The Central African Republic (CAR) has launched a meme coin, $CAR, in an effort to raise the country’s global profile, President Faustin-Archange Touadéra announced on X late Sunday.
Why it matters
CAR, one of the world’s poorest nations, made history in 2022 by adopting Bitcoin as legal tender, becoming the first in Africa and second globally after El Salvador.
The launch of $CAR marks its latest crypto experiment.
The big picture
- Meme coins, often inspired by internet trends, are known for their high volatility and limited practical use.
- The move follows the launch of Donald Trump’s $TRUMP meme coin, which briefly hit a $14.5 billion market cap before slumping.
- CAR, despite vast reserves of gold and diamonds, remains economically fragile due to ongoing rebel violence and underdevelopment.
What they’re saying
Touadéra called $CAR “an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage.”
Yes, but:
- A separate X account created for $CAR updates was suspended as of Monday morning. Touadéra said the government is working to restore it.
- The token was trading at $0.22 on Monday, per CoinGecko.
Source: Reuters
