'Market conditions' delay Central African Republic crypto token listing

'Market conditions' delay Central African Republic crypto token listing

The Central African Republic announced Monday that it had postponed listing its national cryptocurrency token, citing "current market conditions" and "marketing reasons." The Central African Republic legalized bitcoin as a legal tender in April.

According to a statement published in the coin's official Telegram channel, a plan to list the Sango Coin on as-of-yet unidentified cryptocurrency exchanges has been postponed until the first quarter. A “release” that would enable coin owners to sell up to 5% of their coins has also been delayed. Currently, coins are “locked” for a year and cannot be sold. An unidentified moderator on the channel responded, “more updates about this will be made next month,” when asked about a government initiative allowing foreign investors to purchase citizenship for $60,000 worth of Sango Coins.

The nation's top court rejected the initiative as unconstitutional in August.

'Market conditions' delay Central African Republic crypto token listing

According to its investment website, the war-torn nation launched the Sango in July, intending to raise nearly $1 billion over the following year, despite concerns about its transparency and a decline in global cryptocurrency markets. According to calculations made by Reuters using information from the Sango website, only $1.66 million of the Sango has been sold, with only about 7.9% of its first sale target and 0.01% of its second target reached thus far. With limited internet and electricity access, the Central African Republic became the first African nation to accept bitcoin as legal tender in April, followed by El Salvador in September 2021.

'Market conditions' delay Central African Republic crypto token listing

Since its peak in November 2021, the cryptocurrency market has lost more than $2 trillion. The failure of several cryptocurrency businesses, including the major exchange FTX last month, as well as rising interest rates and recessionary worries, have alarmed investors.

Disclaimer: Nothing on this site should be construed as a financial investment recommendation. It’s important to understand that investing is a high-risk activity. Investments expose money to potential loss.



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