The President of the Central African Republic (CAR), Faustin-Archange Touadéra, has launched a meme-coin to help raise the country’s profile.
According to the BBC, 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”.
In 2022 the CAR became only the second country in the world to make bitcoin legal tender.
According to the BBC, Touadéra launched the coin – called $CAR – over the weekend. However, it had a severe drop of 90% in value afterwards.
Touadéra said the meme-coin was an “experiment”, but also something that he hoped could unite CAR citizens and support national development.
[Image: The Kremlin, Moscow, Russia-Africa Summit, CC BY 4.0, https://commons.wikimedia.org/w/index.php?curid=84821904]