A recent report by Cointelegraph and the Global Initiative Against Transnational Organized Crime highlights significant transparency issues in cryptocurrency projects within the Central African Republic. The report points out the absence of Anti-Money Laundering safeguards and crypto compliance measures, raising concerns about the potential facilitation of international crime through these projects. The report specifically warns that the tokenization of mining rights could lead to increased risks of money laundering and illegal trade. Despite these concerns, government officials have dismissed the findings as politically motivated, asserting that the projects are designed to challenge traditional banking systems. The Central African Republic, which adopted Bitcoin as legal tender in 2022, has also introduced a national Meme coin, CAR.
Central African Crypto Projects Criticized for Lack of Transparency
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