Crypto adoption: in the Central African Republic, the Sango Coin project is postponed

See you in 2023 – The Central African Republic launched its Sango Coin last July after making Bitcoin a legal currency in the country in April of the same year. Following in the footsteps of El Salvador, this little Central African hoped to stimulate its economy and take advantage of the benefits of cryptocurrency. It was planned at the end of the year to list the token Sango on the exchanges but ultimately, it will be postponed to the first quarter of 2023. Why is Bangui procrastinating? Beginning of response.

A contrasting success for the national crypto project

First of all, let’s remember that the sale of Sango Coins, which started this summer, was initially supposed to raise 1 billion dollars, but that ultimately total sales reached only 1.66 million. This slight hitch in the schedule probably encouraged those in charge to wait a bit before attacking the stage 2.

Moreover, the Constitutional Court of the country rejected part of the project. This was to grant nationality to investors who bought $60,000 from Sango. But the supreme court ruled all this unconstitutional.

The disastrous macroeconomic context probably played a large part in the decision of the Bangui authorities to delay the listing of the national token: the Sango Coin.  See you in 2023!
The Central African Republic delays a little on its Sango Coin project

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Not the right time to list Sango Coin on exchanges

To these small internal worries, we should add the macroeconomic context which is not necessarily conducive to the listing of Sango on the exchanges. The said exchanges of which we still do not know what their names will be.

It’s via the Telegram account of the project that the news of the postponement was announced. The project managers have of course highlighted the market conditions. But, it should be noted that seasonal factors such as the holiday season were involved in the decision. It will therefore be necessary to wait another quarter to see the Central African Republic move forward on its project. to mmultiple facets.

Between tokenization of the country’s natural resources and vector of investment for foreigners, the ambitions behind this Sango Coin are multiple. And for the moment the project is struggling to convince the rest of the world. But it must be recognized that the timing is catastrophic. Indeed, this end of the year 2022 is complicated even for the strongest projects!

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