Court Rejects Central African Republic’s Plan to Offer Citizenship for Crypto Investment: Report

The high court of the Central African Republic (CAR) has denied the government’s plan to offer citizenship, land and valuable minerals to investors who purchase $60,000 of its government-supported cryptocurrency, the Sango Coin, is unconstitutional, according to a report from Bloomberg.

• The court said that the offer of citizenship is unconstitutional “considering that nationality has no market value,” according to the report.
• A spokesman for the president told Bloomberg that they are now looking at other ways to offer land and citizenship to investors in Sango Coin.
• CAR had been the first country in Africa, and the second in the world after El Salvador, to adopt bitcoin as legal tender.
• The impoverished African nation is trying to develop its economy by becoming a crypto hub in the region.

Read more: Bank of Central African States Urged to Introduce Common Digital Currency: Report

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