Considered Unconstitutional, The Constitutional Court Of The Central African Republic Of Indonesia Tak Supporting The Implementation Of Sango Coin

The President of the Central African Republic, Fausin-Archange Toudera, remains with Sango Coin (photo: twitter @FA_Touadera)

JAKARTA - The Constitutional Court of the Central African Republic of Africa on Monday, August 29, ruled that the purchase of citizenship, "e-residency" and land using cryptocurrencies launched by the government last month was unconstitutional.

"Sano Coin" went on sale on July 21 despite a sharp drop in bitcoin prices over the past few months, and doubts over the continuity of the project in a country not well-connected and war-torn.

According to Sango's website, under the initiative, foreign investors will be able to purchase citizenship for a $60.000 crypto - with Sango Coins equivalently held as collateral for five years - and an "e-residency" of $6.000, which was held for three years.

A 250 square meter plot of land has also been listed as $10.000, with Sango Coins on lockdown for a decade.

But the country's high court considers the purchase "unconstitutional", arguing, among other things, that citizenship has no market value and that residences require physical shelter in the Central African Republic (CAR). The impact on Sango Coin's initiative itself was not immediately clear.

Government spokesman Serge Djorie told Reuters he had no response to the decision.

The Central African Republic was one of the poorest countries in the world, but became the first in Africa to make bitcoin legal in April. The decision surprised cryptocurrency experts and prompted the International Monetary Fund to warn that the decision was not an "effective drug" for the challenge of tackling the country's finances.

The president of the RAT, Faustin-Archange Toudera, has defended Sango Coin as a solution to financial exemptions that will facilitate investment in broad RAT mineral resources.

But the initial sales of the $21 million offered were slow, as it was no more than 5% of Sango Coin's target purchased within hours of its launch.