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Court deems Central African Republic proposal “unconstitutional” to offer citizenship for crypto investment

According to Reuters, the Central African Republic’s (CAR) proposed Constitutional Court to offer citizenship for crypto investment. On August 29, the Constitutional Court rejected the CAR proposal by stating that it is unconstitutional to buy citizenship, e-residency, and land using the country’s government-backed cryptocurrency Sango Coin because a nationality has no market value. 

A citizenship-by-investment scheme is a feature of the proposal, allowing foreign nationals to effectively buy citizenship in the CAR for $60,000 equivalent amount of Sango coins that are held as collateral and returned after five years. According to the Sango website, an “e-residency” would cost $6,000 and would be valid for three years. People might also pay $10,000 for a 250-meter square plot of land, with their coins locked in for ten years.

The Central African Republic’s president, Faustin-Archange, supported the “Sango” effort to tempt Bitcoin (BTC) and cryptocurrency investors to the nation by offering them, among other benefits, the ability to buy land with cryptocurrencies without paying income tax. 

The CAR revealed its Sango crypto hub earlier in July in an effort to draw in international crypto talent and enthusiasts, increase the usage of Bitcoin (BTC), and put new crypto regulatory frameworks in place.

CAR became Africa’s first to legalise bitcoin in April, 2022. This raised questions among cryptocurrency specialists and led the International Monetary Fund to caution that bitcoin was not a “panacea” for the problems facing the continent.

Read more at cyptoshrypto:

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