Central African Republic Crypto Push Aids Elites and Crime
Journalist
Hassan Shitu
Journalist
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The Central African Republic's power-hungry embrace of cryptocurrency has increased elite control over financial resources and left the country vulnerable to exploitation by foreign criminal networks, according to a recent report by the Global Initiative on Transnational Organized Crime.
The report, titled “Behind the Blockchain: Cryptocurrency and Crime Capture in the Central African Republic,” paints a picture of how the country's crypto ventures, from accepting bitcoin to the Sango coin and the CAR meme token, have taken place in a fragile environment characterized by limited electricity, low internet access and weak regulatory oversight.
CAR crypto projects have excluded most citizens, the report said.
The report indicated that the government has framed these initiatives as tools for economic growth, modernization and national development.
But in practice, meaningful participation of the masses was largely impossible.
Limited access to digital infrastructure and the country's ongoing insecurity have effectively prevented the majority of the population from participating in these crypto projects.
The report traces the rollout of these initiatives to broader political trends, strengthening executive power and increasing the influence of external actors.
Critics say CAR's crypto projects primarily serve elite citizens, offering investment opportunities in mining, forestry and tokenized land that are largely unavailable to regular citizens.
Launched in mid-2022, Sango Coin promises infrastructure projects such as “crypto cities” and offers land and e-residency to foreign investors.
Although a lot of promotion is possible, only a small fraction of the tokens are sold, and many of the promised results remain unfulfilled.
The $CAR meme coin, introduced in early 2025, has experienced extreme volatility, technical glitches and opaque governance, raising further concerns about market manipulation and speculative practices.
The GI-TOC report highlights the role of shadowy networks, foreign private actors and individuals with a track record of fraud in promoting CAR's cover-up agenda.
President Touadera was described as being surrounded by crypto enthusiasts, pro-Russian businessmen and controversial figures, including Nicola Bogdan Buzaianu, linked to illegal timber trafficking, and Emile Parfait Simb, linked to several fraud offences.
The report found that these initiatives appear to be designed to enrich narrow internal bodies while disenfranchising the wider population and opening new avenues for external influence and transnational organized crime.
Poor regulation and poor infrastructure CAR's Crypto ambitions
CAR crypto ventures also face significant domestic and regional challenges.
Bitcoin's adoption as legal tender has been widely criticized by international financial institutions, regional regulators and the country's constitutional court.
In the year In March 2023, after regional groups pushed for change, the CAR parliament revoked Bitcoin's legal tender status and aligned its regulations with the requirements of the Central African Economic and Monetary Community.
The report shows the energy reserves in the Sango ecosystem. The way things are structured often favors government officials and a few insiders, which poses a threat to transparency and accountability.
In addition, the tokenization of natural resources and land poses significant risks for exploitation and rent-seeking, particularly in light of weak governance and persistent insecurity.
Efforts to reduce the risks of professional capture and criminal exploitation are limited. CAR has begun working with regional regulators to align cryptocurrency laws with broader financial frameworks.
However, infrastructural deficiencies, extreme poverty and ongoing political instability continue to limit citizen participation and control.
Without strong regulation, public education and international cooperation, the country's crypto ventures could expose the country to crime and financial vulnerabilities and remain tools of wealth and influence among elites, observers warn.
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