Central African Republic (CAR) President Faustin-Archange Touadéra has introduced a new meme-coin, $CAR, as part of an initiative to boost the country’s global profile. The digital currency, which he described as an “experiment,” aims to unite people and support national development.
Meme-coins often gain value through online popularity but are known for their extreme volatility. While Touadéra initially hailed the launch as a success, reports indicate that the coin’s value plummeted by up to 90% shortly after its release.
In 2022, CAR became the second country after El Salvador to adopt Bitcoin as legal tender. However, that initiative, known as Sango, failed to achieve its expected success, and its website is no longer functional. It was originally intended to attract foreign investment, particularly in CAR’s rich gold and diamond reserves. A controversial plan allowing investors to obtain citizenship through crypto purchases was later deemed unconstitutional.
Touadéra has positioned the new meme-coin as a tool for national development, sharing a video of a deteriorating high school that he claims the project will help rebuild. Despite this, concerns have been raised about the risks involved, with some questioning whether the initiative could be a scam.
CAR remains one of the poorest nations in the world, with ongoing conflict further complicating its economic challenges. Meme-coins, despite their potential for quick gains, often lead to significant financial losses for investors.
