Central African Republic President Faustin-Archange Touadéra has launched a meme-coin in a bid to raise the profile of the country, which is one of the world’s poorest.
Meme-coins are used to build popularity for a viral internet trend or movement and fans are inspired to collect and give them value, but they are extremely volatile investments.
Touadéra announced the launch, known as $CAR, on his X account over the weekend and on Monday said it had been a “success”. But the value of the coin had a significant price drop of up to 90%, according to specialist websites.
In 2022, CAR became the world’s second country after El Salvador to adopt the cryptocurrency Bitcoin as legal tender.
That initiative – launched under the name Sango – does not appear to have been as successful as planned, and its website no longer works.
It was seen as an easier way to attract investors to the country’s mining and other industries using Bitcoin. The country has rich mineral deposits, including gold and diamonds.
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.
Touadéra described this week’s launch of the meme-coin as an “experiment” of something that “can unite people, support national development, and put the [country] on the world stage in a unique way”.
But some expressed fears that it could have been a scam.
On Monday, Touadéra thanked those who believed in his vision.
He shared a video of a high school which he said had been deteriorating rapidly, saying the meme-coin would help support its “rebuilding and furnishing” and give “students a chance for a better future”.
Despite its potential, CAR remains one of the poorest countries – a situation complicated by a civil war which has devastated much of the country.
Meme-coins have often been criticised for their speculative nature, where users create or buy them in the hope that their value will rise and make money quickly – but many end up losing money on them.
Just before his inauguration last month, US President Donald Trump launched his own meme-coin whose value quickly soared, and which reportedly raised billions of dollars for him. The New York Times has reported that it is now worth a quarter of its highest value.
