The Central African Republic (CAR) has introduced a meme coin called $CAR, aiming to draw international attention to the impoverished nation. President Faustin-Archange Touadéra announced the launch on X, describing it as an “experiment” to unite people and support national development.
This move comes nearly three years after CAR became the first African country to adopt Bitcoin as legal tender, following El Salvador’s lead. Meme coins, known for their volatility and internet-driven popularity, have recently gained traction, with former U.S. President Donald Trump launching his own token, $Trump, which briefly surged in value.
Despite its rich reserves of gold and diamonds, CAR remains underdeveloped and plagued by rebel violence. The government hopes the $CAR token will increase the country’s global presence in an unconventional way. However, an official X account created for the coin was suspended, with officials working to restore it.
As of Monday morning, $CAR was trading at $0.22, according to CoinGecko.
