Report: Central African Republic's move toward cryptocurrency exacerbates elite monopoly and external crime risks.

Odaily Planet Daily reports that the Global Initiative Against Transnational Organized Crime (GI-TOC) has released a report stating that the Central African Republic's (CAR) push for cryptocurrencies has not promoted financial inclusion but rather benefited a small elite group and exposed the country to the influence of foreign criminal networks. The report states that against the backdrop of severe deficiencies in electricity, internet, and regulation, CAR's crypto projects, from the fiatization of Bitcoin and Sango Coin to national memes, primarily serve the interests of foreign investors and a small number of insiders. The report also criticizes the 2023 law allowing the tokenization of oil, gold, timber, and land, which it argues could undermine national sovereignty. (Cointelegraph)