CAR Crypto Push Deepened Elite Control, Exposed State to Crime: Report
The Central African Republic’s adoption of cryptocurrency initiatives, including making Bitcoin legal tender and launching Sango Coin and a memecoin, has deepened elite control and increased exposure to foreign criminal organizations, according to the Global Initiative Against Transnational Organized Crime. These projects were implemented despite widespread poverty, minimal internet and electricity access, and inadequate regulatory oversight, making meaningful participation by the general population impossible. A 2023 law allowing tokenization of national resources like oil and gold is seen as a sovereignty risk. The crypto programs reportedly prioritized foreign investors and insiders over citizens’ needs, with President Touadéra surrounded by controversial figures tied to fraud and trafficking. International and regional backlash led to Bitcoin’s removal as legal tender. Crypto projects like Sango Coin and the CAR memecoin failed to gain traction, performing poorly in sales and value. Overall, the initiatives are criticized for enriching a narrow elite and enabling foreign influence at the expense of the wider population.
