CAR’s Crypto Ambitions Face Money Laundering Risks Ahead of Election
The Central African Republic's aggressive push into digital currencies has drawn warnings from anti-crime watchdogs as President Touadéra seeks reelection. The Global Initiative Against Transnational Organized Crime alleges the nation's Bitcoin adoption creates vulnerabilities for foreign criminal networks to launder money through state assets.
Touadéra's administration, which made CAR the first African country to adopt Bitcoin as legal tender in 2022, has framed cryptocurrency as a tool for economic development. Critics contend the initiative benefits insiders while exposing national infrastructure to illicit finance risks.
The December 28 vote occurs amid CAR's history of political instability. Observers note the crypto policies have become intertwined with Touadéra's campaign messaging, promising blockchain solutions will fund roads and public works.
