The move follows the country’s earlier push into cryptocurrency, including its 2022 adoption of Bitcoin as legal tender—a first in Africa.
Touadéra announced the $CAR launch over the weekend, calling it an “experiment” to bring people together, support national development, and place CAR on the global stage.
By Monday, he declared it a “success,” though the coin’s value reportedly plummeted by up to 90% shortly after launch.
Meme coins, often created to build viral communities around internet trends, are known for their extreme volatility. Despite their speculative nature, Touadéra emphasized $CAR’s potential to fund local projects, sharing a video of a deteriorating high school and stating that the coin would contribute to its rebuilding and furnishing to give students “a better future.”
The initiative comes after CAR’s Sango project, an attempt to use Bitcoin to attract foreign investors to the country’s gold and diamond mining sectors.
The project struggled to gain traction, and its website is no longer operational. An earlier plan allowing foreigners to obtain citizenship for US$60,000 worth of crypto was also ruled unconstitutional.
While some see $CAR as an innovative experiment, others have raised concerns about potential risks. Meme coins are often criticized for their speculative nature, where early adopters hope to profit from price spikes, but many investors end up losing money.
Touadéra’s launch follows a similar trend in the crypto space. Just before his inauguration, US President Donald Trump launched a meme coin, which briefly soared in value before dropping to a quarter of its peak, reportedly raising billions in the process.
