President Faustin-Archange Touadéra introduced the $CAR on Sunday.

The Central African Republic has launched a meme coin titled $CAR, which is backed by President Faustin-Archange Touadéra, as part of the country's crypto ambitions revealed nearly three years ago.

The $CAR, represented by the colours of the country's flag, was unveiled on X late on Sunday and is a fungible crypto currency built on the Solana blockchain.

Despite warnings from regional and financial organisations, the Central African country recognised Bitcoin as a legal tender in 2022 and put in place a legal framework to control crypto currencies, becoming the world's second country to do so after El Salvador.

The Central African Republic government said on Sunday that it was moving on with its crypto plans by introducing the $CAR coin. 

President Touadéra wrote on X: "Today, we are launching $CAR - an experiment designed to show how something as simple as a meme can unite people, support national development, and put the Central African Republic on the world stage in a unique way.

“As the second president in the world to adopt Bitcoin as legal tender, I have always recognized the potential of crypto and its benefits on a global scale.”

CoinGecko, one of the world's cryptocurrency data aggregators, said that the $CAR meme coin was trading at $0.04 on Tuesday morning.