{"id":878293,"date":"2025-12-17T23:16:17","date_gmt":"2025-12-18T05:16:17","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/12\/17\/cars-crypto-push-hands-power-to-elites-foreign-criminal-networks-report-warns\/"},"modified":"2025-12-17T23:16:17","modified_gmt":"2025-12-18T05:16:17","slug":"cars-crypto-push-hands-power-to-elites-foreign-criminal-networks-report-warns","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/12\/17\/cars-crypto-push-hands-power-to-elites-foreign-criminal-networks-report-warns\/","title":{"rendered":"CAR\u2019s Crypto Push Hands Power to Elites, Foreign Criminal Networks, Report Warns"},"content":{"rendered":"
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\n CAR\u2019s Crypto Push Hands Power to Elites, Foreign Criminal Networks, Report Warns <\/h2>\n
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Journalist<\/p>\n

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Hassan Shittu<\/p>\n

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Journalist<\/p>\n

Hassan Shittu<\/span>\"Verified\"<\/span>\n <\/p>\n<\/p><\/div>\n

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Part of the Team Since<\/p>\n

Jun 2023<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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About Author<\/p>\n

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n

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Last updated:\u00a0<\/p>\n

The Central African Republic\u2019s ambitious embrace of cryptocurrency has deepened elite control over financial resources and exposed the country to potential exploitation by foreign criminal networks, according to a recent report by the Global Initiative Against Transnational Organized Crime. <\/p>\n

The report, titled<\/a> \u201cBehind the blockchain: Cryptocurrency and criminal capture in the Central African Republic,\u201d paints a stark picture of how the country\u2019s crypto ventures, from adopting Bitcoin to launching Sango Coin and the CAR meme token, have unfolded in a fragile state marked by limited electricity, low internet penetration, and weak regulatory oversight.<\/p>\n

Report Says CAR\u2019s Crypto Projects Excluded Most Citizens<\/span><\/h2>\n

The report noted that the government framed these initiatives as tools for economic growth, modernization, and national development. <\/p>\n

In practice, however, meaningful participation by the majority of citizens has been largely impossible.<\/p>\n

Limited access to digital infrastructure and the country\u2019s ongoing insecurity have effectively excluded most of the population from engaging with these crypto projects.<\/p>\n

The report traces the rollout of these initiatives alongside broader political trends, including the consolidation of executive power and the increasing influence of foreign actors. <\/p>\n

Critics have argued that the CAR\u2019s crypto projects primarily serve elite interests, offering investment opportunities in mining, forestry, and tokenized land largely inaccessible to ordinary citizens. <\/p>\n

Sango Coin, launched in mid-2022<\/a>, promised infrastructure projects such as a \u201cCrypto City\u201d and offered foreign investors access to land and e-residency. <\/p>\n

Despite heavy promotion, only a small fraction of the tokens were sold, and many promised outcomes remain unrealized. <\/p>\n

The subsequent $CAR meme coin,<\/a> introduced in early 2025, experienced extreme volatility<\/a>, technical irregularities, and opaque governance, raising further concerns about market manipulation and speculative practices.<\/p>\n

Source: <\/em>The GI-TOC<\/em><\/a><\/em><\/figcaption><\/figure>\n

The GI-TOC report highlights the role of shadow networks, foreign private actors, and individuals with histories of fraud in promoting the CAR\u2019s crypto agenda. <\/p>\n

President Touad\u00e9ra has been described as surrounded by crypto enthusiasts, pro-Russian businesspeople, and controversial figures, including Nicolae Bogdan Buzaianu, linked<\/a> to alleged illegal timber trafficking, and \u00c9mile Parfait Simb, associated<\/a> with multiple fraud convictions.<\/p>\n

The report concludes that these initiatives appear designed to enrich a narrow circle of insiders while opening new channels for foreign influence and transnational organized crime at the expense of the wider population.<\/p>\n

Weak Oversight and Poor Infrastructure Hamper CAR\u2019s Crypto Ambitions<\/span><\/h2>\n

The CAR\u2019s crypto ventures have also faced significant domestic and regional challenges. <\/p>\n

Bitcoin\u2019s adoption as legal tender<\/a> was widely criticized by international financial institutions, regional regulators, and the country\u2019s own Constitutional Court. <\/p>\n

In March 2023, after regional groups pushed<\/a> for change, the CAR parliament scrapped Bitcoin\u2019s legal tender status and adjusted its rules to match the Central African Economic and Monetary Community standards.<\/p>\n

The report shows the concentration of power within the Sango ecosystem. The way things are set up mostly benefits public officials and a small circle of insiders, raising concerns about transparency and accountability.<\/p>\n

Additionally, the tokenization of natural resources and land <\/a>carries substantial risks of misappropriation and rent-seeking, especially in a context of weak oversight and ongoing insecurity.<\/p>\n

Efforts to mitigate the risks of elite capture and criminal exploitation have been limited. The CAR has begun to work with regional regulators to align cryptocurrency rules with broader monetary frameworks. <\/p>\n

However, infrastructure deficits, extreme poverty, and ongoing political instability continue to constrain citizen participation and oversight.<\/p>\n

Observers warn that without stronger regulation, public education, and international cooperation, the country\u2019s crypto ventures may remain tools that concentrate wealth and influence among elites while exposing the nation to criminal and financial vulnerabilities.<\/p>\n

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CAR\u2019s Crypto Push Hands Power to Elites, Foreign Criminal Networks, Report Warns Journalist Hassan Shittu Journalist Hassan Shittu Part of the Team Since Jun 2023 About Author Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…<\/p>\n","protected":false},"author":1,"featured_media":878294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89213,22791],"tags":[],"class_list":{"0":"post-878293","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cars","8":"category-crypto"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/878293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=878293"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/878293\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/878294"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=878293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=878293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=878293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}