The Central African Republic (CAR) recently faced controversy surrounding a new memecoin launched by President Faustin-Archange Touadéra on February 10. While the CAR had initially adopted Bitcoin as legal tender in April 2022, it later repealed this status in March 2023. Following the token's launch, its associated website went offline, and the X account was temporarily suspended, raising doubts about the project's authenticity. Market capitalization peaked at around $600 million but rapidly fell to approximately $35 million. The project has been criticized for the initial English announcement on a primarily French-speaking account and concerns regarding the legitimacy of promotional videos. However, if the memecoin successfully funds promised national development such as improving school infrastructure, it may provide valuable support amidst the CAR's ongoing economic challenges, exacerbated by corruption and political instability. Security concerns arose as phishing links were found associated with the token, highlighting the potential risks surrounding its promotion. Despite these challenges, the CAR memecoin illustrates how political figures are increasingly entering the cryptocurrency space, potentially blurring the lines between authentic initiatives and opportunistic money-making schemes.

Source 🔗