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.
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