A bitcoin representation is seen in a file photo, in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo
BANGUI, Aug 29 (Reuters) – Central African Republic's Constitutional Court on Monday ruled that the purchase of citizenship, "e-residency" and land using a cryptocurrency the government launched last month was unconstitutional.
The "Sango Coin" went on sale on July 21 despite a sharp fall in bitcoin prices during recent months, and doubts over the project's viability in a poorly connected and war-torn country. read more
Under the initiative, foreign investors would have been able to buy citizenship for $60,000 worth of crypto – with the equivalent Sango Coins held as collateral for five years – and "e-residency" for $6,000, held for three years, according to the Sango website.
A 250 metre square plot of land had also been listed as $10,000, with the Sango Coins locked away for a decade.
But the country's top court deemed those purchases "unconstitutional", arguing among other reasons that nationality did not have a market value and that residency required a physical stay in Central African Republic (CAR), a decree showed.
The impact on the Sango Coin initiative was not immediately clear.
Government spokesman Serge Djorie told Reuters he did not have a response to the ruling.
CAR, one of the world's poorest countries, became the first in Africa to make bitcoin legal tender in April – raising eyebrows among cryptocurrency experts and prompting the International Monetary Fund to warn it was not a "panacea" for the continent's challenges. read more
President Faustin-Archange Touadera has defended the Sango Coin as a solution to financial exclusion that will facilitate investment in CAR's vast mineral resources. read more
But sales of the initial $21 million on offer have been slow, with just over 5% of the target bought in the hours after its launch. read more
Our Standards: The Thomson Reuters Trust Principles.
GXS Bank, the digital bank joint venture of ride-hailing firm Grab Holdings and Singapore Telecommunications , launched Singapore's first digital bank on Wednesday for the retail market in the affluent city-state.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
