There is a long way from monetary voluntarism to financial efficiency. By launching the digital currency Sango coin, on July 3, Faustin-Archange Touadéra knew that the international community would, at best, make fun of the initiative, at worst denounce it. But the Central African head of state awaited these tackles with the impatience of someone who constructs his nationalist discourse in reaction to this kind of criticism. Critics, in this case, easy to link to a fear of the supporters of an easily qualifiable CFA franc of neocolonialist.
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Anxious, precisely, to dispel accusations of supposed subjection to a certain foreign paramilitary group, the Central African president did not know that his cryptocurrency would suffer first from national disaffection and, then, from institutional reprimand.
Less than 10% of assets acquired
On August 24, the Sango.org platform announced the extension until 1is October of the fundraising period. According to some sources, only 7.39% of the volume of assets issued had found takers. Faced with the lack of popular interest, it was on a quest for foreign investors that the financial operation now intended to bet…
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The project’s internet portal details the advantages granted to non-Central African holders of Sango coins, in particular easier obtaining of Central African nationality – for an investment of 60,000 dollars, blocked for five years -, land – 250 m² in a “residential area of Crypto City” for $10,000, held for ten years – or, in turn, shares in the country’s mining and forestry sectors.
First, opponents from regime were surprised that a patriotic approach resulted in the “sale of the country’s wealth” to foreigners. Seized by the G16 – a group of representatives of civil society –, the Constitutional Court has just ruled: selling nationality or a right of residence is contrary to the Constitution.
Without legal recourse, the government could only observe this setback. And everyone wonders if the state will have to repay the sums already invested. The resources generated by the Sango project are surrounded by a certain vagueness, managed as they are directly by the Presidency of the Republic.
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The blow is hard for a president who has just decreed the establishment of a committee responsible for considering a modification of the current Constitution which limits the number of presidential terms to two. If the Central African cryptocurrency edifice can formally resist the setback inflicted by the Constitutional Court, this disavowal of the supreme institution appears like a pebble in the shoe of Faustin-Archangel Touadera.