The Central African Republic (CAR) launched CAR, a Solana-based memecoin, on February 9, 2025. At a time when the decentralised finance (DeFi) market has rebounded strongly, this move has sparked global intrigue.
President Faustin-Archange Touadéra announced via his X (formerly Twitter) account that the country is launching a national memecoin. This token is an “experiment designed to show 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”, he added.
CAR opened trading on Feb. 9 with a trading price of $0.2906. The digital asset reached an intraday high price of $0.8087. After selling pressure engulfed the cryptocurrency, it declined to an intraday low price of $0.05343. CAR closed its opening day by exchanging hands for $0.07093. During the day, investor interest was very high. The buying and selling of CAR led to a trading volume of approximately $825 million. Central African Republic’s national memecoin closed the day with a market capitalisation of about $70 million.
CAR’s market cap has reduced significantly due to shedding more than 90% of its opening day value. Despite this volatility, CAR persists. On Thursday, May 30, 2025, the president tweeted again that he had signed a decree to tokenise over 1,700 hectares of land. He further added, in June, land concessions would be accessible online using the CAR token, directly on the Solana blockchain.
CryptoGuide GH believes this audacious step raises critical questions. Will other African nations follow CAR’s lead? How does this impact crypto adoption and regulation across the region?
CAR’s real-world utility boosts blockchain adoption within the continent
CAR’s launch underscores Central African Republic’s pioneering stance in blockchain adoption. The country became the first sub-Saharan African country to briefly adopt Bitcoin (BTC) as a legal tender in 2022.
While this was later repealed due to logistical challenges, CAR continues to experiment with digital assets. According to the terms and conditions found on the CAR memecoin’s website, the project is managed by COMIGEM. This is a state-owned mineral firm. Per its tokenomics, CAR allocates 45% (450 million CARs) of its total supply (1 billion tokens) to development and charity. This aims to fund infrastructure and social programmes.
The country’s persistence in crypto signals a commitment to blockchain innovation
By leveraging Solana’s fast, low-cost blockchain, CAR aims to integrate crypto into national economic strategies. A prime example is land tokenisation. This move could inspire other African nations to explore blockchain.
Due to infrastructure problems, significant hurdles remain. For instance, the Democratic Republic of Congo (DRC) recently faced a fraudulent DRC memecoin scam falsely tied to President Félix Tshisekedi. Built on Phantom, the token collapsed after X removed related posts. As of this publication, the project had collapsed, with market capitalisation standing at about $4,000.
This highlights the risks of speculative crypto projects. Consequently, this incident may deter African governments from pursuing memecoins, which are inherently volatile and lack stable value.
CAR’s experiment can impact crypto adoption within the region
Examining broader implications, CAR’s experiment could influence crypto adoption across Africa. The continent, home to over one billion people, has seen growing crypto use. Nigeria, Kenya, Ghana, and South Africa are countries where peer-to-peer (P2P) trading thrives. However, memecoins like CAR differ from stablecoins or central bank digital currencies (CBDCs). While stablecoins remain in strong usage, many African nations are exploring CBDCs.
For example, Nigeria’s eNaira, a CBDC, aims to enhance financial inclusion and streamline transactions. In contrast, memecoins, driven by hype and speculation, may struggle to gain traction in developing economies. These economies continue to grapple with inflation, low internet access, and limited digital literacy.
Thus, while Central African Republic’s $CAR showcases blockchain’s potential, its volatility may discourage widespread adoption of similar tokens.
Crypto Jobs Boom: How Ghana’s 2025 Regulations Opens Doors for Youth Employment
Need for robust crypto regulation
CAR’s move highlights the need for robust crypto regulation in Africa. Most African countries lack clear frameworks for digital assets. This has created severe risks for investors and governments alike.
CAR’s earlier Sango Coin, launched in 2022, failed due to regulatory ambiguity and technical issues. Despite promises of rapid access, fast execution, lack of bureaucracy, and low cost, Sango Coin disappeared from crypto discussions and forums.
Similarly, the concentrated ownership of tokens by CAR raises concerns about potential market manipulation. As a result, African regulators may prioritise tighter oversight to protect consumers.
South Africa, for instance, has classified crypto as a financial product, requiring exchanges to obtain licences. Other nations, like Ghana, have draughted policies to balance innovation and stability by regulating the sector starting from September 2025.
Therefore, CAR’s high-profile experiment could accelerate regulatory discussions. This will push governments to clarify crypto’s legal status.
Bank of Ghana Cryptocurrency Regulation Benefits to Ghana’s Economy in 2025 and Beyond
Challenges involved with state-owned cryptocurrencies
CAR’s challenges reveal the complexities of state-backed crypto projects. Memecoins, often driven by community hype, clash with the structured needs of national economies.
African countries, facing issues like currency depreciation and energy shortages, may find more value in stable, utility-driven blockchain applications.
For example, tokenising assets like land or commodities, such as CAR plans, could attract investment and improve transparency.
However, executing such initiatives requires technical expertise, infrastructure, and public trust. These are resources often scarce within the majority of sub-Saharan African nations.
Consequently, nations like Ethiopia and Uganda may hesitate to emulate CAR. Some of them have opted for partnerships with established blockchain platforms. Ethiopia partnered with Charles Hoskinson’s Cardano to overhaul its education system. Cardano has also formed a similar alliance with Uganda, offering online training courses for residents on money and interbank markets.
What does the future hold for the CAR memecoin?
Looking ahead, CAR could serve as a litmus test for Africa’s crypto future. If successful, it might encourage countries to experiment with blockchain. This fosters innovation and financial inclusion.
Conversely, failure could reinforce caution, slowing adoption. Either way, CAR’s bold step underscores the need for education and infrastructure to support crypto growth.
Governments must invest in digital literacy and internet access to ensure equitable participation. Additionally, regional collaboration, perhaps through the African Union (AU), could harmonise regulations. In the long term, this will create a cohesive framework for crypto adoption.
Blockchain.com Crypto Expansion Sparks Economic Transformation in Ghana, Kenya, and South Africa
Conclusion: Should Other African Countries Consider a National CAR Memecoin Path?
In conclusion, the Central African Republic’s CAR memecoin marks a daring leap into blockchain innovation.
The project has the backing of the country’s president. This makes CAR one of the few crypto-backed projects with a direct link to national leadership. Despite the highly volatile nature of this asset class, this support signals vision, trust, and long-term commitment.
What’s more, CAR is like Bitcoin and Ethereum. Bitcoin is the first cryptocurrency, while Ethereum is the first smart contracts network. CAR is the first national memecoin of any African country. This gives it a first-mover advantage when it comes to trading national memecoins created out of the sub-Saharan African region.
Moreover, it is poised for growth. In June, the Central African Republic (CAR) will activate one of the six attributes of currency, which is utility. With its use in tokenisation lands, the crypto token will have real-world use cases. This could reflect positively on its market capitalisation in the long term.
However, volatility and legitimacy concerns cast doubt on its replicability. While it may inspire niche blockchain experiments, most African nations will likely prioritise stable, regulated digital assets over memecoins.
Ultimately, CAR’s venture highlights the delicate balance between innovation and stability, shaping the future of crypto adoption and regulation in Africa.
Frequently Asked Questions (FAQs) – Where to Buy CAR tokens?
MEXC Global, LBank, Jupiter, Gate.io, CoinEx, and AscendEx (BitMax) support the trading of CAR tokens. You can also store your tokens on Binance Web3 wallet, OKX wallet, SafePal, KuCoin wallet, and TrustWallet.
7 Comments
Crypto adoption in Africa is crucial for financial inclusion. Hope CAR’s initiative makes a positive impact.
The success of this memecoin depends on community support. If Africans rally behind it, it could work.
Memecoins are high-risk, high-reward. Not sure if its the best way to promote crypto adoption.
Africa’s crypto potential is huge. If CAR’s memecoin succeeds, others might follow.
This could be an interesting experiment. Fingers crossed it brings more people into the crypto space.
The Central African Republic’s move into crypto is bold. Let’s see if this memecoin brings real adoption.
Memecoins can be volatile, but they are also a fun way to engage people with crypto. Hope it sparks interest in Africa.