TLDR
- 1,700 hectares of land will be tokenized starting June 2025.
- CAR token market cap dropped from $884 million to $50 million.
- Project aims for transparency with 45% token supply for development.
The Central African Republic (CAR) has announced plans to tokenize over 1,700 hectares of land west of the capital, Bangui, on the Solana blockchain. Scheduled to start in June 2025, the initiativeโs buying process will be exclusive to the CAR token. This was confirmed through a presidential decree.
President Faustin-Archange Touadรฉra made the announcement via his official X account, stating the land concessions will be accessible using the CAR token. This project continues his series of blockchain-driven national projects.
Key Figures and Financial Insights
The CAR token reached a peak market capitalization of about $884 million but has since dropped to roughly $50 million as of late May 2025. This shift reflects significant volatility and speculative activity concerning its value.
No institutional investors or external grants have been mentioned, suggesting that the project relies heavily on national resources, with 45% of the CAR token supply allocated for development purposes. President Touadรฉra emphasizes a new era of transparency through these activities.
Comparing Past and Present Projects
Previously, the Central African Republic launched Sango Coin, marking its first major digital currency initiative. However, this currency is now defunct in its original form. The shift to the CAR token is part of a strategy to adopt blockchain technology more robustly for national projects. Analytical insights and updates can be tracked on platforms like OKX where Web3 innovations are showcased.
The land tokenization project also mirrors El Salvadorโs experiment with Bitcoin as legal tender. However, unlike El Salvadorโs focus on currency, CAR is integrating blockchain for asset tokenization, reflecting a nation-driven approach lacking significant third-party involvement.
Technical Framework and Market Reaction
The CAR token is integrated into Solanaโs Streamflow platform, demonstrating technical vesting or staking mechanics. This implementation represents a significant technological venture for CAR, potentially influencing Solanaโs ecosystem.
On-chain data indicates the CAR token price surged over 17% following President Touadรฉraโs announcement. Despite this, no major changes in Solana or DeFi Total Value Locked (TVL) have been reported. Market participants remain attentive to the speculative nature of the tokenโs price movements.
Community and Global Crypto Attention
The project has sparked both excitement and skepticism within the crypto community. Questions regarding the seriousness of a meme token-led government initiative have arisen, though the involvement of President Touadรฉra provides a degree of credibility and interest.
Community sentiment remains mixed, with developers and stakeholders keenly observing the execution, governance, and long-term sustainability of the initiative. As the project progresses, it will be essential to monitor updates from official sources and community feedback.
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