CAR’s Crypto for Citizenship Programme Crashes

A plan by the government of the Central African Republic to allow foreigners to acquire citizenship and land using a new cryptocurrency has been ruled as “unconstitutional” by the country’s top court. Last month the government launched Sango Coin amid a sharp fall in Bitcoin prices and doubts over the project’s viability in a country with poor internet connection and destabilised by conflict. Sales of the initial $21m on offer have been slow, with just over 5% of the target bought in the hours after its launch on 21 July. According to the Sango website, foreign investors could obtain citizenship for $60,000 worth of crypto – with the equivalent Sango Coins held as collateral for five years – and “e-residency” for $6,000, held for three years. Investors would also be able to by a 250 sq m plot of land for $10,000, with the Sango Coins locked away for a decade. The constitutional court ruled that nationality did not have a market value and that residency required a physical stay in the country. A government spokesman had no response on Monday and the impact of the ruling on ambitious crypto project is not clear, Reuters news agency reports.

SOURCE: BBC