Central African Republic’s Sango Project announces delay of token listing

March 31, 2023 - By Cryptonewone

The organization following the launch of the Central African Republic’s Sango Coin has announced a delay of its listing “just for a few weeks,” citing legal and regulatory obstacles.

In a March 31 message on its Telegram channel, the Sango Project said the government of the Central African Republic, or CAR, had made “significant progress” in establishing laws and regulations which will allow its cryptocurrency Sango Coin to be listed on crypto exchanges. However, according to the project, the Sango Coin listing will be postpone for a few weeks before the frameworks are finalized.

“There are also some other new surprises that will come along with these laws,” said Sango Project. “Rest assured that this delay is necessary to ensure that Sango is fully compliant with all relevant regulations and that our products are launched in the most secure and responsible manner possible.”

Short Sango update

The government task force is working to change the laws in order to integrate #SANGO.

Cycle 3 is live.✅

All #SANGO that wasn’t bought in the sale cycles will be burned.

We are currently working on distributing all the prizes of the Sango $1M Contest https://t.co/scDF4g8EKF

— Sango (@sangoproject) January 20, 2023

The token listing was one of the goals of Project Sango, a crypto hub proposed in the CAR in May 2022. The initiative followed the CAR government passing legislation allowing its citizens to use Bitcoin (BTC) as legal tender alongside the CFA franc.

Since the token and crypto hub were launched in July 2022, the project has marketed Sango Coin to interested parties by offering pathways to CAR citizenship through investments — a strategy reportedly declared unconstitutional by the country’s court system in August. Sango Project announced in December that the listing would be delayed due to market conditions. According to its website, the project plans to list the tokens at a price of $0.45.

Magazine: What it’s actually like to use Bitcoin in El Salvador