Central African Republic to Digitize 1,700 Hectares of Land Using CAR's Native Cryptocurrency, Comically Labeled Coin
In a significant development, the President of the Central African Republic, Faustin-Archange Touadéra, has announced plans to tokenize over 1,700 hectares of land in June, using the Solana-based meme coin, CAR. The president's decision comes after signing a presidential decree, which will make the land available for global traders by purchasing the national meme coin, CAR.
The land, located in the western region of Bosongo village, approximately 45 kilometers west of the capital, Bangui, may be earmarked for mining purposes, according to the presidential decree. The decree refers to the country's mining code and the 2023 laws regarding the tokenization of natural resources.
Since Touadéra's announcement, the Central African Republic meme coin has seen a surge in trading activity, with its value jumping over 20% on May 30, according to data from CoinGecko. The Solana-based token has experienced remarkable growth in the past few weeks, skyrocketing by over 182% in the past week and 216% in the past month.
However, the CAR meme coin has not been immune to controversy. Following its launch last February, the coin faced allegations of deepfake videos and the sudden suspension of its official social media accounts and website domains. AI detection tools flagged the president's announcement video as AI-generated, and the project's official X account was suspended without explanation.
The Central African Republic meme coin's legitimacy has also been questioned due to the sudden registration of its domain just days before the announcement. These concerns have contributed to a significant drop in the coin's market capitalization, which currently remains far below its peak value.
Despite these challenges, the government remains committed to utilizing funds raised from the meme coin for real-world projects, such as school renovations. The aim is to generate tangible impact, as stated by the website's description: "Born as a meme, built for utility. $CAR started as a presidential meme coin -now we’re driving toward real-world impact."
The controversial meme coin, amid ongoing concerns about transparency and trustworthiness, continues to be traded and supported by the Central African Republic government.
- The Central African Republic's Presidential decree suggests that the tokenized land, originating from Bosongo Village, may potentially be used for mining purposes, in line with the country's mining code and the 2023 laws regarding the tokenization of natural resources.
- Since the announcement of the tokenization of over 1,700 hectares of land using the Solana-based CAR meme coin, the value of this crypto asset has spiked, with trading activity seeing a surge of over 20% on May 30, as reported by CoinGecko.
- However, the CAR meme coin has faced issues with legitimacy, including allegations of deepfake videos, suspended social media accounts, and the sudden suspension of its official website domains. AI detection tools have flagged the president's announcement video as AI-generated, and the project's official X account was suspended without explanation.
- Concerns about the transparency and trustworthiness of the CAR meme coin have contributed to a drop in its market capitalization, which currently remains significantly below its peak value.
- In spite of these challenges, the Central African Republic government continues to support and trade the meme coin, with the funds raised intended for real-world projects like school renovations - an initiative aimed at generating tangible impact, as stated by the project's website.
