The Sango Project, the organization behind the launch of the Central African Republic's Sango Coin, has announced a delay in its listing due to legal and regulatory obstacles. The project stated in a message on its Telegram channel on March 31 that the delay will only be for a few weeks before the legal frameworks are finalized.
The government of the Central African Republic has made significant progress in establishing laws and regulations that will allow Sango Coin to be listed on crypto exchanges. However, the Sango Project has decided to postpone the listing to ensure full compliance with all relevant regulations and to launch the product in the most secure and responsible manner possible.
The Sango Coin listing was one of the objectives of Project Sango, a crypto hub proposed in the Central African Republic in May 2022. The government of the Central African Republic had passed legislation allowing citizens to use Bitcoin (BTC) as legal tender alongside the CFA franc, leading to the proposal of the crypto hub.
Since its launch in July 2022, the Sango Project has marketed Sango Coin to interested parties by offering pathways to Central African Republic citizenship through investments. However, this strategy was reportedly declared unconstitutional by the country's court system in August 2022. Despite this setback, the Sango Project announced in December that it plans to list the tokens at a price of $0.45.
The delay in listing Sango Coin is a setback for the Sango Project, but the organization remains optimistic about the future. The project stated that the delay is necessary to ensure compliance with all relevant regulations, and it hinted that there are new surprises to come along with these laws.
The Central African Republic's move to embrace cryptocurrencies is an interesting development in the global financial landscape. While some countries have been cautious about embracing cryptocurrencies, others have seen them as an opportunity to modernize their financial systems and attract investment. It remains to be seen whether the Central African Republic will be successful in its efforts to establish itself as a hub for cryptocurrency in Africa, but the launch of Sango Coin is a step in the right direction.