Cryptocurrency: Central African Republic leader launches meme-coin 'experiment'

President Touadéra says it could "unite people" but many have lost money on similar investments.

British Broadcasting CorporationWatch LiveHomeNewsSportBusinessInnovationCultureArtsTravelEarthVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureArtsTravelEarthVideoLiveAudioWeatherNewslettersCAR leader launches meme-coin 'experiment'7 hours agoBasillioh RukangaBBC NewsAFPCAR President Faustin-Archange Touadéra called the meme-coin an "experiment"Central African Republic President Faustin-Archange Touadéra has launched a meme-coin in a bid to raise the profile of the country, which is one of the world's poorest.

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.

Touadéra announced the launch, known as $CAR, on his X account over the weekend and on Monday said it had been a "success". But the value of the coin had a significant price drop of up to 90%, according to specialist websites.

In 2022, CAR became the world's second country after El Salvador to adopt the cryptocurrency Bitcoin as legal tender.

That initiative - launched under the name Sango - does not appear to have been as successful as planned, and its website no longer works.

https://www.bbc.com/news/articles/cly5x0vpen8o

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