The Central African Republic’s Troubled Crypto Ventures
The Central African Republic (CAR), under the leadership of President Faustin-Archange Touadéra, has been at the forefront of cryptocurrency experimentation in Africa. However, a recent report from the Global Initiative Against Transnational Organized Crime raises significant concerns about the nation’s cryptocurrency initiatives, describing them as poorly designed, opaque, and prone to abuse.
Sango Coin: A Missed Opportunity
Initially launched in mid-2022, Sango Coin was introduced as a Bitcoin-backed digital currency that promised to revolutionize CAR’s economy by attracting investment and funding infrastructure projects. Aggressively marketed abroad, it offered unique incentives to foreign investors such as citizenship, e-residency, and access to mining assets. Yet, these incentives were deemed illegal by CAR’s Constitutional Court, preventing cryptocurrency from being used as a means to acquire land or citizenship. The project subsequently flopped, raising less than €2 million from token sales, and many promised projects like the development of a crypto city failed to materialize.
Tokenizing Natural Resources: Another Risky Move
Despite the failure of Sango Coin, the government introduced laws in 2023 allowing the tokenization of natural resources, enabling assets like land, timber, and minerals to be represented on blockchain platforms. Such measures, however, lacked adequate governance safeguards, creating risks of money laundering and jeopardizing national sovereignty. The report highlighted the dangers of these initiatives being abused by foreign investors, further undermining the CAR’s economic independence.
The CAR Meme Coin: A Controversial Approach
In early 2025, CAR launched the ‘CAR Meme Coin,’ presenting it as an experiment to boost national development and global visibility. However, the project quickly became synonymous with volatility and controversy. Built on the Solana blockchain, the coin’s ownership structure raised alarms, with nearly 80% of the supply controlled by entities tied to its developers. This centralization made the coin susceptible to price manipulation and rapid devaluation, leaving traders burned and damaging the nation’s crypto credibility.
Broader Implications and Concerns
The cryptocurrency initiatives in CAR reflect a broader challenge of governance in the nation. Critics point to a worrying dependence on foreign entities, such as Russia’s Wagner Group, which has faced accusations of human rights violations in exchange for resource access. Coupled with insufficient financial regulations to prevent crimes like money laundering, these ventures have fueled concerns that CAR’s economy is being exploited rather than uplifted.
What Lies Ahead?
Although the CAR government has promised to revamp its approach to cryptocurrency, trust remains a pressing issue. While crypto projects can offer innovative solutions in underbanked regions, the CAR’s experiments serve as a reminder of the importance of transparency, governance, and safeguarding public interest.
Recommended Product: Ledger Nano X
To securely store your digital assets, consider using the Ledger Nano X, a trusted hardware wallet that ensures your crypto holdings remain safe from breaches and hacks. As cryptocurrency adoption continues to grow globally, securing your digital assets is more important than ever.
