The Central African Republic (CAR) recently added Bitcoin as a legal currency, tokenized natural resources, and even created a “cryptocurrency economic zone” called Sango—following in the footsteps of El Salvador. The CAR is still using its French currency (CFA franc) just like El Salvador is still using the American dollar. In addition to the crypto economic zones, CAR is also offering e-residency and citizenship by investment programs (with zero-rate tax on income and businesses) that are all being implemented to “attract investors” — the El Salvador game plan . . .
The deeper issues are usually traced to colonial economic interactions and the introduction of capitalism in developing countries. There were concerted efforts to build and maintain economic relations, in which the colonies were made into permanent producers of raw materials to satisfy the requirements of metropolitan countries. The established links between the producers and the colonial metropoles meant that colonies became dependent on other countries to purchase and dictate the prices of products. Colonies, as a result, were left without the infrastructure to process the raw materials and only purchased ready-made goods from the associated colonial power. The result was that colonies produced what they did not consume and consumed what they did not produce. . . .