The Central African Republic’s crypto ventures deepen elite control and expose the country to foreign criminal organizations, per the GI-TOC report. Crypto projects, including Bitcoin adoption and launching Sango Coin and CAR memecoin, lack infrastructure and cater more to foreign investors than citizens. A law tokenizing national resources risks undermining sovereignty.

CAR reversed Bitcoin legal tender status in March 2023 after pressure from regional monetary union and IMF. With limited infrastructure, only 15.7% connected to electricity, and GDP per capita at $467.22, citizens lacked resources for digital currency trading. GI-TOC criticized the unrealistic initiative.

President Faustin-Archange Touadéra surrounded by crypto enthusiasts and controversial businesspeople, per report. Projects enrich insiders, open channels for foreign influence, and organized crime at the expense of the population. CAR’s crypto initiatives fail to gain momentum, with Sango Coin selling less than 10% of target supply and CAR memecoin facing extreme volatility.

Read more at Cointelegraph: CAR Crypto Push Deepened Elite Control, Exposed State to Crime: Report