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CAR Stalls Crypto-Coin Issuance


FILE: Bitcoins are seen in this illustration picture. Taken September 27, 2017

The Central African Republic, which adopted Bitcoin as legal tender in April, said on Monday it had delayed listing its national cryptocurrency token, citing "current market conditions" and "marketing reasons."

A plan to list the Sango Coin on as-yet unspecified crypto exchanges has been shelved until the first quarter, according to a statement posted in the coin's official Telegram channel.

The war-torn country launched the Sango in July, aiming to raise almost $1 billion over the next year, according to its investment website. This, despite questions about its transparency and a downturn in global crypto markets.

Also delayed is a "release" that would allow coin holders to sell up to 5% of their coins, which are currently "locked" for a year and unable to be sold.

Asked about a government initiative to allow foreign investors to buy citizenship for $60,000 worth of Sango Coins, an unidentified moderator on the channel said "more updates about this will be made next month."

The initiative was blocked as unconstitutional in August by the country's top court.

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