Central African Republic court says new $60,000 citizenship by crypto investment program is unconstitutional
The move comes one month after the CAR rolled out the new incentive to boost crypto innovation in the country. According to Reuters, on Monday, the Central African Republic's (CAR) Constitutional Court said that the purchase of citizenship, e-residency and land using its government-backed Sango digital currency is unconstitutional due to the absence of market value in nationalities. Earlier in July, the CAR's government unveiled its Sango crypto hub to attract global crypto talent/enthusiasts, boost Bitcoin adoption and implement new crypto regulatory frameworks. The Sango blockchain is built on top of the Bitcoin blockchain, similar to a layer-2 solution. Part of the program includes a citizenship by investment program, where foreign nationals can effectively purchase citizenship in the CAR for $60,000 in crypto with an equivalent amount of Sango tokens held as collateral and returned after five years. Similarly, e-residency can be purchased for $6,000 with Sango tokens loc...