Central African Republic leader launches meme-coin ‘experiment’

The President of the Central African Republic, Faustin-Arteradra, launched Tawdera Mim Quinn in an attempt to raise the image of the country, which is one of the poorest in the world.

Coins Meme is used to build popularity for the direction of viral internet or movement, and fans are inspired to collect and give them valuable, but they are very volatile investments.

Touadéra announced the launch, known as Car $, on the account of his X during the weekend, and on Monday he said it was “success.” But the value of the currency had a significant decrease in prices of up to 90 %, according to specialized sites.

In 2022, the car became the second countries in the world after El Salvador to adopt the cryptocurrency as a legal tender.

This initiative – which was launched under the name Sango – does not seem successful as planned, and its website is no longer working.

It was seen as an easier way to attract investors to mining the country and other industries using bitcoin. The country has rich metal deposits, including gold and diamonds.

Foreign investors can also obtain citizenship for $ 60,000 Crypto, although the plan was later unconstitutional by the country’s Supreme Court.

Touadéra has described the launch of the “Meme-Coin this week as” experience “for something that can unite people, support national development, and set [country] On the global stage in a unique way. “

But some have expressed concerns that it could have been a fraud.

On Monday, Touadéra thanked those who believed in his vision.

A video clip of a secondary school said he was deteriorating quickly, saying that Queen Mimi would help support “reconstruction and furnishing” and give “students an opportunity for a better future.”

Despite its capabilities, the car remains one of the poorest countries – the situation that is held due to the civil war that destroyed many countries.

Mim Queens is often criticized for its speculative nature, as users create or buy it in the hope that its value will rise and earn money quickly – but it ends up losing money to them.

Before his inauguration last month, US President Donald Trump Quinn Mimi, whose value increased rapidly, which was reported to have collected billions of dollars to him. The New York Times reported that it is now worth a quarter of its highest value.