CAR President Launches Meme-Coin

Central African Republic (CAR) President Faustin-Archange Touadéra has introduced a meme-coin, $CAR, to boost the country’s global profile despite its economic struggles.

Meme-coins are digital assets linked to viral trends, often gaining value through community interest, though they remain highly volatile.

Touadéra announced the launch on his X account over the weekend, later declaring it a “success” on Monday. However, specialist websites reported a sharp price drop of up to 90%.

In 2022, CAR became the second country, after El Salvador, to adopt Bitcoin as legal tender, launching the initiative under the name Sango.

That initiative – launched under the name Sango, does not appear to have been as successful as planned, and its website no longer works.

It was seen as an easier way to attract investors to the country’s mining and other industries using Bitcoin. The country has rich mineral deposits, including gold and diamonds.

Foreign investors could also obtain citizenship for $60,000 worth of crypto, although the plan was later ruled unconstitutional by the country’s top court.

Touadéra described this week’s launch of the meme-coin as an “experiment” of something that “can unite people, support national development, and put the [country] on the world stage in a unique way”.

But some expressed fears that it could have been a scam.

On Monday, Touadéra thanked those who believed in his vision.

He shared a video of a high school which he said had been deteriorating rapidly, saying the meme-coin would help support its “rebuilding and furnishing” and give “students a chance for a better future”.

Despite its potential, CAR remains one of the poorest countries – a situation complicated by a civil war which has devastated much of the country.

Meme-coins are frequently criticized for their speculative nature, as users create or invest in them hoping for a quick profit. However, many ultimately suffer losses.

Last month, just before his inauguration, U.S. President Donald Trump launched his own meme-coin, which saw a rapid surge in value and reportedly raised billions for him. According to The New York Times, its current value has dropped to a quarter of its peak.

Source: BBC