Central African Republic introduces a meme currency

According to President Faustin-Archange Touadera, the Central African Republic released a meme currency in an effort to increase awareness of one of the world’s poorest nations, according to Reuters.

Nearly three years after his government became the first in Africa and the second globally, after El Salvador, to accept bitcoin as legal cash, Touadera made the announcement on X late on Sunday.

Cryptocurrency tokens with branding or names that allude to memes or online trends are known as meme coins. They often have little practical value and are quite volatile.

Last month, US President Donald Trump introduced a meme coin called $Trump, which had a sharp increase in value, peaking at almost $14.5 billion before plummeting.

The meme coin $CAR is “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,” Touadera stated on X.

As of Monday morning, X suspended a different account that was made for announcements and updates on $CAR. According to Touadera, the government is working to restore it as quickly as possible.

The cryptocurrency price tracker CoinGecko reported that the $CAR coin was trading at $0.22 on Monday morning.