(Ecofin Agency) – the reasons mentioned this time are the need to regularize certain legal aspects. In Telegram groups, the comments are enthusiastic, but in reality the demand is low.
The “Sango coin” project, which is piloting the project to introduce the global crypto-asset market, has announced a postponement of the project to introduce Sango tokens which support the country’s ambitions to realize bitcoin as a legal tender in the world. its borders. This postponement would be the result of a few regulatory constraints that should be resolved “ during the week “, can we read on the Telegram channel animated by this initiative.
« As you know, the government of the Central African Republic has worked tirelessly to establish the necessary laws and regulations for the sale of SANGO products and the tokenization of resources. We are pleased to inform you that significant progress has been made in these discussions. However, this also means that we have to postpone the listing of SANGO, but only for a few weeks. ».
This is the second postponement of the operation, after that which occurred in 2022 when the “Sango coin” project indicated that it was facing market constraints. After the excitement and backlash caused by CAR’s desire to use Bitcoin as legal tender and subsequently issue tokens that would enable it to acquire them, the project appears to be facing some challenges.
An element of attraction of investors which is the granting of Central African nationality to all investors who will buy tokens for the equivalent of more than $60,000 would have been sanctioned by the justice of the country, which considers that nationality does not don’t bargain. Beyond a simple currency project, the ambitions and expectations of President Faustin Archange Touadera are great. He dreams of a situation where bitcoin helps him realize the potential of his country’s economy, which is wealthy but home to one of the most financially poor people in the world.
In total, 210 million Sango tokens have been created for sale. Until recently, only 20 million of them had been purchased. This Initial Crypto Token Offering will have a strong following. The CAR is the first African country to have introduced bitcoin as legal tender in its territory. A decision that in itself was revolutionary.