bitcoin and gold bar

Central African Republic postpones Sango coin public listing to 2023

Getting your Trinity Audio player ready...

An official statement has revealed that Sango, the official national digital asset of the Central African Republic, won’t be publicly listed until at least the first quarter of 2023.

The digital asset was launched earlier this year by President Faustin-Archange Touadéra in his bid to tokenize the country’s natural resources. He claimed it would allow foreign investors to put their money directly into land and other resources in the country through the token. He also promised investors they could buy citizenship by purchasing the token, a decision that the CAR Constitutional Court overturned in September.

Sango went on sale in July and was supposed to be listed on public exchanges by the end of this year. Those who bought the tokens before their listing would receive 5% of their investment back once the tokens hit the public exchanges.

However, in a statement on its official Telegram page, an official spokesperson has revealed the CAR government is pushing the listing date to Q1 next year.

“We are going to postpone the listing of Sango and the 5% release to Q1 [the first quarter of] 2023.”

The statement claimed that the current market conditions and the holiday season make December less than ideal for the public listing.

The moderators of the group declined to reveal if the delay was in any way informed by legal or policy concerns. Since its launch, the Sango coin has faced opposition from various circles, including the Bank of Central African States. The bank, which serves six nations, among them CAR, Equatorial Guinea, and Cameroon, claimed that it had not been informed beforehand about CAR’s digital asset plans.

The International Monetary Fund (IMF) has also raised concerns, stating that adopting the Sango coin, alongside BTC, which received legal tender status this year, could pose major economic and policy challenges.

Watch: The BSV Global Blockchain Convention panel, Blockchain in Africa

YouTube video

New to blockchain? Check out CoinGeek’s Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.