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Central African Republic President Faustin-Archange Touadéra has embarked on a unique initiative to increase the international profile of the country, one of the world’s poorest.
In an effort to generate buzz and attract global attention, the President has launched a meme-coin, dubbed “$CAR”, on the social media platform X over the weekend.
According to President Touadéra, the launch has been a “success”. However, experts have noted that meme-coins are known for their extreme volatility, and the value of $CAR has already declined by up to 90% on specialist websites.
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This move marks the latest development in the Central African Republic’s growing adoption of cryptocurrency. In 2022, the country became the second nation, after El Salvador, to make Bitcoin a legal tender.
The Central African Republic government has yet to comment on the long-term implications of this initiative or how it plans to mitigate the potential risks associated with meme-coins.