The launch of the Central African Republic’s cryptocurrency, Sango Coin, has been delayed for a few weeks, according to the Sango Project. The project cited legal and regulatory obstacles for the delay, but expressed optimism that the government of the Central African Republic had made significant progress in establishing laws and regulations that would allow the cryptocurrency to be listed on crypto exchanges.
“There are also some other new surprises that will come along with these laws,” said the Sango Project in a message on its Telegram channel. “Rest assured that this delay is necessary to ensure that Sango is fully compliant with all relevant regulations and that our products are launched in the most secure and responsible manner possible.”
The Sango Coin listing was one of the goals of Project Sango, a crypto hub proposed in the CAR in May 2022. The initiative followed the CAR government passing legislation allowing its citizens to use Bitcoin as legal tender alongside the CFA franc.
Since the launch of the crypto hub and token in July 2022, the Sango Project has marketed Sango Coin to interested parties by offering pathways to CAR citizenship through investments. However, the project’s strategy was reportedly declared unconstitutional by the country’s court system in August 2022.
“We remain committed to our vision of making Sango Coin a valuable asset for the people of the Central African Republic and beyond,” said the Sango Project. “We look forward to announcing the launch of Sango Coin on crypto exchanges in the near future.”
Despite the delay, the Sango Project plans to list the tokens at a price of $0.45. The project remains optimistic about the future of Sango Coin, with plans to ensure that it is fully compliant with all relevant regulations before listing.