• The Central African Republic (CAR) has postponed the listing of its “Sango” crypto token due to “current market conditions.”
• The planned unlocking of up to 5% of sango holders’ portfolios has been postponed as well.
• The CAR had initially hoped to list the coin before the end of 2022.
The Central African Republic (CAR) recently announced that its plan to list its “Sango” crypto token in the last quarter of 2022 has been put on hold. This decision was prompted by what the team promoting the token terms “current market conditions”. In addition, the unlocking of up to 5% of sango holders’ portfolios has been postponed as well.
The CAR had initially hoped to list the coin before the end of 2022. The country became the first African nation to adopt bitcoin as legal tender in the summer of 2021 and the Sango coin was seen as a way to further expand the country’s embrace of cryptocurrencies. However, the project has faced a series of challenges since its launch, including limited investor interest and a court ruling that declared unconstitutional the government’s plan to grant the country’s citizenship to sango coin holders.
In addition, many bitcoiners that initially supported the CAR’s decision to make the top cryptocurrency legal tender have questioned the motives behind the sango coin initiative. To address these issues, the team promoting the token has launched a “Sango Bitcoin Sidechain Testnet” to test the coin’s functionality on the Bitcoin blockchain.
The postponement of the listing of the sango coin has been seen as a setback for the country’s efforts to embrace cryptocurrencies. However, the team promoting the token remains optimistic that current market conditions will improve and that the coin will be listed in due course. Until then, the team is continuing to work on the coin’s development and is hopeful that it will eventually be successful.