The President of the Central African Republic announces the launch of $CAR, his country’s official memecoin. The launch comes after the abandonment of bitcoin as the country’s legal tender and the failure of SANGO, another of the country’s cryptos. Will $CAR be a success or a failure?
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Central African Republic (CAR) enters the crypto market
While El Salvador is known worldwide as a pioneer in the legalization of Bitcoin, an African country has distinguished itself by being the first to launch a memecoin. Indeed, the President of the Central African Republic Faustin Archange Touadera announced the launch of the country’s official memecoin. Called CAR (Central African Republic), the memecoin aims to support national development and strengthen the country’s presence on the world stage.
According to the President of the Central African Republic, the launch of the CAR memecoin demonstrates his country’s commitment to innovation. Touadera also pointed out that his country is the second in the world to have made Bitcoin a legal currency. The Central African Republic is one of the pioneers in the adoption of blockchain technology and the opportunities it offers,” he said.
Long before Faustin Archange Touadera, his American counterpart Donald Trump also launched a memecoin. Unlike the CAR, which belongs to the Central African Republic, the TRUMP memecoin is attached to the American president, not his country.
Is the Central African Republic on the wrong track?
It’s true that the Central African Republic was the second country to legalize Bitcoin in 2022 after El Salvador. The country even tried to get other countries in the region on board in this adventure. However, the country seems to have changed direction in relation to Bitcoin, unlike El Salvador.
In March 2023, the Central African National Assembly adopted the bill changing the status of Bitcoin in the country. Whereas Bitcoin had been considered legal tender in the country, this law instead presented it as a reference cryptocurrency. The country has also embarked on a slightly trickier venture. In July 2022, the Central African Republic launched Sangocoin. The aim of this cryptocurrency was to facilitate foreign investment in the country.
However, the project failed to achieve any real success. In August 2022, the Central African Constitutional Court ruled that Sangocoin was unconstitutional. By July 2024, the official Sangocoin website was no longer functional. Despite assurances from Minister for the Digital Economy, Justin Gourna Nzacko, the sangocoin website is still unavailable. The project’s investors don’t know which way to turn.
CAR memecoin, viable project or Sangocoin bis?
Will the CAR memecoin have a different outcome to the tragic end of Sangocoin? In any case, many observers are skeptical. Indeed, very few memecoin, which by definition have no use whatsoever, have managed to survive in the crypto market.
Even the memecoin of Donald Trump was no exception. While the $TRUMP exploded at its launch, reaching $75, today it trades at $16. If the memecoin of the president of the world’s leading power is struggling so badly, there’s no need to have any illusions about the memecoin of a poor country like the Central African Republic.
In addition, the project’s main communication channels are down at the time of writing. The official website providing information on the CAR memecoin is unavailable. For its part, the project’s X account has been suspended as soon as created.
For the time being, memecoin CAR continues to flounder on the crypto market. While it was trading at $0.79 at launch, CAR oscillates around $0.19 at the time of writing. It’s best to steer clear of this memecoin and this is obviously not financial advice.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
