According to a Reuters note published on Monday, the Constitutional Court of the Central African Republic (CAR) said the purchase of citizenship, e-residency and land using its government-backed Sango digital currency is unconstitutional due to lack of value. market in the nationalities. In early July, the government of the Central African Republic launched its cryptocurrency hub Sango to attract enthusiasts from around the world, boost Bitcoin adoption, and implement new cryptocurrency regulatory frameworks. The Sango blockchain is built on top of the Bitcoin blockchain, similar to a layer two solution.
Part of the program includes a citizenship-by-investment program, in which foreign nationals can effectively purchase citizenship in the CAR for $60,000 in cryptocurrency with an equivalent amount of Sango tokens held as collateral and returned after five years. Similarly, eResidency can be purchased for $6,000 with Sango tokens locked for three years. It is also possible to buy a 250 square meter plot of land in the RCA for USD 10,000 in Sango tokens that are paid back a decade later.
The RCA government says that each Sango token will be fractionally backed by Bitcoin, which it adopted as legal tender in April. Each Sango can be purchased for $0.10 during the early phases of its initial coin offering (ICO), with the goal of reaching a trading price of $0.45 in the final round. The total supply of the token is 210 million. Fewer than 20 million Sango tokens have been claimed so far, with those responsible extending the first cycle of the sale by roughly five weeks.
Wealthy investors often enroll in investment-based second citizenship programs to conduct business, mitigate taxes, and facilitate travel. However, the Central African Republic’s gross domestic product has steadily declined since it peaked in the mid-1960s. Your current passport allows visa-free travel between 17 of the 198 countries in the world.
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