Central African Republic Launches Meme Coin Amid Skepticism

Central African Republic President Touadéra has reportedly launched a meme-coin, $CAR, to raise the country’s profile. This follows a previous, less successful attempt to adopt Bitcoin as legal tender. While Touadéra claims the CAR launch was a “success,” the coin’s value dropped significantly. He describes the meme-coin as an “experiment” to unite people and support development, citing a school rebuilding project as a potential beneficiary. However, concerns about the coin’s volatility and potential for scams have been raised. The CAR remains one of the world’s poorest countries, and like other meme-coins, CAR is seen as highly speculative investment.