
Central African Republic sets up new task force to integrate Sango Coin into its economy
CAR’s government picked representatives from various ministries and agencies to work out how best to integrate Sango, a project that has failed to catch on.
CAR’s government picked representatives from various ministries and agencies to work out how best to integrate Sango, a project that has failed to catch on.
The ill-fated currency won’t be publicly listed just yet, with the government citing current market conditions and the holiday season as the main reasons.
CAR had offered citizenship for foreigners who staked $60,000 worth of Sango Coins for five years, and e-residency for $6,000 staked for at least three years.
The CAR Sango Coin is going for $0.10 currently before rising to $0.15 in the next phase and listing for $0.45 as the government targets raising $1 billion.
CAR President Faustin-Archange Touadéra also emphasized that Sango Coin is part of the CAR's vision to have an "integrated capital market that could stimulate commerce and sustain growth."
President Faustin-Archange Touadéra has taken on the Nayib Bukele attitude of pushing BTC at all costs and says the Sango hub will create monetary liberation as skeptics abound.
CAR's President Faustin-Archange Touadera tweeted that the democratization and tokenization of the country's resources have "tremendous possibilities."
According to a 24-page presentation for the initiative, Sango will be a ‘crypto’ island where digital currency trading will have legal recognition—the first of its kind in Africa.
COBAC reiterated that the ban was put in place to ensure financial stability in the region, and as part of it, banks are prohibited from holding, exchanging, or converting digital currencies.
The International Monetary Fund says the move raises major legal and economic policy challenges, even as experts, political and economic leaders question the country’s ability to implement BTC payments.
The CAR passed a law that allows citizens to make payments in BTC, but the central bank has revealed it was caught unaware even as IMF issued a warning.
The Ministry of Finance pushed the bill which parliament passed despite a spirited fight by opposition which says digital assets facilitate money laundering.