The Central African Republic’s cryptocurrency initiatives are drawing sharp criticism over transparency and financial integrity. A report published Wednesday by the Global Initiative Against Transnational Organised Crime (GI-TOC) warns that these opaque projects may expose state assets to foreign criminal networks.
Since 2016, President Faustin-Archange Touadéra has championed digital currencies as tools for development. In 2022, CAR became the first African nation—and only the second country globally—to adopt bitcoin as legal tender. The president claims cryptocurrency can generate non-traditional revenue for infrastructure and public projects, especially amid restrictions from global financial institutions.
However, the GI-TOC report challenges this vision. It argues that CAR’s crypto ventures benefit a narrow group of insiders while creating serious risks. Specifically, the lack of oversight could allow transnational criminal organizations to launder money through state-backed tokens.
A senior CAR government official, speaking anonymously, dismissed the report as politically motivated. They insisted the initiatives aim to bypass exclusionary banking systems and offer financial sovereignty. Nevertheless, evidence of public benefit remains scarce.
The report focuses on two key projects. First, the Sango Coin initiative promised to turn Bangui into a “futuristic city” by offering citizenship, e-residency, and land to crypto investors. Yet the Constitutional Court blocked key incentives in August 2022. The project sold only 10% of its 210 million tokens—raising less than €2 million. In April, its team announced a “new direction,” leaving investors uncertain about the fate of their funds.
Second, the $CAR meme coin launched in February 2025 to boost CAR’s global image and fund development. Within hours, authorities suspended its website domain. Although $CAR tokens have purchased tokenized land parcels, no proof exists that proceeds reached the national budget.
More concerning, GI-TOC warns that CAR plans to extend these schemes to mineral concessions—potentially auctioning rights to diamonds, gold, and oil via cryptocurrency. Without identity verification or anti-money laundering safeguards, such a move could hand critical natural resources to illicit actors.
Therefore, while CAR frames its crypto push as innovation, critics see it as a high-risk gamble. Without robust regulation, these initiatives may not bring prosperity—but instead deepen vulnerability to financial crime.
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