While the world is progressing in adopting and regulating digital assets, African countries have speedily joined the club too.
Central African Republic (CAR), a landlocked country in Africa, has recently made announcements relevant to digital assets. However, according to the official statement, the central African nation won’t be listing its sango crypto coin until next year.
The central African nation has also declared Bitcoin as a legal tender and has been one of the first nations to do so. However, its senior judges have rejected an attempt to allow crypto investors to buy citizenship via $60,000 worth of sango coin.
As per the moderator of sango’s telegram channel, the nation plans to postpone the listing of sango and the 5% release to the coming year’s first quarter. The postponement has been due to the current market scenario and seasonal factors such as the holiday season. The moderator’s text is as follows:
“We will postpone the listing of sango and the 5% release to Q1 [the first quarter of] 2023.”
The moderators have also promised investors that they would receive 5% of their stake at the moment of listing. Some have anticipated the postponement, likely due to delays from the central bank or other significant legal obstacles. However, the moderators haven’t made any additional public remarks or comments outside the Telegram channel.
Earlier this year, the country’s government announced its plans to make it a crypto hub, with ministers revealing that they wish to advance on new technology. In April, Todayq News reported that the government also announced regulation for the crypto sector and would allow its use in the country’s financial markets.
The African nations have been actively moving towards adopting cryptocurrencies as well as mining. Approximately four million South Africans, or 10% of the population, are cryptocurrency owners, according to Finder’s study on adoption trends for August 2022.
According to Finder’s analysis, South Africa is placed eighteenth out of twenty-six nations for crypto adoption with this ownership rate.
In September, Ghana, another African nation, indicated increased interest in cryptocurrencies. It was also expected to soon compete with the adoption levels of Kenya and Nigeria, which are African nations. Kenya and Nigeria rank 11th and 19th in the global crypto index.