- Sango Coin’s marketing staff apparently made the announcement on a Telegram channel.
- CAR planned to add the coin to its listing by the end of 2022.
After being the first African nation to legalize bitcoin over eight months ago. The Central African Republic (CAR) has announced it would not list its “Sango” digital currency. Sango Coin’s marketing staff apparently made the announcement in a Telegram channel, citing “current market conditions” as the reason.
The CAR group also announced that the previously scheduled unlocking of up to 5% of Sango holders’ portfolios would be delayed. Information on the cryptocurrency on the official Sango website suggests that the CAR planned to add the coin to its listing by the end of 2022.
Low Level of Investor Enthusiasm
But just as the country’s attempt to declare bitcoin legal money ran into a number of complications. So too has the Central African Republic’s Sango token. One of the biggest problems has been the relatively low level of investor enthusiasm for the Sango coin. In addition, investors may have been put off by a court judgement. That found the government’s proposal to offer citizenship to Sango currency holders to be unlawful.
Some bitcoiners who previously backed the Central African Republic’s (CAR) plan to make the leading cryptocurrency legal cash now express skepticism about the Sango coin proposal. The crypto market has been sluggish following the FTX crash and several other unfavorable conditions.
CAR government is continuing with the token sale, which is currently in “cycle 2,” despite these and other obstacles. In the first quarter of 2023, the CAR will go forward with the “Sango bitcoin sidechain testnet,” as specified on the token roadmap, before starting the so-called national mobile smartphones programme.