Cold shower on the Central African government’s campaign around its cryptocurrency called “Sango Coin”. The Constitutional Court on Monday, August 29, declared the draft null and void, deeming “unconstitutional” everything related to the “sale of Central African citizenship.” […]electronic residence, […] land and natural resources as outlined in the Sango Genesis Paper and on the Sango.org website.”
Possible “without recourse”
Referring in particular to Article 80 of the Constitution, the Court insisted that citizenship could not have a market value and that any applicant for residency needed to be physically resident in the country.
Repealing all the provisions of this draft and transactions made to date, the Constitutional Court also stated that its decisions are “binding for public authorities, all administrative-judicial bodies and any natural or legal person” and “are not subject to without recourse”.
Between $6,000 and $60,000, which is equivalent to Sango coins that can be held for a certain period of time in exchange.
This comes four months after the adoption of Bitcoin as the national currency, and one month after the official launch of the Sango Coin project, which promised rapid development for the country. The government hoped to attract foreign investors by offering them citizenship “through a $60,000 fixed SANGO Coins guarantee for 5 years”; e-residency “by blocking SANGO’s $6,000 Fixed Parts Warranty for 3 years”; land ownership “by blocking a fixed guarantee from SANGO Coins of $10,000 for a period of 10 years.” On this last point, Bangui declared his desire to “decentralize land ownership through Sango,” we note on the site dedicated to this cryptocurrency.
Pinnacle of Bangui development in the water
Expressing his desire to encourage Central Africans to adopt new technologies and bequeath to future generations a “precious legacy”, President Faustin-Archange Touadéra, on the eve of the official release of the Sango coins, said:
“We have embarked on a unique Sango project. We are on a new path, open to all who dare to dream. »
A “dream”, which, however, few shared in the country. On August 1, the Initiative Group of Civil Society Organizations in Defense of the Constitution of March 30, 2016, which condemned the “sale” of citizenship and national resources, filed an appeal with the Constitutional Court demanding that the cryptocurrency project be declared invalid. .
Thus, the decision of the Constitutional Court undermines the initiative of the authorities of the Central African Republic, who launched an international campaign to promote the Sango coin, as in Dubai in early August or during Touadera’s meeting with Changpeng Zhao, CEO of Binance. , the largest cryptocurrency platform in the world.
14,000,000 approximately to be reimbursed
The government has not yet reacted to the withdrawal of the Constitutional Court. And even if Bungui only sold 7% (i.e. 14,000,000) of the 200 million Songo Coins placed on the market at this stage, the question now is how the authorities will return the funds to investors, especially since the collected income from this operation was considered a real financial success in this country, which had experienced a deep economic crisis even before Covid-19 and the war in Ukraine.