Central African Republic’s Sango Coin experiences deposit issues

0
1641

The Central African Republic (CAR)’s digital asset project Sango Coin has been experiencing a deposit downtime.

Sango Coin, which was launched last July, is President Faustin-Archange Touadera’s attempt at a national digital currency for the impoverished Central African country. It came just three months after President Touadera passed the Bitcoin Law, making the token legal tender in the country.

Sango has struggled to attract users in its home nation or investors from other countries. It was also dealt a major blow when the country’s Constitutional Court blocked the ‘citizenship through Sango’ package, where investors were promised citizenship if they staked Sango tokens for five years.

A deposit downtime is the latest in the long line of challenges for President Touadera’s project.

“The tech team was working hard to solve the deposit problems. We are incredibly sorry for the inconvenience,” the Sango team wrote on Telegram.

Users who made deposits during the downtime could convert their digital assets at the ‘deposit time cycle price’ by contacting the project and providing their transaction ID (TXID).

While pushing a digital token is a Herculean task even for the developed nations, it’s even more so in CAR, a country where only 30% of the population owns mobile phones. Internet penetration is even lower at just 10%. CAR also ranks in the ten poorest countries in the world, further throwing Touadera’s decision to push Sango into question.