Yesterday, the Constitutional Court of the Central African Republic (CAR) rules it was unconstitutional to purchase land, citizenship and e-residency with the government-backed cryptocurrency “Sango Coin.” Reuters reported that the Court said the current market volatility hindered feasibility of the crypto project. The price of Sango Coin has been in a steady decline since November 2021, four months after its launch.

Sango Coin was launched on July 21 of 2021. The launch was a geopolitical surprise because the country had an ailing economy, not much was known about the intentions behind the coin and the population was not really invested or investing in the cryptocurrency ecosystem.

The “Sangocoin” project was championed by the President of the Central African Republic – President Faustin-Archange – to attract Bitcoin (BTC) and cryptocurrency investors to the country. This was to allow them, among other advantages, to purchase land using cryptocurrencies while paying zero income tax.

According to the Sango Coin’s website, investors can purchase CAR citizenship for $60,000. This money is held as collateral and returned to the buyer after 5 years. The “e-residency” costs $6,000, which is returned to the buyer after 3 years and the land costs US$10,000 per 250 square meters. All these payments must be made in the “Sango coin” cryptocurrency.

The Sango cryptocurrency is currently trading at around $0.10. This will be valid during the project’s first phase and the coin is expected to reach $0.45 during its final stage. Each SANGO token is fractionally backed by BTC, which was adopted by the country as a payment medium in April 2022.

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