Crypto

Bitcoin: The Central African Republic needs to revise its copy

On Monday, the Constitutional Court of the Central African Republic buried some provisions of the Sango Coin project. A blow under the wing for the government, which will have to revise its copy.

Last April, the Central African Republic announced the upcoming adoption of bitcoin as its official currency – in addition to the CFA franc – and that it was going to legalize the use of cryptocurrencies. If it didn’t last, this new monetary system would allow for a big debate in Africa. Because four months and just two months after the launch, the famous Sango Coin project in its current form has faded into the background after the cancellation of certain provisions by the Constitutional Court of Central Africa.

Initially, President Faustin-Archange Touadéra envisioned that in one of Africa’s poorest countries, cryptocurrencies would facilitate investment and cross-border trade. If he was talking about a “historic decision”, then the CAR president missed the milestones, experts say, who were surprised by the lack of a legal framework for the project.

The Central African Republic (CAR) quickly alienated continental financial institutions. As soon as Touadéra was announced, the Bank of Central African States (BEAC) ruled that it was against “public mores”. But Central African Telecommunications Minister Justin Gurna-Zako responded that “the government does not need to seek advice from international banking institutions to use cryptocurrency.” He continues: “We have worked with lawyers and financiers who have told us that they have no incompatibility between international texts and ours.”

Do not squander national wealth

While the Central African Republic intended to put up for sale 210 million “sango coins”, the national bitcoin, on July 25, the Bank of Central African States (BEAC) received a freeze on its decision from Bangui pending negotiations between financial institutions. and the government of Central Africa.

This Monday, August 29, the Constitutional Court invoked Article 80 of the Constitution of the Central African Republic, stating that “the sale of Central African citizenship is unconstitutional and is null and void.” Bungie is currently unable to seek help as he will have to revise his copy. The texts stipulated that “foreign investors in the Sango coin will be able to buy Central African citizenship for $60,000 in cryptocurrencies, provided they hold equivalent Sango coins for at least 5 years.”

The Constitutional Court was occupied a month ago by members of the Initiative Group of Civil Society Organizations in Defense of the Constitution of March 30, 2016. They believed that the Sango Coin project would result in a waste of the Central African citizenship, land and natural resources of the country. “Therefore, there is reason to recognize as unconstitutional the sale of land and natural resources provided for in the Sango Genesis Paper official document and on the Sango.org website, and to cancel the relevant provisions,” the Constitutional Court said.

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