The Central African Republic has advised caution in crypto matters and confirmed that it will wait before it lists its national cryptocurrency token.
The Republic became the first in Africa to adopt Bitcoin (BTC) as legal tender, echoing a similar move by El Salvador.
Since April, when the Republic accepted BTC as an official currency, it has been preparing for the launch of a national crypto token as well, but this will now have to wait.
The Republic seems worried about the current conditions in the crypto market, citing the recent collapse of FTX as a possible reason.
Still, the reasons given by country officials and cited by Reuters remain rather vague and use blanket terms such as “current market conditions” and “marketing reasons”.
The touted Sango Coin has come with some headaches for its holders. People have already invested in the token, and a plan to sell up to 5% of their coins was delayed, with the money remaining locked in the coin instead.
Plans to list with several exchanges have also had to be delayed, especially now that many leading exchanges seem to be struggling with maintaining liquidity.
Meanwhile, an idea to allow citizens to buy up to $60,000 worth of Sango Coins remains shrouded in a lack of clarity, which could be due to poor central planning, once again reminiscent of how El Salvador launched its dedicated crypto wallet which ended up malfunctioning right at the start and for weeks to come.
Not least, the Central African Republic’s Constitutional Court in late August said that the idea to use the Sango Coin to purchase land, e-residency or citizenship was unconstitutional.
Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.