A bitcoin representation is seen in a file photo, in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo
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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.
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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.
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