In a bold move to put the Central African Republic (CAR) on the digital currency map, President Faustin-Archange Touadéra has introduced a new meme-coin, $CAR, which he described as an "experiment" to uplift national development and awareness. This announcement came over the weekend on his social media platform, where he claimed the launch has begun successfully, although reports indicate that the coin’s value plummeted as much as 90% shortly after.
Central African Republic President Launches Meme-Coin to Boost National Profile
Central African Republic President Launches Meme-Coin to Boost National Profile
President Faustin-Archange Touadéra expresses optimism in launching $CAR, a meme-coin aimed at improving economic conditions in one of the world's poorest nations.
CAR gained international attention in 2022 when it became the second country, following El Salvador, to adopt Bitcoin as legal tender, an initiative known as Sango. Unfortunately, that venture did not yield the anticipated results, and the Sango website is currently inactive. The government had envisioned utilizing Bitcoin to attract foreign investments in its resource-rich sectors like gold and diamonds. Furthermore, one scheme allowed foreign investors to secure citizenship for investing $60,000 in cryptocurrency, but it was deemed unconstitutional by the country's judicial system.
Touadéra foresees the meme-coin as a tool for unity and developmental support. In his latest announcement, he highlighted its potential to renovate a dilapidated high school, promising recipients a brighter future through educational advancements. Nonetheless, the speculative nature of meme-coins raises several concerns among critics who fear it might be another venture with a scam-like potential.
Despite the ambitious aspirations, CAR continues to grapple with dire poverty exacerbated by ongoing civil conflict. Meme-coins have drawn criticism globally for their unpredictable market behavior, often leading investors to financial loss rather than profit. Comparatively, former US President Donald Trump’s recent venture into the meme-coin space has elicited both enthusiasm and skepticism, with its value sharply declining since its peak.
As the Central African Republic continues to navigate its economic challenges, the success or failure of this new venture could significantly impact its global standing and influence in the cryptosphere.
Touadéra foresees the meme-coin as a tool for unity and developmental support. In his latest announcement, he highlighted its potential to renovate a dilapidated high school, promising recipients a brighter future through educational advancements. Nonetheless, the speculative nature of meme-coins raises several concerns among critics who fear it might be another venture with a scam-like potential.
Despite the ambitious aspirations, CAR continues to grapple with dire poverty exacerbated by ongoing civil conflict. Meme-coins have drawn criticism globally for their unpredictable market behavior, often leading investors to financial loss rather than profit. Comparatively, former US President Donald Trump’s recent venture into the meme-coin space has elicited both enthusiasm and skepticism, with its value sharply declining since its peak.
As the Central African Republic continues to navigate its economic challenges, the success or failure of this new venture could significantly impact its global standing and influence in the cryptosphere.
