Central African Republic Leverages Solana Meme Coin to Digitize Land Ownership

• Central African Republic citizens can lease land near Bossongo, west of Bangui, using the Solana-based $CAR token, marking a shift toward digital transparency.
• The $CAR token surged 127% in a week, climbing from $0.025 to $0.05, after news of its integration into land leases and potential applications in tokenizing CAR’s natural resources like gold and diamonds.

Central African Republic (CAR) authorities have released a plan to use blockchain to record and manage the country’s land titles. From June onward, citizens can lease land west of Bangui on the country’s website using the native $CAR meme coin created with Solana technology.

Central African Republic Adopts Solana Meme Coin

Thursday’s presidential decree from President Faustin-Archange Touadéra described the project’s purpose and said land concessions will be offered through the $CAR token, as highlighted in our earlier report. The land is located near the community of Bossongo, about 45 kilometers from Bangui and is nearly as large as 2,500 football fields.

Touadéra, sharing the decree on social media, stated, “Starting June, land concessions will be accessible online using $CAR, directly on Solana.” He further added, “A new era of access and transparency begins.”

The country has passed legislation in 2023, referred to in the document as mining code, which permits the tokenization of its natural assets. They indicate that the space might be used for mining gold and diamonds, which are significant to CAR’s mining industry. This effort has strongly influenced the $CAR token’s performance.

The coin climbed 21% the day the news was released, up from $0.04 to $0.05 and saw 127% gains during the previous week. At the time of writing, the project’s market cap is $53.33 million and more than 18,400 individuals have used the token. Remarkably, the rally in price took place in advance of the announcement, with $CAR going for around $0.025 on May 26 and rising much more in the next few days.

Recent Updates Around the $CAR Token

Central African Republic President Touadéra introduced the $CAR token in February, saying it was meant to strengthen national unity and gain worldwide attention. Following an initial market cap of $884.31 million soon after launch, the token dropped by more than 90% due to a small number of users and investors not being sure about it. Even so, Touadéra regularly supports the plan by posting about it on social media.

“Some documents don’t just make laws. They make history! $CAR,” he posted earlier this week, alongside an image of an official decree. Touadéra went ahead and revealed that the 100 wealthiest $CAR token holders would be invited to meet with him in Dubai on April 30, just as similar meetings have been promised for $TRUMP token holders. Last month, the Central African Republic also made Bitcoin a legal tender, the second to do so after El Salvador. 

At the same time that CAR is rolling out its new payment system, it is stopping its earlier experiment with Sango Coin. On April 29, the Sango team mentioned in a post that the old version of the project would not continue and explained plans to reorganize it around its initial goals in a new format.