The Constitutional Court of the Central African Republic (CAR) has declared unconstitutional, the plan by the government to provide citizenship, e-residency, and land with the government-backed cryptocurrency “Sango Coin.”
Recall that the CAR government, in a bid to drive investment in its cryptocurrency, the Sango Coin had promised investors citizenship if they purchase the coin worth $60,000.
This, as published on the site of the Sango Coin will be held as collateral and returned after 5 years.
A post on its website also states that the “e-residency”, which costs $6,000, will be returned after 3 years.
The land costs US$10,000 per 250 square meters. All these amounts must be paid with the “Sango” cryptocurrency.
According to a report by ‘Reuters’, the court had made the ruling, because nationality has no market value.
“But the country’s top court deemed those purchases “unconstitutional”, arguing among other reasons that nationality did not have a market value and that residency required a physical stay in the Central African Republic (CAR), a decree showed.
Earlier in July, the CAR unveiled its Sango crypto hub to attract global crypto talent and enthusiasts, boost Bitcoin (BTC) adoption and implement new crypto regulatory frameworks. The Sango blockchain is built on top of the Bitcoin blockchain, similar to a layer-2 solution.
Sango Coin launched on July 21 of 2021. The move was a geopolitical surprise because the country had a weak economy, not much was known about its intentions and the population was not involved in the crypto ecosystem.” Reuters reported.