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Central African Republic (CAR) President Faustin-Archange Touadéra has announced a groundbreaking initiative to tokenize over 1,700 hectares of land using the Solana-based meme coin, CAR. Set to take place by June 2025, this move reflects the integration of blockchain technology into the country’s economic and resource management strategies. The announcement has sparked significant interest and discussion within the cryptocurrency community.
Land Tokenization Through CAR Meme Coin
On May 30, President Touadéra shared via social media that he had signed a presidential decree to tokenize the land, located in the western area of Bosongo village, approximately 45 kilometers from the capital city, Bangui. The tokenized land will reportedly be available for purchase globally via the CAR meme coin, which Touadéra has called the “national meme coin” of the Central African Republic.
The decree references the country’s mining code and 2023 legislation on the tokenization of natural resources, suggesting that the land may be earmarked for mining or other resource-related activities. This initiative reflects a strategic effort to leverage blockchain technology for economic development.
Market Reaction to Tokenization Announcement
Following Touadéra’s announcement, the CAR meme coin experienced a notable surge in its value. The token jumped over 20%, with a 31.9% increase in daily trading volume, according to recent market data. Over the past month, the Solana-based token has gained significant traction, rising by more than 216%.
As of May 30, CAR is trading at $0.05, reflecting a 10.7% increase in the past 24 hours. The token’s market cap stands at $53 million, a sharp contrast to its brief peak of $884 million shortly after its launch in February. Despite its initial surge, the token’s value had previously plummeted, raising questions about its sustainability and legitimacy.
High-Profile Events and Initiatives
Last month, the top 100 holders of the CAR meme coin were invited to Dubai for a private meeting with President Touadéra. This exclusive event aimed to foster engagement and showcase the government’s commitment to the project. The move has drawn comparisons to similar initiatives, such as invite-only events hosted by other prominent figures in the cryptocurrency space.
Controversy Surrounding the CAR Meme Coin
The CAR meme coin, launched on February 10, was introduced as an experimental project aimed at uniting citizens, supporting national development, and elevating the country’s global profile. However, the project has faced significant scrutiny since its inception.
On launch day, the token soared to an all-time high of $0.775, with a market cap of $884 million. However, it quickly lost over 50% of its value due to allegations of deepfake content, account suspensions, and questionable domain registrations. These issues have raised concerns among traders about the project’s credibility.
Deepfake Allegations and Account Issues
Several AI detection tools flagged the president’s announcement video as potentially AI-generated, further fueling skepticism. Additionally, the official social media account associated with the meme coin was abruptly suspended, prompting Touadéra to assure the public that his team was working to resolve the issue.
Domain Registration Concerns
Critics have also pointed out irregularities in the project’s domain registration. For instance, the coin’s website was registered just three days before its official launch, using a low-cost domain provider. Shortly after, the domain was suspended by its hosting service for being flagged as an “abusive service.” These incidents have contributed to growing doubts about the initiative’s legitimacy.
Project Goals and Future Prospects
Despite the controversies, the project’s official website describes the CAR meme coin as a utility-driven initiative with real-world applications. The description reads, “Born as a meme, built for utility. $CAR started as a presidential meme coin — now we’re driving toward real-world impact.”
As the Central African Republic continues to explore blockchain technology, the tokenization of land represents a bold step toward integrating cryptocurrency into national development. However, the project’s success will depend on its ability to address concerns and maintain trust within the crypto community.
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