A sweeping crypto experiment in Central Africa promised development but instead exposed deep governance gaps, elite capture, and rising financial risks.
Over the past three years, the Central African Republic (CAR) has rolled out a series of high-profile cryptocurrency initiatives amid political instability, violence, and widespread poverty. Since 2022, the government legalized bitcoin, launched Sango Coin, and later introduced the $CAR meme token—despite limited internet access and low digital inclusion, making broad citizen participation unrealistic.
Bitcoin’s legal-tender status drew strong criticism from international institutions and was later reversed. However, new laws enabled blockchain-based tokenization of land and natural resources with weak oversight. Sango Coin, marketed as a gateway to land ownership, mining investments, and a planned “Crypto City,” failed to attract meaningful investment, with most promises left unfulfilled.
In 2025, the launch of the $CAR meme coin added fresh concerns. The token showed extreme volatility, opaque governance, and signs of speculative manipulation, including crypto-based land sales on loosely regulated platforms.
The report concludes that, rather than driving inclusive development, CAR’s crypto initiatives have primarily benefited elites, increased exposure to financial abuse, and raised risks of foreign influence and criminal exploitation.
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