CAR’s crypto push fueled ‘state capture’ by elites, criminal networks: Report

A report by the Global Initiative Against Transnational Organized Crime (GI-TOC) asserts that the Central African Republic's (CAR) adoption of cryptocurrency, including making Bitcoin legal tender and launching Sango Coin, has resulted in 'state capture' by elites and foreign criminal networks. The report, titled “Behind the blockchain: Cryptocurrency and criminal capture in the Central African Republic,” highlights that these ventures were implemented in a fragile state lacking basic infrastructure like reliable electricity and internet access, suggesting the programs benefited foreign investors over the impoverished population.

The research specifically criticized a 2023 law enabling the tokenization of national resources like oil and gold, warning it could compromise sovereignty. Furthermore, the report noted the failure of CAR’s crypto projects, such as Sango Coin selling less than 10% of its target supply. It also alleged that President Faustin-Archange Touadéra is surrounded by crypto enthusiasts and controversial business figures, concluding that the initiatives were designed to enrich a small circle of insiders while creating avenues for transnational organized crime.

(Source：Cointelegraph)