The Central African Republic seems to have launched a Memecoin amid questioning.

Report from The Block: The official X account of the President of the Central African Republic announced the launch of a memecoin called CAR.

It is said that the launch of the meme coin this time is an experiment to observe whether a meme can “unite the people” and support the “national development” of the Central African Republic.

X account of Faustin-Archange Touadéra, President of the Central African Republic, wrote on Sunday: “Today, we are launching $CAR - an experiment aimed at showcasing how simple memes can unite people, support national development, and put the Central African Republic on the world stage in a unique way.”

“The Block” has contacted the government of the Central African Republic to confirm whether this meme coin is a legitimate project of its government.

CAR meme coin is described as the ‘official meme of the Central African Republic’ and is traded on the Solana launchpad pump.fun at a price of about $0.45. As of 8:10 PM Eastern Time on Sunday, the market value of the Central African Republic’s meme coin is approximately $3.744 billion.

A subsequent social media post contained a video of the launch of the meme coin, in which President Touadéra himself appeared.

“The Central African Republic has always believed in the power and importance of a strong community,” the video announcement said.

Although the Meme Coin project has created a dedicated X account to share daily updates and announcements, the account has been suspended by social media platforms. President Touadéra’s X account indicates that the project is working with the platform to restore the account as soon as possible.

At the same time, multiple members of the cryptocurrency community expressed doubts about the MemeCoin project after its release. User X from Skynet Insights wrote: ‘Do not buy $CAR, this is a scam.’ He pointed out, ‘They have bundled over 80% of the total supply together… Additionally, they have cashed out over 15 million USD and still hold about 70%.’

Undisclosed XYZ founder Yokai Ryujin questioned the project, saying that the meme coin website was registered on the cheap domain registrar Namecheap.com and pointed out that the meme coin was launched at 1 am local time. In subsequent posts, Yokai Ryujin wrote that Namecheap has suspended the website domain of the meme coin project.

The Central African Republic became the second country in the world to adopt Bitcoin as legal tender in 2022, following only El Salvador.

In the same year, under the leadership of President Touadéra, the country introduced Sango Coin as its national cryptocurrency to create a mineral-based tokenized digital economy.

However, according to the central bank’s news report, in 2023, the country’s parliament repealed the legislation to adopt bitcoin as legal tender.