In an unexpected move, Central African Republic (CAR) President Faustin-Archange Touadéra has unveiled a new cryptocurrency called $CAR, describing it as an experimental meme-coin aimed at boosting the nation's development and international presence.
The president announced the initiative through his social media account on X (formerly Twitter), presenting it as a tool to unite citizens and generate funds for the impoverished nation. Among the proposed projects, Touadéra highlighted plans to rebuild a deteriorating high school using proceeds from the coin.
However, the launch has faced immediate challenges. The cryptocurrency's value reportedly plunged by 90% shortly after its debut, highlighting the inherent volatility of meme-coins. The dramatic announcement also sparked initial speculation about potential hacking of the president's social media accounts, a common occurrence in cryptocurrency scams.
Addressing these concerns, Touadéra confirmed the legitimacy of the launch through his office, clarifying that he had not been hacked and the announcement video was genuine, merely translated to English for international reach.
This initiative follows CAR's previous venture into cryptocurrency adoption, when it became the second country worldwide and first in Africa to accept Bitcoin as legal tender in 2022 under the Sango initiative, which achieved limited success.
While skeptics have raised concerns about potential fraud, President Touadéra maintains an optimistic outlook, expressing gratitude to supporters and emphasizing the experimental nature of the project. He believes this initiative could help position the Central African Republic distinctively in the global arena, despite the country's economic challenges.
The launch comes amid growing concerns about cryptocurrency-related scams, where hackers frequently target celebrity social media accounts to promote fraudulent tokens. Despite these challenges, CAR continues its push to establish itself as a crypto-friendly nation in Africa.