Crypto

Central African Republic: Constitutional Court rejects ‘Sango coin’ cryptocurrency project – Afrique Media

The Central African Constitutional Court (CC) rejected on Monday, August 29, some of the provisions of the Sango Coin project, launched by President Faustin-Archange Touadéra on July 3 to accelerate the modernization of the country’s infrastructure.

In its decision on Monday, the Constitutional Court declared “unconstitutional the sale of Central African citizenship and certain resources of the country through the Sango coin project.”

“The sale of Central African citizenship is unconstitutional and is revoked,” the court said on Monday, citing Article 80 of the Constitution of the Central African Republic.

Recall that it was on August 1, at the initiative of the members of the Initiative Group of Civil Society Organizations in Defense of the Constitution of March 30, 2016, that a request was sent to the Constitutional Court to declare illegal the sale of Central African citizenship, land and natural resources of the Central African Republic, organized through the national cryptocurrency policy.

Following this request, the court ruled on Monday “that it is therefore necessary to declare unconstitutional the sale of land and natural resources, as provided in the Sango Genesis Paper and the Sango.org website, and repeal the relevant provisions. “.

The Court also ruled that the creation and sale of e-Residency published in the Sango Genesis Paper white paper and on the Sango.org website “is unconstitutional and is abolished under Article 80 of the Constitution.”

The Constitutional Court also recalled on Monday that its decisions “are not subject to appeal” and that they are “binding for public authorities, all administrative and judicial bodies, and for any natural or legal person.”

It should be noted that it was on July 3 that the authorities of the Central African Republic (CAR) unveiled a new cryptographic project called “Sango Coin”.

“I have always wanted to leave something valuable as a legacy for future generations. My vision is to teach young people how to use new technologies as well as cryptocurrencies,” President Touadéra said at the opening ceremony.

The creators of the Sango coin said that the features of the project include an online residence and citizenship program.

“Foreign investors of Sango coins will be able to purchase Central African citizenship for $60,000 in cryptocurrencies, provided they have held equivalent Sango coins for at least 5 years. They will also be able to buy an “e-Residency” for $6,000 in Sangocoins with a minimum 3-year retention period. They will finally be able to buy a 250 square meter piece of land for $10,000 in Sango coins stored for 10 years,” the creators of the Sango coin said on July 3.

Anadolu Agency

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