BANGUI : 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 m
BANGUI : 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.
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.