The launch of the CAR cryptocurrency in the Central African Republic generated great anticipation, but ended in a steep 97% drop in just 2 days. The cryptocurrency, which once had a market cap of US$$ 894 million, was touted by the country's president, Faustin-Archange Touadéra, as an "experiment" to unite people and benefit the nation.

However, investors began to suspect that the project could be a scam, especially after the cryptocurrency's X account was suspended. In addition, the market has been dealing with a wave of scams involving fake meme cryptocurrencies.

President Touadéra continues to defend the project, stating that the cryptocurrency was not designed to function as an investment, but rather for fun and community engagement. He also highlighted that the Central African Republic was the second country in the world to adopt bitcoin as legal tender and launched its own digital currency, the Sango Coin.

It is important to note that the Central African Republic is one of the poorest countries in the world and that adopting cryptocurrencies could be a way to stimulate economic development. However, it is crucial that investors exercise caution and do thorough research before investing in any project. #CAR #RepublicaCentroAfricana