Central African Republic President Faustin-Archange Touadéra has debuted a new meme-coin, dubbed $CAR, as an experimental tool to boost the nation’s global profile and support local development. Announced on his X account, the initiative aims to unite citizens and help the country, one of the world’s poorest, generate much-needed funds. The move follows an earlier, less successful attempt to adopt Bitcoin as legal tender under the Sango initiative in 2022. Although Touadéra described the coin as a means to fund projects—such as rebuilding a deteriorating high school—reports indicate its value has dropped by up to 90% since it launched, underscoring the volatile nature of meme-coins. Critics have even raised concerns that the project could be a scam, but Touadéra remains optimistic, thanking supporters and emphasizing that the experiment could uniquely position CAR on the world stage.
Source: BBC