Post #382

Central African Scam 🇨🇭 Activists from the Swiss Global Initiative Against Transnational Organized Crime have published a report on how the CAR government is using cryptocurrencies for non-transparent deals with the country’s natural resources. 😎 The main conclusion suggested by CAR’s crypto experience is that the government appears to have grasped the essence of online scamming and is actively freeing naive foreigners from their money. 🪤 Since 2022, CAR has launched two cryptocurrencies: Sango Coin and $CAR. The former was initially supposed to be backed by plots of land for agricultural use — a straightforward sale of resources! However, by the time the entire initiative was shut down, none of the “crypto investors” had apparently ever seen any actual land rights. 💻$CAR, launched in early 2025, was initially a meme token and did not imply access to any assets. Although the government later tried to claim that holders of $CAR could also register their names in the land cadastre of CAR, this likewise ended in nothing. 📈 In the end, in October the president promised to tokenize mineral resources directly — but something suggests that the miner’s badge will once again become void as soon as the government earns enough from crypto transaction fees. 🤷‍♂️ As for the lack of transparency in such affairs — a point repeatedly emphasized in the report — in CAR there are no transparent resourcedeals to begin with, so cryptocurrency is hardly required for that. ➡️ Follow to stay informed - @devilsbelow