Central African Republic: Selected Issues

International Monetary Fund

No 2023/156, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper on the fintech and crypto assets in the Central African Republic (CAR). CAR’s initial steps in the form of the 2022 crypto law have created legal uncertainties at the Central African Economic and Monetary Community level and raised numerous concerns but some of the most controversial provisions have been recently revised. The authorities have proceeded with the launch of a digital coin named Sango and namesake platform-ecosystem with multifaceted features. While only a limited amount of coins have been issued and other elements of the project have not been launched, project Sango has attracted considerable interest as it can potentially bring opportunities through digitization, while also raising complex risks. This range from macro-fiscal and financial to financial integrity, governance, consumer protection and others. The Sango project appears too complex, creating interconnectedness between multiple sectors and private and public balance sheets in a manner, which could raise systemic risks, pointing to the importance of reconsidering the existing blueprint.

Keywords: reforming fuel price; import cost audit; cryptographic ambition; CAR authorities; fuel products; Virtual currencies; Food security; Fuel prices; Price structures; Global; Sub-Saharan Africa (search for similar items in EconPapers)
Pages: 45
Date: 2023-05-02
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