Pick n Pay, one of South Africa’s leading retailers, reportedly now accepts bitcoin as payment at all its stores across the country. Using the bitcoin lightning network, Pick n Pay’s customers can now buy items such as groceries, airtime and electricity tokens. Using BTC for Everyday Purchases Just a few months after it began accepting…
Central African Republic court says new $60,000 citizenship by crypto investment program is unconstitutional
The move comes one month after the CAR rolled out the new incentive to boost crypto innovation in the country.
According to Reuters, on Monday, the Central African Republic’s (CAR) Constitutional Court said that the purchase of citizenship, e-residency and land using its government-backed Sango digital currency is unconstitutional due to the absence of market value in nationalities. Earlier in July, the CAR’s government unveiled its Sango crypto hub to attract global crypto talent/enthusiasts, boost Bitcoin adoption and implement new crypto regulatory frameworks. The Sango blockchain is built on top of the Bitcoin blockchain, similar to a layer-2 solution.
Part of the program includes a citizenship by investment program, where foreign nationals can effectively purchase citizenship in the CAR for $60,000 in crypto with an equivalent amount of Sango tokens held as collateral and returned after five years. Similarly, e-residency can be purchased for $6,000 with Sango tokens locked for three years. It is also possible to buy a 250-square meter plot of land in the CAR for $10,000 with Sango tokens returned a decade later.
The CAR government says that each Sango token will be fractionally backed by Bitcoin, which it adopted as legal tender in April. Each Sango can be purchased for $0.10 during the first stages of its initial coin offering (ICO), with the listing price target of $0.45 by the final round. The total supply of the token is 210 million. So far, less than 20 million Sango tokens have been claimed, and officials have extended the first cycle of the sale by approximately five weeks.
Affluent investors typically enroll in investment-based second citizenship programs for business activities, tax mitigation and ease of travel. The Central African Republic’s gross domestic product has declined steadily since peaking in the mid-1960s. Its current passport allows for visa-free travel in 17 out of 198 countries in the world.
The Springbok captain features in a new advertising campaign promoting a long-term attitude towards cryptocurrency investing in South Africa.
National rugby captain Siya Kolisi will spearhead a two-year educational cryptocurrency advertising campaign in South Africa.
The Springbok skipper has partnered with global cryptocurrency exchange Luno in the campaign’s rollout, which will feature a series of television adverts promoting a long-term investment attitude towards cryptocurrencies.
Kolisi was front and center of the first advert of the new campaign, which was aired during the Springboks’ third match of the Rugby Championship against Australia on Aug. 27.
The light-hearted commercial features the brawny flank being put through his paces by a personal trainer while drawing parallels between his long-term game plan for his rugby career and financial planning.
A statement from the Springbok captain highlighted the appeal of Luno’s efforts to make cryptocurrency investing accessible to new users that are unfamiliar with the space:
“Like many South Africans, I am new to crypto investment, so I had to do some research before deciding to partner with Luno. I love that Luno focuses on providing education for new crypto investors like me so we can make better, long-term financial decisions.”
Marius Reitz, Luno’s general manager for Africa, highlighted the current downturn across cryptocurrencies markets as a prime example for investors to zoom out and focus on long-term investing in the space:
“When you zoom out, the ups and downs do not change the fundamental potential of crypto to improve the world’s financial system, which is what its long-term value is based on. The long game in crypto means holding, rather than trading.”
Reitz added that investors can better handle short-term price changes by considering the long-term outlook, given the space is still in its infancy.
Luno, a known cryptocurrency exchange and trading platform in South Africa, previously worked with Rassie Erasmus, Springbok’s rugby director, in another advertising campaign that taught users how to ‘tackle’ Bitcoin (BTC).
The firm also announced a lucrative and potential industry-first sponsorship of the African Sunshine Tour golf’s Order of Merit in May 202. The top three golfers on the standings at the end of the season will receive significant prize money paid out in BTC.
Central African Republic’s Sango coin which started selling on Monday, June 25, has recorded only $1.09 million in sales after 24 hours of the offering.
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Allen Wei, the CEO of LBank exchange, told Cointelegraph that blockchain could contribute to the creation of a robust economy in Africa.
As one of the most populated continents in the world, Africa continues to be an important target for blockchain proponents, as adoption in the region could have a significant impact on the broader crypto economy.
In an interview with Cointelegraph, Allen Wei, the CEO of crypto exchange LBank, explained that blockchain can have a significant impact on Africa. Moreover, Wei highlighted that adoption within the region can have an effect on crypto and underscored the importance of supporting projects throughout the continent.
With blockchain, an opportunity to solve Africa’s economic problems presents itself, according to Wei. With this, the executive emphasized that the technology could create an inclusive society on the continent. He explained that:
“With the help of blockchain, Africa can create an inclusive society with a robust economy and the highest standards of living. A larger economic system might be built where more people will be employed and have access to greater wealth than ever before.”
Apart from blockchain’s impact on Africa, the LBank CEO also highlighted that the region could also have a big impact on the broader crypto ecosystem. Because of the large population in the region, Wei believes that adoption in Africa would make it easier for other regions to accept crypto as well. Wei said:
“With such a large number of people using cryptocurrency, it will become easier for others around the world to accept it too, which will cause a positive turnaround in the crypto economy.”
Furthermore, Wei also expressed that helping the region means that the crypto space will simply have a wider reach. “If we can help Africa become one of the most crypto-friendly continents on the planet, then we will be able to reach a larger audience than ever before,” he said.
In addition, the LBank executive also talked about the importance of funding the growth of local projects in the region. While the region has potential, Wei noted that crypto and blockchain projects in Africa often face challenges in terms of funding.
The LBank CEO also mentioned that this is one of the reasons why their venture capital arm has launched an accelerator program to help local projects in the continent. Wei believes that through this, more jobs could be created, and the region’s revenue could increase.