Central African Republic (CAR) has embraced opaque cryptocurrency schemes that raise the risk of state assets being captured by foreign criminal organissations, according to a report published on Wednesday as the country gears up for an election.

President Faustin Archange Touadéra is seeking a third term in office when the country, which has seen decades of coups, rebellions and unrest, goes to the polls on December 28.

He has emerged as a champion of cryptocurrency since taking office in 2016. 

In 2022, CAR became the first African country and the second nation in the world to adopt bitcoin as an official currency.

Touadéra has said the shift to digital currencies will deliver prosperity to citizens by raising funds from non-traditional sources to pay for infrastructure and other projects. 

Analysts widely expect him to win the election.

–Reuters–