Sango Coin’s listing on cryptocurrency exchanges will be delayed, according to the Central African Republic, because of the state of the market and marketing considerations. In the Telegram group for Sango, the update was made public.
Sango Coin was introduced in July with the intention of raising close to $1 billion over the following 12 months. However, according to the Sango website, only $1.66 million worth of the coin has been sold thus far.
The Central African Republic became the first African nation to legalise Bitcoin BTC $16,904 as money in April of this year. A plan to enable foreign investors to purchase citizenship for $60,000 worth of Sango Coins had also been previously announced by the nation. The nation’s highest court, however, rejected this initiative as unconstitutional in August.
Mamadou Moustapha Ly, a technician from Central Africa who oversaw the creation of Sango Coin while in Senegal, West Africa, for a conference. Ly, a specialist in payments, also founded the Fintech company Kete Cash. Ly provided information about the development of Sango, which he described as a “token-not-a-currency.” The nation’s plans to accept Bitcoin as legal tender would come with the Sango token.
Ly first emphasised that the country will adopt Bitcoin because the law establishing it as legal tender makes this clear: Other cryptocurrencies and even Sango Coin are not mentioned. He drew a line that was very distinct between Sango and Bitcoin:
According to the law, bitcoin is the only digital currency that is acceptable for payment. This is accepted as our legal tender. Sango Coin is a project for the nation of the Central African Republic.
The CAR President, Faustin-Archange Touadéra, supports his remarks. The mathematician has been outspoken in stating that he only supports Bitcoin. However, the President expressed support for the development of the Sango token as the nation would use blockchain technology to move toward a “Brighter Future.”
In addition to governance benefits, Sango Coin offers alluring incentives to foreign investors, such as citizenship by investment and, eventually, a CAR passport. It resembles El Salvador’s volcano bonds or Bitcoin in some ways because the coin provides a quick foreign investment service.
The Central African Republic’s adoption of Bitcoin as legal tender is a significant milestone in the widespread acceptance of the world’s largest cryptocurrency, despite the difficulties the country and the Sango Coin have faced.