Central African Republic has launched a meme coin in what President Faustin-Archange Touadera said was a bid to raise the profile of one of the world's poorest countries.

Faustin-Archange Touadéra, president of the Central African Republic, said on X that the country’s memecoin was “an experiment designed to show how something as simple as a meme can unite people, support national development and put CAR on the world stage in a unique way”.

The President of the Central African Republic took it one step further than Donald Trump, by creating a Pump.fun token for his nation.

The Central African Republic’s (CAR) unexpected launch of a government-branded meme coin has sparked intense scrutiny, with deepfake allegations and a sudden website takedown fuelling doubts over the legitimacy of the project.

The president of the Central African Republic, Faustin-Archange Touadéra, on Sunday announced the launch of a new meme coin called “Central African Republic Meme” (CRYPTO: CAR), leaving the crypto community in disbelief.

Bitcoin was abolished as an official means of payment in the African country. Now a meme coin is to "support national development".

CAR President Faustin-Archange Touadéra's X account posted about the launch of the country's $CAR meme coin, but even with a $500 million market cap, there were "red flags" raised about the token's launch.

He pointed out that launching the coin at 1 AM Central African Time seemed suspicious. Although the President claimed to lock the token supply through Streamflow, he still had control. He could cancel, withdraw or dump tokens at any time.

The Central African Republic (CAR) has announced the launch of a meme coin named $CAR, described as an experiment aimed at uniting citizens and promoting national development.