Report: CAR’s crypto push unrealistic, opaque and risky for abuse

A Global Initiative Against Transnational Organized Crime report concludes the Central African Republic’s (CAR) rapid crypto initiatives — including making Bitcoin legal tender in 2022 (later rolled back), the Sango hub and Sango Coin, and a government‑linked memecoin ($CAR) tied to speculative land tokenisation — are unrealistic, opaque and vulnerable to criminal exploitation. The projects were launched despite severe infrastructure limits (low electricity and internet access) that prevent broad citizen participation. Sales and market performance have been weak (Sango sales far below targets; CAR memecoin collapsed from a reported peak to deep losses). The IMF and regional central bank raised legal, transparency and macroeconomic concerns; local courts struck down some measures. The report flags concentration of gains among foreign investors and a domestic elite linked to President Faustin‑Archange Touadéra, and names intermediaries allegedly connected to cross‑border crypto fraud. It warns the 2023 tokenisation law for natural resources (oil, gold, timber, land) and poorly regulated platforms could create channels for money‑laundering, foreign influence and transnational organised crime while delivering scant benefits to ordinary citizens. For traders: the revelations and regulatory pushback increase counterparty, legal and reputational risks for CAR‑linked tokens and any listings tied to the country’s projects, heightening volatility and reducing project credibility.