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Central African Republic bets on $CAR coin, is a meme coin wave incoming?
The Central African Republic, also known as CAR has introduced a meme coin, a move President Faustin-Archange Touadéra described as an effort to elevate the global profile of one of the world’s poorest nations. Announcing the initiative on X late Sunday, Touadéra reaffirmed CAR’s commitment to cryptocurrency.
This move is being seen as an attempt to attract investors to the country’s mining and other industries using Bitcoin. The country has rich mineral deposits, including gold and diamonds.
Earlier, 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.
Despite its rich natural resources, including gold and diamonds, CAR remains impoverished and has been plagued by years of rebel violence. The new token, named $CAR, is 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 in a unique way,” Touadéra stated on X.
X account suspended after announcement
However, challenges arose early. A dedicated account for $CAR’s updates and announcements was suspended by X , prompting the CAR government to work on restoring access. The token was trading at $0.22 on 10 January 2025, reflecting cautious early adoption. Analysts suggest this move is part of CAR’s broader strategy to attract investors to one of the world’s most economically challenged countries.
Meme coins have seen a surge in popularity. These cryptocurrencies, often created as jokes or digital experiments, have gained significant followings. The trend has gained momentum, particularly with the involvement of high-profile figures like U.S President Donald Trump.
A leaf from Trump’s playbook?
Trump’s $TRUMP token, marketed as a symbol of his values, gained traction among supporters but also sparked debate within the crypto community. His team has emphasised that the token is not an investment but a statement of loyalty, with most of the supply controlled by Trump-affiliated entities—raising regulatory concerns.
Meanwhile, former U.S. First Lady Melania Trump launched $MELANIA, which swiftly reached a $1 billion market valuation. Both tokens operate on the Solana blockchain, which has benefited from their increased adoption.
In comparison, CAR’s push for cryptocurrency is not new. In April 2022, it adopted Bitcoin as legal tender alongside the CFA franc, aiming to enhance financial inclusion and economic growth. However, the initiative faced resistance from regional financial authorities, limited infrastructure, and practical challenges, leading to its suspension in July 2022.
Now, with the launch of $CAR, the country is once again attempting to leverage crypto for economic visibility. Its long-term impact remains uncertain.
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