Court Rejects Central African Republic’s Plan to Offer Citizenship for Crypto Investment: Report

The country wanted to offer citizenship and other benefits in exchange for investing $60,000 in its sango coin.

AccessTimeIconAug 29, 2022 at 5:35 p.m. UTC
Updated Aug 29, 2022 at 6:08 p.m. UTC

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

The high court of the Central African Republic (CAR) has denied the government’s plan to offer citizenship, land and valuable minerals to investors who purchase $60,000 of its government-supported cryptocurrency, the sango coin, saying that the proposal is unconstitutional, according to a report from Bloomberg.

  • The court said that the offer of citizenship is unconstitutional “considering that nationality has no market value,” according to the report.
  • A spokesman for President Faustin-Archange Touadera told Bloomberg that the government is now looking at other ways to offer land and citizenship to investors in the sango coin.
  • CAR had been the first country in Africa, and the second in the world after El Salvador, to adopt bitcoin as legal tender.
  • The impoverished African nation is trying to develop its economy by becoming a crypto hub for the region.

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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

CoinDesk - Unknown

Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.