a way for the country to attain additional funds. This was an initiative to pull itself out of poverty. Unfortunately, its announcements and implementation were two different things. Unfortunately, the CAR digital asset is having difficulty being part of the crypto coin listing.
Has the national digital currency hit a slump?
The organization behind the launch of the CAR digital asset, the Sangi crypto coin, has announced a delay in its crypto coin listing. They cited various legal and regulatory obstacles. They announced this statement on their telegram channel, the Sango Project.
Furthermore, they stated that the CAR government had made significant progress despite hindrances. In truth, the readiness of the CAR government to launch and accept the Sango crypto coin is a source of inspiration. It has led various countries to research crypto’s benefits to their economy.
Although it is important to remember that this is not the first crypto coin listing delay Sango has had. In December 2022, one of the moderators of the national digital currency stated that they postponed the crypto coin listing and the 5% release to Q1 2023.
This announcement came after the sudden drop in crypto adoption in Africa due to the FTX crash. Many claimed they were trying to avoid any backlash. The organizers cited “current market conditions” and seasonal factors that would hinder the proper release of the coins.
Unfortunately, with Q2 2023 finally settling in, many have wondered what happened to the promise of progress for CAR digital assets.
The minds behind the Sango crypto coin stated, “Rest assured that this delay is necessary to ensure that Sango is fully compliant with all relevant regulations and that our products are launched most securely and responsibly possible.”
The crypto coin listing was one of the goals for the national digital currency, alongside the promise of establishing a crypto hub in CAR. Unfortunately, its government is yet t make a statement concerning its recent announcement.
At the end of 2022, crypto adoption in Arica virtually halted as many traders exited the ecosystem, fearing substantial loss. Despite this, the Sango Crypto Coin has reached various interested parties, awaiting its initial coin offering. Throughout its journey, this recent back draw may spell the end of the CAR digital asset before its offering.