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The Central African Republic high court has made a ruling against the government’s plan to offer citizenship to investors who invest up to $60,000 into the government-native cryptocurrency Sango coin.
According to the ruling, the purchase of citizenship, e-residency, and land ownership using the Sango coin cryptocurrency is totally ‘unconstitutional’. In its argument, the high court mentioned that the nationality of a country has no market value.
CAR was the first African country to legalize Bitcoin (BTC) and the second in the world after El-Salvador which was the first to premiere the adoption of the largest digital coin by market capitalization.
Shortly after its BTC legalization, CAR unveiled its plans to launch a crypto hub that would include an island and a digital wallet. The program was dubbed ‘Project Sango’ and it was aimed at attracting crypto enthusiasts.
CAR Government Plan to Offer Benefits With Sango Coin
In July, the landlocked country rolled out its government-backed native digital currency known as the Sango coin. The Sango blockchain is similarly developed on the BTC blockchain as a Layer-2 solution. Initially, the digital coin was launched only a few months ago to boost crypto adoption and innovation in the African country.
Its official sales which began on July 21st were not deterred by the plummeting BTC value at that time. Meanwhile, only 210 million units of the coin were minted at the time with a total worth of $21 million. In addition, the government offered citizenship by crypto investment and zero fee tax rate to attract foreign investors.
To enumerate, investors who are able to invest up to $60,000 in the Sango coin and hold it for up to five years, can buy CAR citizenship. While for the e-residency, one would need to invest up to $6,000 in crypto and hold it Sango coin equivalent as collateral for about three years.
Land ownership could be acquired with $10,000 in crypto, specifically, it is possible to own a 250-square meter plot of land in the CAR for $10,000 with Sango tokens returned a decade later. In the case of e-residency, the high court explained that physical stay in the country is compulsory as a requirement for such conferment.
The post CAR High Court Rules Against Plans to Offer Citizenship by Crypto Investment appeared first on Blockchain, Crypto and Stock News.
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