Bitcoin Legal Tender in Central African Republic

[JayJuanGee]

The Sango project is live again with a unique and special "Sango Contest" opportunities for it citizens in their active participation in the ongoing Sango bitcoin project aimed at improving better lives on it's people, one of the things you need to do is to make a minimum of
$100 into investing on the Sango project, complete some of it social responsibilities tasks this contest is aimed to benefit participants in building a new Africa through Sango bitcoin project while at the same time becoming a Central African Republic resident places you with these opportunities in having:

1. A Tax-free Crypto experience
2. E-residency
3. Sango coins
4. Land
5. Citizenship

All five in one outstanding benefits from the Sango bitcoin project and contest https://twitter.com/sangoproject/status/1561251416626368513?t=YUfCv14toAV6OBSNzBtk3Q&s=19 this country is with no doubt planning well to make lives better through it's bitcoin adoption for its citizens, they are taking some drastic steps just as in the case of El-Savador's progress with bitcoin adoption, they are indeed a good trail blazers.

You gotta be careful in your presumption that mere words matter when it comes to the creation of a new coin... and connecting that with bitcoin, Dunamisx.

Many bitcoiners are truly skeptical of any projects that create new coins, and frequently we wonder why they cannot just build upon bitcoin or lightning network or some second layer.. why do they need to create a new coin.

Sure, in the end, the creation of a new coin could be genuine, but it surely is going down the shitcoin path.. which personally, I would have less of a problem with their choice to incorporate some kind of a shitcoin leg if they had focused upon bitcoin first for something like 2-4 years.. and if they could at least focus on bitcoin first for a few years, then they might build enough of the credentials to supplement their bitcoin journey with some kind of a shitcoin.. . .

I am not going to give any shitcoiner much benefit of the doubt in regards to being any kind of "good trail blazer" - unless they can demonstrate a certain meaningful/reasonable level of bitcoin first - such as something on a similar level to what I described.  Fuck shitcoins and they can screw off with their bullshit token.

By the way, it seems to me that any country that is getting involved in bitcoin is going to need to be obligated to practices that are transparent regarding what they are doing, including providing some descriptions of how they are both safeguarding their use of BTC funds and even setting forth some plans regarding how the BTC funds will survive through any successor administration.. and even though I really appreciate El Salvador's various bitcoin efforts, they likely still are somewhat lacking in terms of some of their bitcoin funds transparency and their successorship plans in regards to those bitcoin that they currently hold and expect to hold at the time of any successorship.

[Dunamisx]

Many bitcoiners are truly skeptical of any projects that create new coins, and frequently we wonder why they cannot just build upon bitcoin or lightning network or some second layer.. why do they need to create a new coin.

that's true, I've thought about it as well, why is the need for creating another coin aside bitcoin, I think that's the only downfall to the entire development they are coming up with, because in creating a Sango coin it will make less sense as it is a centralized currency and what the people key into is the decentralization of digital currency bitcoin, am much sure if they eventually succeeded in creating one then they may not get the expected results as required, what gives people interest much on the Sango project is bitcoin and once they begin to mix things up with other coins they may not achieved their target.

Also here, I think they need to understand this one thing they have failed to learn from El-Savador's bitcoin adoption, El-Savador never created any coin/token nor CBDC, they rather build on the bitcoin network and maximize every potential it comes with.

the creation of a new coin could be genuine, but it surely is going down the shitcoin path.. which personally, I would have less of a problem with their choice to incorporate some kind of a shitcoin leg if they had focused upon bitcoin first for something like 2-4 years..

they can't do two things at a time and expect having a good result, i think the earlier CAR discover this lapse the better it is for them to fix it rather than constituting shitcoins as you've said, they need to understand that one thing at a time is very important and not in considering any coin or token than bitcoin, honestly the introduction of something new aside bitcoin is compromising their entire plan into something scrappy.

[d5000]

Many bitcoiners are truly skeptical of any projects that create new coins, and frequently we wonder why they cannot just build upon bitcoin or lightning network or some second layer.. why do they need to create a new coin.

Just diving into a possible hellhole

I think in cases new premined tokens or coins are created, you have to differentiate two cases:

1) The tokens want to be a competition to Bitcoin, i.e. a general-purpose cryptocurrency (Example: Ethereum, Ripple ...). In this case I oppose these attempts, because a premined cryptocurrency can never be as decentralized like one distributed with equal chances for all participants, like Bitcoin. Premined general-purpose cryptos give an unfair advantage to their creators, and even worse: they give them more power in the consensus above all if they're secured by PoS.

2) The tokens are created as a specific means to achieve financing of a project. In this case, I can approve some of them if the use case is legit. In my opinion, these tokens are one of the few options at the moment for a decentralized loan for people, organizations or even states which have no collateral to offer. (no, "DeFi lending" is not the solution, because in these cases you need crypto collateral - in the case there is no collateral then you can't get a loan, so its real-world use cases are very limited).

So in my opinion, the simple fact that a token is used for financing, isn't a point against the project. I think the Sango Coin is clearly an example of case 2, and we all know that the financial resources of the Central African Republic are limited.

However, of course, the transparency (see below) and the general quality of the management of the acquired funds must be considered, and here we can be sceptical indeed.

By the way, it seems to me that any country that is getting involved in bitcoin is going to need to be obligated to practices that are transparent regarding what they are doing, including providing some descriptions of how they are both safeguarding their use of BTC funds and even setting forth some plans regarding how the BTC funds will survive through any successor administration.. and even though I really appreciate El Salvador's various bitcoin efforts, they likely still are somewhat lacking in terms of some of their bitcoin funds transparency and their successorship plans in regards to those bitcoin that they currently hold and expect to hold at the time of any successorship.

Here I fully agree and I second the doubts about the Sango project here.

[estenity]

thread error..

[aylabadia05]

When the policies made by state officials are aimed at the convenience of the people, it is a positive form that must be welcomed as in the Central African Republic it is reported that they will use Bitcoin to push the country's economy forward. To me, this is a very coherent thought between knowledge and object.

It was reported that Negeria, one of the countries on the African continent that experienced an increase in Bitcoin trading volume above $1 billion between January 2021 and June 2022. It was an honor for me when I received this news.



https://news.bitcoin.com/nigerian-btc-peer-to-peer-volumes-nearly-400m-in-h1-of-2022-significant-growth-in-kenya-and-ghana-volumes/

[lizarder]

The “Sango” project is believed to be able to increase the growth center of legal crypto, its aim is to attract businessmen and crypto enthusiasts, so that bitcoin becomes more widely adopted.
The President of the Central African Republic recognizes that doing all this requires support, so the legal framework needs to be refined, so that the bitcoin issue does not become a problem in the future.
This project is considered strategic and visionary in increasing sources of state revenue, with the law, it will certainly make it easier for crypto companies to enter and establish companies.
So the emphasis on the State is no longer a scary thing, with guarantees of corporate rights and other instruments, thus special economic zones will have the same space as in the physical world.

This president is quite visionary and able to read opportunities, because in fact no country can stop the Cryptocurrency revolution


https://www.google.com/amp/s/voi.id/amp/183855/presiden-republik-afrika-tengah-luncurkan-sango-jadi-mata-uang-kripto-resmi-negara

[Cookdata]

A good thing when more and more countries legalize Bitcoin, I hope this will be a motivation for us to continue to buy and not care at what price because the great potential of Bitcoin can change our lives in the future.

Looking at the price of Bitcoin, only the reach folks also known as Institutional Investors are putting money on bitcoin because they believe it is the safest, the best for people and very transparent consensus system and always the number 1 crypto that drives others but the retailers and average investors that want something that will yield more profit in a short time don't look at these key things, it is easier for Alts to triple than for bitcoin to do that, this is one of the reasons why some people wouldn't think the way we do to buy bitcoin. However, the future is certain for those who are still buying, holding and don't look at the short term picture.

[Zlantann]

The “Sango” project is believed to be able to increase the growth center of legal crypto, its aim is to attract businessmen and crypto enthusiasts, so that bitcoin becomes more widely adopted.
The President of the Central African Republic recognizes that doing all this requires support, so the legal framework needs to be refined, so that the bitcoin issue does not become a problem in the future.
This project is considered strategic and visionary in increasing sources of state revenue, with the law, it will certainly make it easier for crypto companies to enter and establish companies.
So the emphasis on the State is no longer a scary thing, with guarantees of corporate rights and other instruments, thus special economic zones will have the same space as in the physical world.

This president is quite visionary and able to read opportunities, because in fact no country can stop the Cryptocurrency revolution

The Sango legal framework has some drawbacks that might make investors doubt the sincerity of the government of Central African Republic. I am glad that the government have acknowledge that it should be refined to reassure investor that their investment is safe now and in the future. Also there should be a guarantee that even if the present Bitcoin friendly government leaves power, subsequent government would not abandon the Sango project.

Furthermore, for the Sango project to achieve its objective, the government should start implementing some of the infrastructural projects that it has proposed. What the world or investors need now is proofs, we need to start seeing pictures of the installation of internet facilities, electricity connections , Bitcoin educational programs, etc. Government actions would also propel or attract more investors.  

[Devifajarina]

The “Sango” project is believed to be able to increase the growth center of legal crypto, its aim is to attract businessmen and crypto enthusiasts, so that bitcoin becomes more widely adopted.
The President of the Central African Republic recognizes that doing all this requires support, so the legal framework needs to be refined, so that the bitcoin issue does not become a problem in the future.
This project is considered strategic and visionary in increasing sources of state revenue, with the law, it will certainly make it easier for crypto companies to enter and establish companies.
So the emphasis on the State is no longer a scary thing, with guarantees of corporate rights and other instruments, thus special economic zones will have the same space as in the physical world.

This president is quite visionary and able to read opportunities, because in fact no country can stop the Cryptocurrency revolution

The Sango legal framework has some drawbacks that might make investors doubt the sincerity of the government of Central African Republic. I am glad that the government have acknowledge that it should be refined to reassure investor that their investment is safe now and in the future. Also there should be a guarantee that even if the present Bitcoin friendly government leaves power, subsequent government would not abandon the Sango project.

Furthermore, for the Sango project to achieve its objective, the government should start implementing some of the infrastructural projects that it has proposed. What the world or investors need now is proofs, we need to start seeing pictures of the installation of internet facilities, electricity connections , Bitcoin educational programs, etc. Government actions would also propel or attract more investors.  

If you do not have binding legal force and make Sango a long-term project, this will be a big problem, when the power changes in Africa, the government in this case has a view, so the launch of the Sango project is considered necessary, but when viewed as a whole, the Sango project also has the advantage of touching the middle class in this country

[lizarder]

The Sango legal framework has some drawbacks that might make investors doubt the sincerity of the government of Central African Republic. I am glad that the government have acknowledge that it should be refined to reassure investor that their investment is safe now and in the future. Also there should be a guarantee that even if the present Bitcoin friendly government leaves power, subsequent government would not abandon the Sango project.

Overall, the thing that is quite difficult is inheritance, especially related to the change of power, but that doesn't mean it can't be done, sango can be used as a long-term project that cannot be replaced in the future by the next government, this change can be regulated in state laws and regulations and approved by parliament, the legal framework is made permanent and binding, so there is no reason the next government will abandon the Sango project.

Furthermore, for the Sango project to achieve its objective, the government should start implementing some of the infrastructural projects that it has proposed. What the world or investors need now is proofs, we need to start seeing pictures of the installation of internet facilities, electricity connections , Bitcoin educational programs, etc. Government actions would also propel or attract more investors.  

This is related to the technical implementation of the sangoe project, starting from building infrastructure, internet facilities, electricity, educational programs, promotions and most importantly providing a sense of security for citizens in particular and investors in general.
If this sense of security has been provided, with the legislation in place, it will be easy for investors to enter the country, either establishing a company or taking part in the sango project.
As I said earlier, no country can resist technological advances in the crypto field, isn't this a good opportunity for the Central African Republic?

If you do not have binding legal force and make Sango a long-term project, this will be a big problem, when the power changes in Africa, the government in this case has a view, so the launch of the Sango project is considered necessary.

At first glance, I have given a view on the reply to the post above, according to the analysis and analogy of the problem.

but when viewed as a whole, the Sango project also has the advantage of touching the middle class in this country

here, I also have almost the same view as you, the Sango Project can be used as an alternative for low-income citizens in the country, as an initial decision, before going too far into bitcoin, thus Sango is a stepping stone for citizens to start investing further to bitcoins.

The population of the Central African Republic is 4,666,377 people, the income per capital is not clear in what range, but some releases that I read, generally the people there are still categorized as poor (Source: https://id.zhujiworld.com /cf).

Based on these considerations and analogies, it is possible that the Sango project can be developed, touching down to the grassroots, so that the growth of crypto in general and bitcoin in particular will run well in the future, if this infrastructure is perfect, then Bitcoin will find a suitable place in that country.

The simple analogy I gave can also be related to bitcoin in the past, although these have nothing in common in their journey or development.
I mean, if bitcoin wasn't seen as the best crypto and didn't fall into the category of means of payment (in the past), then today that perspective has changed and bitcoin is the best asset.
Likewise with Sango, if they are not able to make this project as good as bitcoin, then it is possible that the project can be made on a local scale which can help the community to develop.
Something that is impossible, will look perfect with serious implementation and good management.
If you put this in a narrow perspective, then everything that is done, will not reach the greater stage.

The Central African Republic knows how to serve the people and prepare the infrastructure for technology development, this deserves great appreciation, for their initiatives, ideas and ideas

[Devifajarina]

The Central African Republic knows how to serve the people and prepare the infrastructure for technology development, this deserves great appreciation, for their initiatives, ideas and ideas

But it must be remembered, that this country is still lagging behind in terms of technology and infrastructure, from the population you mentioned, there are still quite a lot that have not been touched by technology, this is a challenge for the Central African Republic, so that this idea can be implemented according to their wishes.

If this is not done, then the legalization of bitcoin and the development of Sango will be hampered in reaching the lower classes, thus the Central African Republic, fails to ensure that its citizens accept the idea.

[yudi09]

The Central African Republic knows how to serve the people and prepare the infrastructure for technology development, this deserves great appreciation, for their initiatives, ideas and ideas

But it must be remembered, that this country is still lagging behind in terms of technology and infrastructure, from the population you mentioned, there are still quite a lot that have not been touched by technology, this is a challenge for the Central African Republic, so that this idea can be implemented according to their wishes.

If this is not done, then the legalization of bitcoin and the development of Sango will be hampered in reaching the lower classes, thus the Central African Republic, fails to ensure that its citizens accept the idea.

It must also be remembered that we must support Faustin-Archange Touadéra efforts to be able to make its citizens happy like Touadéra's goal of making Sango a historical dent of the nation and continent as he wrote on twitter. Because if this works, then the existing shortcomings as you mentioned can be resolved.

Surely there will be those who will oppose the efforts of the President of Touadéra in this regard, not those who are from outside the country, from people who are close to Faustin-Archange Touadéra have already reminded him, but he still insists that his efforts will not be in vain.

We must campaign consistently for the success of the path that is not easy for Faustin-Archange Touadéra.

[bestcoins1]

But it must be remembered, that this country is still lagging behind in terms of technology and infrastructure, from the population you mentioned, there are still quite a lot that have not been touched by technology, this is a challenge for the Central African Republic, so that this idea can be implemented according to their wishes.

In terms of technology and infrastructure, it is still not adequate for all corners of the Central African Republic at this time, moreover, the Central African Republic has also had problems with rebels who very often disrupt the security of the Central African Republic so that the convenience of living and technological developments are clearly not fully developed there.

If this is not done, then the legalization of bitcoin and the development of Sango will be hampered in reaching the lower classes, thus the Central African Republic, fails to ensure that its citizens accept the idea.

I don't think that's the only thing that must be realized, but the security of the country from rebels must also be thoroughly cleaned so that the implementation of Bitcoin there becomes better over time. And everyone can comfortably use it for every need while building infrastructure and also equipping equipment that isn't already there.

[Devifajarina]

Surely there will be those who will oppose the efforts of the President of Touadéra in this regard, not those who are from outside the country, from people who are close to Faustin-Archange Touadéra have already reminded him, but he still insists that his efforts will not be in vain.

We must campaign consistently for the success of the path that is not easy for Faustin-Archange Touadéra.

At least the steps taken by the President have become capital for the future, opposition will always exist in realizing anything, but I think the people are accepting requests now, it's only a matter of time?

If this is not done, then the legalization of bitcoin and the development of Sango will be hampered in reaching the lower classes, thus the Central African Republic, fails to ensure that its citizens accept the idea.

that's the next challenge they have to do, so that the sense of security that they present to everyone can be guaranteed, this only covers rural areas where there are still rebellions as you mean, there is no impossibility when the state begins to take good steps to prepare progress for its citizens, issues This kind of thing doesn't need to be developed, because it will further narrow the room for progress for them

[yudi09]

Surely there will be those who will oppose the efforts of the President of Touadéra in this regard, not those who are from outside the country, from people who are close to Faustin-Archange Touadéra have already reminded him, but he still insists that his efforts will not be in vain.

We must campaign consistently for the success of the path that is not easy for Faustin-Archange Touadéra.

At least the steps taken by the President have become capital for the future, opposition will always exist in realizing anything, but I think the people are accepting requests now, it's only a matter of time?

When someone encounters a problem, what should be brought is the solution to solve the problem. If the problem experienced is over, the person will always be remembered for all time.
Faustin-Archange Touadéra's good plan should gain the support of his own people as the main capital of carrying out his vision of bringing the country's economic prosperity through Sango. Then the support of countries within the African continent is also very important to make this a success.

Imagine that when faustin-Archange Touadéra's efforts succeeded in accordance with the goal, the Central African Republic would become a country that could rebuild the shortcomings currently experienced. Of course, state revenue can also be increased through taxes that will be set and income from taxes received by the state also returns to the people with the infrastructure built.
To get to a better path is certainly not easy.

[Devifajarina]

When someone encounters a problem, what should be brought is the solution to solve the problem. If the problem experienced is over, the person will always be remembered for all time.
Faustin-Archange Touadéra's good plan should gain the support of his own people as the main capital of carrying out his vision of bringing the country's economic prosperity through Sango. Then the support of countries within the African continent is also very important to make this a success.

Support will come, when they are able to expand the reach of electricity and internet throughout the Central African Republic, so that the people there will get the same rights as citizens.
The president has offered a solution in the sangoe project, but it has not yet been maximized, because the two things I mentioned have not been completed.

Imagine that when faustin-Archange Touadéra's efforts succeeded in accordance with the goal, the Central African Republic would become a country that could rebuild the shortcomings currently experienced. Of course, state revenue can also be increased through taxes that will be set and income from taxes received by the state also returns to the people with the infrastructure built.
To get to a better path is certainly not easy.

Tax revenue applies when the program has been running well, this is a mechanism after implementation, so that things related to taxes can be enjoyed again by the community. Regardless of any difficulties, but they need to work together to build what is planned

[wmaurik]

Tax revenue applies when the program has been running well, this is a mechanism after implementation, so that things related to taxes can be enjoyed again by the community. Regardless of any difficulties, but they need to work together to build what is planned

I see that the determination of taxation in each country is different in every program that is run, so this also doesn't have to be equated between taxes in the African Republic and other countries. Because tax proceeds are things that will also be used into the country and also for the welfare of citizens through every thing needed by citizens such as infrastructure development and also the development of all services.

[Dunamisx]

The tokens want to be a competition to Bitcoin, i.e. a general-purpose cryptocurrency (Example: Ethereum, Ripple ...). In this case I oppose these attempts, because a premined cryptocurrency can never be as decentralized like one distributed with equal chances for all participants, like Bitcoin

confirmed truth, if it had not been bitcoin then it's not decentralized by any means, I think i begin to get some fishing truth about what's actually happening with Central African Republic here, their president went ahead having a meeting with CZ Binance CEO himself, a person who is an accomodator of all manners of coin to share in his ideas base on his years of experience, when Bukele is there that could have been a good mentor to that, so i never get surprised when they come up with a dirty idea of introducing something new aside bitcoin because i knew where that idea could have been coming from.

[d5000]

The last weekend, I got an E-mail from the Sango project - with title "Dear Sango Friend", which is already pointing out some bad news happened - and indeed it was informing me that the Sango project suffered a setback in late August (I'm a bit surprised this still hasn't been mentioned in this thread):

As you are probably aware, by decision no. 008/CC/22 from August 29th, 2022, the Constitutional Court of the Central African Republic has declared as unconstitutional the following Sango products: the Central African Nationality, the e-residence, the purchasing of Central African land and the tokenization of resources.

At least the crypto project as a whole seems to be legit:

At the same time, the Constitutional Court decision came along with some very good news that confirmed the Sango Project – the Bitcoin and Cryptocurrency law that was adopted on April 22nd, 2022 and the use of the name Sango are in no violation of the Constitution.

I don't consider that decision 008/CC/22 that bad - it shows that the Central African Republic shows at least some rule of law. And the parts of Sango project it rejected are just those which are really controversial and looked like the country was willing to "sell out" some of its resources.

The Sango E-Mail newsletter also pointed out that due to this decision, there may be legal changes and maybe even a reform of the articles of the Constitution to allow to continue the project.

However, it's not very trustworthy that they inform you only two weeks after this decision by the Constitutional Court (I then searched the web, and there were some articles about it, for example at Reuters or also Coindesk.) And on their website, nothing hints at the decision - E-residency and resource grabbing is still being mentioned. I'm not an investor but if I was, then I would be upset.

The Reuters article has some additional info:

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 (CAR), a decree showed.

I continue to view the crypto-adoption project in the CAR as positive, but: Transparency of this project must dramatically improve if it wants to succeed!

[stompix]

The last weekend, I got an E-mail from the Sango project - with title "Dear Sango Friend", which is already pointing out some bad news happened - and indeed it was informing me that the Sango project suffered a setback in late August (I'm a bit surprised this still hasn't been mentioned in this thread):

Hmm, so my dead Sango friend  , does this mean you're a Sango investor or you just signed up for the newsletter?
Asking this because knowing the others around here that have made weekly tasks in praising this project like it's the most revolutionary thing ever about their investment I would surely hear only crickets.
Thinking about it, has anyone here actually bought some of those coins?

Checking the project page, the flow of money has gone down dramatically, from $300k in 25 days before as in my previous post to just $70k in ~26, so an enormous decrease in funding.
At 3k a day investment I don't see any of this happening:



Well, maybe except for the river and the second tree from the left.

It must also be remembered that we must support Faustin-Archange Touadéra efforts to be able to make its citizens happy like Touadéra's goal of making Sango a historical dent of the nation and continent as he wrote on twitter. Because if this works, then the existing shortcomings as you mentioned can be resolved.
We must campaign consistently for the success of the path that is not easy for Faustin-Archange Touadéra.

Did you support Maduro and his petro coin also? Just asking!