CAR’s Crypto Projects Criticized for Elite Gains, Foreign Risks

Reports find CAR's crypto projects poorly designed, lacking transparency, and mainly benefiting elites and foreign investors, with little gain for citizens and increased risks of exploitation and crime.

Multiple reports have criticized the Central African Republic’s cryptocurrency initiatives, including the adoption of Bitcoin as legal tender, the launch of Sango Coin, and the introduction of a meme coin. These projects were implemented in a context of widespread poverty, limited access to electricity and internet, and ongoing instability, making broad citizen participation unrealistic. The reports argue that the initiatives have primarily benefited a narrow elite and foreign investors, with little tangible gain for the general population. Sango Coin and the meme coin failed to attract significant investment, faced technical and governance issues, and were marked by extreme volatility. Legal frameworks and anti-money laundering protections were found lacking, raising concerns about exploitation, illicit finance, and national sovereignty. The tokenization of natural resources was also criticized for its opacity and potential to undermine state interests. Overall, the reports conclude that the crypto agenda has not delivered on promises of economic growth or modernization and has instead exposed the country to foreign influence and criminal networks.