Crypto Risks Threaten Central African Republic State Assets

Crypto Risks Threaten Central African Republic State Assets

The Central African Republic (CAR) has embraced cryptocurrency under President Faustin-Archange Touadéra, who has championed digital assets since taking office in 2016. In 2022, CAR became the first African nation and the second worldwide to adopt Bitcoin as an official currency. President Touadéra has promoted these initiatives as a way to raise funds outside traditional […] The post Crypto Risks Threaten Central African Republic State Assets a…

CAR’s Crypto Drive Empowers Elites, Invites Foreign Risk

The Global Initiative Against Transnational Organized Crime (GI-TOC) reported that the Central African Republic’s move toward cryptocurrency has increased the power of political and business elites while leaving the country open to outside criminal influence.

Central African Republic Bitcoin Adoption Facilitated State Capture Rather Than Financial Inclusion

The Central African Republic's cryptocurrency ventures enabled foreign criminal organizations and deepened elite control rather than improving financial inclusion, according to a new report. The Global Initiative Against Transnational Organized Crime published research titled "Behind the blockchain: Cryptocurrency and criminal capture in the Central African Republic." The report examined CAR's Bitcoin legal tender adoption, Sango Coin launch, an…

Central African Republic’s Crypto Experiment ‘Riddled With Red Flags,’ Says Report

The Global Initiative against Transnational Organized Crime said that the CAR president’s embrace of crypto has offered few benefits.

Central African Republic's bet on crypto exposes state assets to new risks

As the Central African Republic approaches a closely monitored national election, a new report is raising concerns about the country’s increasing dependence on cryptocurrency and its potential impact on public assets. The report published on Wednesday by the Global Initiative Against Transnational Organised Crime (GI-TOC) highlights weaknesses in various government-backed crypto projects, warning that inadequate oversight could make state resour…

Central African Republic State Assets at Risk from Opaque Crypto Schemes, Report Reveals

Dec 17 (Reuters) – The Central African Republic (CAR) has ventured into unclear cryptocurrency initiatives that pose significant risks of state assets being appropriated by foreign criminal syndicates, as highlighted in a report released on Wednesday amidst the country’s preparations for an upcoming election. President Faustin-Archange Touadéra is aiming for a third term in the […]