The president of the Central African Republic has disclosed plans to tokenize land using the country’s Solana-based meme coin.
The Central African Republic has announced its plans to tokenize approximately 1,700 hectares of land using its Solana-based meme coin, $CAR, following a significant increase in the coin’s value.
President Faustin-Archange Touadéra shared the news on his official X account, stating that he has “signed a presidential decree to tokenize over 1,700 hectares of land in the Central African Republic.”
🇨🇫 I have signed a presidential decree to tokenize over 1,700 hectares of land in the Central African Republic.
Starting June, land concessions will be accessible online using $CAR, directly on @solana.
A new era of access and transparency begins.https://t.co/d04OcRJIB7 pic.twitter.com/fzSEANEt6w
— Faustin-Archange Touadéra (@FA_Touadera) May 29, 2025
Starting in June 2025, President Touadéra announced that the land concessions will be made available online through the national cryptocurrency $CAR, which operates on the Solana SOL $132.8 24h volatility: 5.3% Market cap: $74.26 B Vol. 24h: $5.63 B blockchain. He emphasized that this initiative will usher in a new era of accessibility and transparency in land ownership.
The presidential decree also incorporates the mining code along with the recent 2023 legislation on tokenizing natural resources, suggesting that the designated land could potentially be used for mining activities.
The $CAR Meme Coin
$CAR was introduced in February 2025 following President Touadéra’s statement emphasizing its role in fostering national unity, attracting international attention, and driving the country’s development. The launch of this new meme coin coincided with a wave of similar tokens created to capitalize on the momentum started by the $TRUMP coin TRUMP $5.90 24h volatility: 3.1% Market cap: $1.18 B Vol. 24h: $232.63 M .
Although the token hit its peak just one day after release, it quickly lost value due to widespread concerns over its practical utility. However, after the president released a video endorsing the new meme coin, its price jumped by over 1,210%, driving the market capitalization from $68.47 million to an impressive $897.41 million in just two and a half hours.
The President later announced that the funds raised from the meme coin would be used to renovate and equip a deteriorating school, with the goal of offering better opportunities to students.
While $CAR has regained some of its lost value since the initial crash, it still hasn’t returned to its all-time high of $0.70. Touadéra has long shown his support for cryptocurrency, having become the second world leader, after El Salvador’s President Nayib Bukele, to officially recognize Bitcoin BTC $89 124 24h volatility: 3.6% Market cap: $1.78 T Vol. 24h: $76.43 B as legal tender.
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