Central African Republic Court Denied Bitcoin Legal Tender Offer
- CAR is the first nation in Africa to accept Bitcoin as legal tender.
- Only $1.2 million of the Sango coin had been purchased since August 24, 2022.
Africa supreme court ruled that the Central African Republic’s proposal to make land and natural resources for cryptocurrency was unconstitutional on Monday. It made the country’s biggest dream of emerging as the top cryptocurrency hub in Africa.
The High Court in the CAR’s city of Bangui has ordered that the government must stop providing lands and citizenship in exchange for investments in the cryptocurrency known as Sango Coin.
The action was taken after the country became the second nation in the world to recognize Bitcoin as a legal tender in April. The court stated that granting citizenship is unlawful, and seeing that nationality has no market value.
Presidency spokesperson Albert Yaloke Mokpeme, stated that;
We respect the court’s decision and we’re now looking at another way to offer land and citizenship to investors.
The First Bitcoin Legal Tender In Africa
The Central African Republic’s Sango Coin began selling on July 21 and CAR became the second country in the world and the first in Africa to recognize bitcoin as a legal tender in April. El Salvador is the first nation in the world to officially recognize bitcoin as a legal tender in September 2021.
According to the project’s official website, only $1.2 million of the coin had been purchased since August 24, 2022, with the Central African Republic offering $21 million in coins for sale. A minimum investment of $500 in Bitcoin or Ether was required to purchase the currency.
Jelurida Africa was planned to take part in a Pan African Hackathon before the end of 2022, and provide prototype solutions, specifically for the citizens of the region.