In brief
The meme-coin, dubbed $CAR, was launched on social media by President Touadéra, framing it as an experiment to unify citizens and support national growth. However, the value of the coin has already plummeted by 90%.
CAR is no stranger to cryptocurrency as it adopted Bitcoin as legal tender last year, but previous initiatives have not performed well. Despite the controversial nature of meme-coins, which are often defined by their volatility and speculative interest, Touadéra believes $CAR can help rebuild deteriorating infrastructures like schools and attract foreign investors. Critics express skepticism, fearing that the project could be perceived as a scam, especially after the value drop. Nonetheless, the President insists that this initiative could be a pathway for a brighter future for students and the economy of the Central African Republic.
