Bitcoin News Today: Crypto Ambitions and Elite Ties Fuel CAR's Political and Economic Risks

The Central African Republic's President Faustin-Archange Touadéra is seeking a third term in office, a move that has drawn international scrutiny amid his administration's controversial embrace of cryptocurrency and deepening ties with Russia. A new report by the Global Initiative Against Transnational Organized Crime (GI-TOC) highlights how these initiatives have entrenched elite control over resources and exposed the country to exploitation by foreign criminal networks. The government's crypto projects, from Bitcoin adoption to the failed Sango Coin and the volatile CAR meme token, have largely excluded ordinary citizens due to poor infrastructure and weak oversight.

Touadéra's administration, surrounded by pro-Russian businesspeople and crypto enthusiasts, has faced criticism for prioritizing private investment in mining and tokenized land over public welfare. The report points to figures like Nicolae Bogdan Buzaianu, linked to illegal timber trafficking, and Émile Parfait Simb, with multiple fraud convictions, as key figures in promoting the country's crypto agenda. These moves have deepened concerns about transparency, accountability, and the concentration of wealth among a narrow circle of insiders.

In March 2023, regional and international pressure led the CAR parliament to scrap Bitcoin's legal tender status, shifting policy back toward the Central African Economic and Monetary Community (CEMAC) framework. Despite this, the government continues to expand its crypto ambitions, including plans for a "Crypto City" and e-residency programs aimed at foreign investors. The GI-TOC report warns that such initiatives risk fueling elite capture and criminal activity in a country already grappling with political instability and extreme poverty.

How Crypto Projects Have Failed to Deliver for the Public

The Sango Coin, launched in mid-2022 with promises of infrastructure development and foreign investment, has seen minimal uptake and many unfulfilled promises. Despite heavy promotion, only a small fraction of tokens were sold, and the promised infrastructure projects remain largely unrealized. The CAR meme coin, introduced in early 2025, has faced even greater scrutiny due to extreme volatility, technical issues, and opaque governance. These problems raise concerns about market manipulation and speculative practices that primarily benefit insiders rather than the general population.

The report highlights how the CAR's crypto initiatives have been promoted by shadow networks and individuals with dubious financial histories. President Touadéra's close circle includes figures associated with alleged fraud and illegal resource extraction, further eroding public trust in the government's economic strategies. Critics argue that these projects offer little tangible benefit to ordinary citizens while deepening the country's reliance on foreign capital and unregulated digital assets.

Risks to the CAR's Economic and Political Outlook

The GI-TOC report outlines significant risks associated with the CAR's crypto-driven economic model, including misappropriation of natural resources and land through tokenization, which carries the potential for rent-seeking and corruption. With weak oversight and ongoing insecurity, the government has struggled to prevent elite capture and criminal exploitation of these projects. Observers warn that without stronger regulatory frameworks and public education, the CAR's crypto ventures will continue to benefit a small group of insiders while exposing the country to greater financial and legal vulnerabilities.

International institutions and regional regulators have already raised concerns about the CAR's approach to cryptocurrency. The Constitutional Court initially rejected Bitcoin as legal tender, and regional groups pressured lawmakers to adjust their stance to align with broader monetary frameworks. However, the CAR's fragmented infrastructure and political instability continue to hinder meaningful citizen participation in these initiatives. As a result, the country remains vulnerable to exploitation by transnational criminal networks and unscrupulous foreign investors.

What This Means for Investors and Global Stakeholders

For foreign investors, the CAR's crypto initiatives present both opportunities and risks. Sango Coin and the CAR meme token have attracted limited participation from global markets, but the lack of transparency and regulatory clarity raises concerns about long-term viability. Investors must weigh the potential for high returns against the significant uncertainties surrounding governance, market manipulation, and legal compliance in a country with a fragile economy and weak oversight mechanisms.

Global stakeholders, including regional partners and international financial institutions, are likely to remain cautious in their engagement with the CAR. The government's alignment with Russia and its continued reliance on crypto projects seen as opaque and exclusionary may limit broader international support. Without a clear shift toward inclusive economic policies and stronger regulatory oversight, the CAR's crypto ambitions will likely continue to deepen elite control over resources and limit the country's long-term development prospects.