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

Updated Aug 29, 2022 at 6:08 p.m. UTC

Central African Republic flag — The Central African Republic's flag (jorono/ Pixabay)

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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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