TLDR
- CAR plans to tokenize over 1,700 hectares of land.
- CAR coin peaked at $800 million market cap in 2023.
- 45% of CARโs token supply reserved for development and charity.
The Central African Republic (CAR) is preparing to tokenize over 1,700 hectares of land using the Solana blockchain. This project aims to facilitate access and transactions through the national meme coin, CAR, starting in June 2025.
This strategic move is part of CARโs broader initiative to sell national assets using blockchain technology. The policy is overseen by President Faustin-Archange Touadรฉra, who announced the plan via a presidential decree.
Key Figures Behind the Initiative
President Faustin-Archange Touadรฉra leads this project. He previously made headlines by establishing Bitcoin as a legal tender in CAR. His latest involvement includes engaging the state-owned mineral firm for the tokenization process on Solana.
Previously, CAR launched Project Sango to advocate for digital assets. Despite mixed reactions, it remains part of the efforts to integrate blockchain into national policies.
CAR Memecoinโs Role and Market Insights
The initiative will utilize CAR, the countryโs meme coin, released on Solana. The CAR token once peaked at a market capitalization of over $800 million, representing a third of CARโs GDP in 2023. Its value has since leveled to around $50 million.
The CAR coin plays a vital role as the backbone of this tokenization venture. The World Bank previously supported CAR through a $35 million fund for Project Sango, but no specific institutional funding is disclosed for the land tokenization project.
Blockchain Infrastructure and Mechanics
Solanaโs infrastructure underlies the tokenization process. This approach highlights a growing trend of countries employing blockchain technology to facilitate national resource management.
Information from Streamflow confirms that 45% of CARโs token supply is reserved for national development and charity, with distribution handled via Solanaโs platform.
Comparison with Similar Projects
Similar to El Salvadorโs Bitcoin adoption, CARโs efforts in blockchain have witnessed significant ups and downs. Sango Projectโs implementation faced skepticism from international entities like the World Bank.
Past initiatives saw brief surges in token prices, followed by steep declines, a pattern observed with CARโs token. Long-term viability remains uncertain as political-backed crypto projects often face market fluctuations.
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