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.
Aug 29, 2022 at 5:35 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/6VHTHZ5F7JDO3DLUK4MOWQC7PQ.jpg)
The Central African Republic's flag (jorono/ Pixabay)
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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