Central African Republic pushes back the listing of its national token until 2023

Share IT

Key takeaways:

  • Sango, the currency of the Central African Republic, won’t be listed until the first quarter of 2023.
  • Moderators of the project’s Telegram channel highlighted market trends and seasonal variables like the holiday season as the causes of the delay.

In light of current economic dynamics, the Central African Republic (CAR) officially unveiled a postponement in the launching of its national cryptocurrency token. The landlocked nation stated that the Sango Coin listing will not begin trading until the first quarter of 2023.

One of the administrators of the Telegram group responded when asked about the CAR’s effort to allow international investors to obtain citizenship for $60,000 worth of Sango Coins that more developments are anticipated in January. Earlier this year, the proposal was rejected as invalid by the CAR’s highest court.

The planned listing of the cryptocurrency on unidentified exchanges will be postponed until the first few months of the new year, according to a statement posted on the Sango Coin Telegram channel.

The public sale of the cryptocurrency also started in July, with 200 million Sango Coins available to buy for $0.10.

The Central African Republic did not say whether central bankers or legal obstacles were to blame for the delay in the 5% coin repayment. Additionally, it is yet unknown which crypto exchange(s) will list the CAR’s national cryptocurrency.

According to the development team, these circumstances have made it difficult for their state-backed digital money to go live, hence a delayed release has been chosen. After El- Salvador‘s, the country approved a law recognising bitcoin as legal cash in April.

Sango Coin will function on a bitcoin sidechain. With a two-way peg structure, this sidechain is supposedly comparable to Blockstream’s Liquid Network. In the peg design, the tokens will be Bitcoin and Sango Coin.

Obed Namsio, the chief of staff for President Faustin Archange Touadera, said at the time that the action put the CAR on “the map of the world’s boldest and most visionary countries.”

The IMF strongly advises that African countries adopt better laws in reaction to the increasing desire for crypto assets in the face of unfavourable market conditions. The Central African Republic is now the only country in sub-Saharan Africa to grant relevant legal functioning for digital currencies, according to a report by the International Monetary Fund.

Share IT
Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

Get Daily Updates

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!