- The Central African Republic (CAR) had announced its intentions to tokenize its natural resources last year.
- Accordingly, the CAR will now turn over 1,700 hectares of land into digital tokens using its national meme coin, $CAR.
- $CAR tokens can be traded on centralized crypto exchanges and decentralized exchanges.
President of the Central African Republic (CAR) Faustin-Archange Touadéra announced via his official X that the country would transform over 1,700 hectares of land to their national meme coin, $CAR.
“Starting June, land concessions will be accessible online using $CAR, directly on the Solana Blockchain”,
Touadéra went on to share a presidential order just below the post , calling it “a new era of access and transparency”.
The land set for tokenization, located near the village of Bossongo, is roughly the size of 2,500 football fields.
The decree also indicates the land may be used for mining, as it cites the country’s mining laws and 2023 legislation on using tokens for natural resources.
About $CAR
$CAR was launched in February on Solana after President Touadéra promoted it heavily on social media, calling it an experiment to unite the nation and attract global attention.
The announcement came as the value of the $CAR coin jumped sharply. The coin now has a market cap of $56.63 million and over 18,400 holders.
In April, he offered the top 100 $CAR holders a chance to meet him in Dubai, similar to a move by U.S. President Donald Trump with his own token.
The country, one of the poorest yet most crypto-friendly globally, is also highly active in crypto innovation.