Central African Republic top court blocks purchases with new cryptocurrency

  • 📰 ReutersAfrica
  • ⏱ Reading Time:
  • 56 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 53%

Law Law Headlines News

Law Law Latest News,Law Law Headlines

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.

A bitcoin representation is seen in a file photo, in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File PhotoBANGUI, Aug 29 - 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.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.

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 , a decree showed.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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Same way e-Naira is unconstitutional 😅😅

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 31. in LAW

Law Law Latest News, Law Law Headlines