👩💻💭 The Central African Republic's (CAR) crypto experiment is facing criticism for being "riddled with red flags". A new report by the Global Initiative against Transnational Organized Crime claims the country's crypto initiatives, championed by President Faustin-Archange Touadéra, are poorly designed, opaque, and vulnerable to abuse.
The report highlights concerns over the Sango Coin, which raised less than €2 million and has been largely unsuccessful. The CAR meme coin has also generated modest revenues amid extreme volatility. The report warns that laws enabling tokenization of land and resources lack safeguards, creating avenues for money laundering and foreign capture.
Critics argue the projects cater to foreign investors and speculative actors, rather than benefiting the local population. The CAR government has been approached for comment, but the report's authors say the lack of transparency and accountability is a major concern.
What are your thoughts on the CAR's crypto experiment?