The Central African Republic (CAR) has launched a meme coin, $CAR, as part of an innovative effort to raise the global profile of one of the world’s poorest nations.
President Faustin-Archange Touadera announced the initiative on X (formerly Twitter) late Sunday, nearly three years after the country became the first in Africa and the second globally, after El Salvador, to adopt Bitcoin as legal tender.
Meme coins are cryptocurrency tokens inspired by internet memes or trends.
While they often gain popularity due to their viral nature, they are typically highly volatile and lack practical utility.
The launch of $CAR follows the recent trend of meme coins gaining traction in the crypto market, such as the Trump token launched by U.S. President Donald Trump, which briefly surged to a market value of over $14.5 billion before experiencing a sharp decline.
President Touadera described the $CAR meme coin as “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.”
CAR’s foray into meme coins builds on its earlier adoption of Bitcoin as a legal tender in 2022, a move that positioned the country as a pioneer in cryptocurrency adoption in Africa.
While the Bitcoin adoption faced criticism and implementation challenges, the launch of $CAR reflects the government’s continued commitment to leveraging digital assets for economic development and global visibility.
While Nigeria is currently tinkering with crypto regulation through the Accelerated Regulatory Incubation Program (ARIP) of the Securities and Exchange Commission, the country’s first local stablecoin, cNGN, was officially launched on local exchanges this month.
cNGN, which touts itself as the first regulated stablecoin in Africa, is available for purchase on the two licensed digital asset exchanges in Nigeria: Quidax and Busha.