Central African Republic Delays National Cryptocurrency Launch

Central African Republic delays listing Sango Coin, the national cryptocurrency, despite Bitcoin being the legal tender. What can be the reasons?

The Central African Republic is making headlines in the world of cryptocurrency for being the second country after El Salvador to adopt Bitcoin as a legal tender. The nation launched the Sango crypto hub powered by the Sango coin in July 2022 to foster innovation and attract businesses. 

But, the project announced a delay in listing the national cryptocurrency on the official telegram channel. 

The Objectives of Sango Coin

The Sango Coin aimed to raise $1 billion for the development of the Central African Republic. But, only $1.66 million worth of Sango coin has been sold, according to a Reuters report. The official website states that Sango coin is supposed to be listed for $0.45

It is backed by Bitcoin and aims to serve various benefits like citizenship, E-Residency, Land Property, etc.

Source: Sango Concept Deck

Sango Coin Launch Delayed due to Current Market Conditions

According to the telegram announcement, the delay is due to the current market conditions. The project has also considered the holiday season and the usual slowdown in sales worldwide for the delay in the listing.

The team postponed the listing to Q1 2023. There aren’t many details available about the listing of the Sango coins. The community is disappointed with the project and believes it is not worth the trouble due to “too many excuses and stories.”

The Crypto Developments in Africa

The Central African Republic is not the only country to take a bold step toward adopting and regulating cryptocurrencies. 

Most recently, Nigeria shared its plans to regulate cryptocurrency to stay up to date with global economic innovations. Nigeria banned cryptocurrency trading in 2021 but could not contain it due to increasing crypto popularity amongst its citizens.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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