African Country Restricts Crypto Usage
0Earlier Thursday, the Central African Republic's (CAR) Constitutional Court ruled that using the government-backed cryptocurrency "Sango Coin" to acquire citizenship, e-residency, and property was illegal.
According to Reuters, the Court stated that the market's volatility hampered the feasibility of the crypto project. Since November 2021, four months after its introduction, the price of Sango Coin has been decreasing.
Sango Coin went live on July 21, 2021. The decision came as a geopolitical surprise because the country had a poor economy, nothing was known about its goals, and the public was not particularly interested in the crypto environment.
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