Crypto

Sango Coin fiasco in the Central African Republic | DV | 02/09/2022

This week, the government of the Central African Republic suffered a major setback. His cryptocurrency project Sango Coin was sanctioned by the Constitutional Court.

The Sango coin made it possible to monetize the acquisition of a Central African passport or residence permit. The judges have declared these points unconstitutional, and this is the whole building designed by President Faustin-Archange. Touadéra, which is in danger of collapse.

From now on, no one knows whether the Central African state will have to return the sums already invested, and the government seems to want to buy time to find a way out.

Launched on July 3, the Sango project is based on the national digital currency Sango Coin. He has an online portal detailing how the Central African state has opened its doors wide to foreign investors, risking selling off the country’s wealth.

Passport vs $60,000

Thus, for an investment of $60,000 in cryptocurrency, which must be blocked for five years, a foreign investor can obtain citizenship of Central Africa.

With this passport, a foreign investor will be eligible to receive Central African mining and forestry shares at a low price.

Another possibility is to list your company in the Central African Republic for $6,000 or even purchase a 250 square meter plot for $10,000 from Sango Coins with ten years of storage.

An Internet platform dangles on the ground in a residential area of ​​Crypto City, which is planned to be built on an island in the middle of a river. Ubangi, but the stone for which has not yet been laid.

Selling citizenship or residence rights is against the Constitution, a civil society group, the G16, appealed to the Constitutional Court, which agreed.

Government back to the wall

Faced with this disappointment, the government could only see this sudden stop. “The decision of the Constitutional Court is not subject to appeal, we only take this decision into account,” he said.

But now the question arises: will the Central African state have to return the amount already invested?

It doesn’t seem to matter much yet, but the government doesn’t report the numbers.

Moreover, the resources generated by Sango Coin are not subject to public accounting and are administered directly by the President of the Republic.

Heavily Criticized Cryptocurrency

Ben Wilson Ngassan, one of the G16 members, warns about the dangers of cryptocurrencies.

For him, the decision of the courtis a complete satisfaction for the Central African people, who have long suffered from the fraudulent laws enacted by the Bangui authorities, which, unfortunately, do not serve the common interest. With this appeal, we made it clear that the cryptocurrency law poses a real danger to the survival of our nation.”

No matter what, it is unlikely that the government will abandon the project, piloted directly by the President of the Central African Republic. In an official note, the Minister of State Obed Namsio also believes that the decision of the Constitutional Court did not deprive the local law on cryptocurrencies of its content.

From now on, everyone is waiting for the reaction of the government to find out whether it will respect or try to circumvent the decision of the Constitutional Court.

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