Citing “current market conditions” and “marketing reasons,” the Central African Republic earlier today announced it would be delaying the listing of its national cryptocurrency token.
The country’s native crypto token, Sango Coin, expected to be released on an unspecified crypto exchange, has now been suspended from being listed until the first quarter of 2023, next year, according to Reuters citing a statement posted in the coin’s official Telegram channel.
Central African Republic Delays The Release
Alongside the suspended token listing, the country has also chosen to delay the “release” connected with allowing Sango coin holders to sell up to 5% of their coins, which are currently “locked” for a year and unable to be sold.
Currently, only about $1.66 million worth of Sango coins has been sold following the achievement of about 7.9% of its first sale target and around 0.01% of its second until now. Given that the Sango coin is a national token, assuming it could come with some use cases could be factual.
When someone in the Sango coin community group asked for a government initiative to allow foreign investors to buy citizenship for $60,000 worth of Sango Coins, an unidentified moderator on the channel replied, “more updates about this will be made next month.”
This news comes after the Central African Republic adopted Bitcoin as legal tender in April and then later announced the launch of the country’s native token, Sango coin, in July, with the intent to raise roughly $1 billion over the next year, according to its investment website.
The Crypto Market Conditions So Far
The crypto market has been in a creaky state ever since over $2 trillion was drained off since its peak in November 2021. A lot of predicament, such as the FTX crash, has added to the plummet in the crypto market.
Overall, as of the time of writing, the global crypto market cap is sitting at a worth of $843 billion, with the largest crypto by market cap, Bitcoin, trading at a price of $16780, down by 2.3% in the last 7 days and Ethereum trading at $1208 down by 5.2% over the same time period, according to data from coingecko.