Sango Coin, the national digital currency of the Central African Republic (CAR), can’t be used to buy citizenship in the country, a court has ruled in the latest blow to the ill-fated currency.
CAR President Faustin-Archange Touadéra launched Sango Coin two months ago to complement the country’s digital currency hub—Project Sango.
The president described the currency as the gateway to the country’s vast resources at launch. He touted several benefits that he believed his new currency would bring to the people, including promoting financial inclusion—reminiscent of the big pledges President Nicolas Maduro made to the people of Venezuela when he launched the Petro currency.
But much like the Petro, Sango Coin has been a flop so far. According to its website, less than 6 million of the 200 million coins offered in the Genesis Cycle have been bought, garnering just over $500,000.
Now, the CAR’s Constitutional Court has landed a big blow on the currency. As reported by Reuters, the court ruled that the purchase of land or citizenship using Sango Coins is illegal.
At launch, the project claimed that for $60,000, staked in Sango for five years, a foreigner could purchase citizenship in the Central African nation, complete with an official passport. For those interested in e-residency, all they had to do was stake $6,000 in Sango for three years.
Away from citizenship and residency, investors could purchase a 250-meter square plot in the country by locking $10,000 Sango Coins for 10 years. After this period, the money would be returned to the owner, but he could still keep the land. Each land plot would also come with a 1:1 metaverse plot.
But according to the court ruling, citizenship in the country can’t be bought off. In addition, the constitution requires anyone applying for citizenship to reside in the country.
The government declined to comment on the ruling.
This is the second time President Touadéra has encountered a stumbling block as he seeks to introduce BTC to his people. As CoinGeek reported, the Bank of Central African States said it’s against his BTC imposition and that it hadn’t been informed of the move beforehand.
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