The Central African Republic is reportedly delaying the rollout of Sango Coin, the country’s national crypto token, according to Reuters. The move, made due to the ongoing crypto winter and marketing reasons, will delay the listing of Sango until the first quarter of next year.
Sango Coin Listing Delayed Until Q1 2023
The Central African Republic (CAR) revealed on Monday it is delaying the launch of its national crypto token, Sango Coin, due to adverse conditions in the crypto market and marketing reasons, Reuters reported, citing a statement posted in the coin’s official Telegram channel. The listing has been postponed until Q1, the report adds.
Furthermore, the CAR also rescheduled the “release” that would allow token holders to sell up to 5% of their coin holdings. The coins are locked for a year and cannot be sold during that period.
When asked about the CAR’s initiative to allow foreign investors to acquire citizenship for $60,000 worth of Sango Coins, one of the Telegram channel moderators said more updates about this program are expected to be made in January. The initiative was blocked as unconstitutional earlier this year by the CAR’s top court.
Sales of Sango Coin Fail to Impress
The CAR introduced the Sango Coin in July to raise around $1 billion over the following year. So far, only $1.66 million worth of Sango has been sold, reaching just around 7.9% and 0.01% of its first two sale targets, respectively, according to Reuters.
The war-ravaged CAR became the first country in Africa to launch a bitcoin legal tender in April after El Salvador last year. Last month, El Salvador’s President pledged to purchase 1 Bitcoin per day after a sharp drop in Bitcoin’s price.
The global crypto market has lost over $2 trillion in value since reaching its all-time high in November 2021, according to CoinGecko. The sell-off comes as macroeconomic headwinds and the collapse of multiple crypto firms forced investors to steer clear of risk assets.
The downturn was exacerbated after the crash of the crypto exchange FTX last month, causing massive crypto withdrawals and further weighing on investors’ confidence. The FTX debacle could push Bitcoin down to as low as $5,000 in 2023, according to Standard Chartered’s list of potential scenarios.
This article originally appeared on The Tokenist
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