The Central African Republic (CAR) has embarked on a pioneering initiative, leveraging blockchain technology to tokenize significant swathes of its state-owned land. This ambitious move, spearheaded by the nation’s leadership, marks a notable stride in integrating digital assets with tangible national resources, aiming to unlock new avenues for transparency and economic participation.
CAR Tokenization Initiative Unveiled
President Faustin-Archange Touadéra officially announced a groundbreaking project to tokenize over 1,700 hectares of state land. This vast territory will be made available for online acquisition, with transactions facilitated by the national crypto token, CAR, operating on the Solana blockchain. This development signals a strategic shift towards digitizing land concessions and making them more accessible.
According to a presidential decree, the designated land is situated approximately 45 kilometers west of the capital, Bangui, in the vicinity of Bossongo village. The decree notably references the country’s Mineral Code and existing legislation concerning the tokenization of natural resources. This legislative backing hints at the potential for these tokenized land parcels to be utilized for the exploration or extraction of valuable minerals such as gold or diamonds, adding another layer of strategic importance to the initiative.
Market Response and Token Dynamics
Following the announcement, the CAR token experienced a significant surge in value, climbing 21% within a day and over 114% during the week. This positive market reaction pushed its market capitalization close to $50 million, with the number of holders reaching 18,400. Despite this recent uplift, the CAR token, which launched in February, still remains substantially below its all-time high, indicating room for further growth or a journey back to previous peaks.
| Metric | Value (Post-Announcement) |
| Daily Price Increase | 21% |
| Weekly Price Increase | 114%+ |
| Market Capitalization | ~ $50 Million |
| Number of Holders | 18,400 |
Data Source: CoinMarketCap.
Strategic Vision Amidst Evolving Crypto Landscape
This new land tokenization initiative emerges as the government’s previous crypto endeavor, Sango Coin, undergoes a strategic re-evaluation. The Sango team previously indicated that the “initial project will not continue in its previous form,” suggesting a pivot or relaunch with a refined focus. President Touadéra remains a staunch advocate for the CAR token, promoting it as a means to foster national unity and elevate the Central African Republic’s standing on the global stage.
In a move reminiscent of high-profile engagement strategies seen elsewhere, President Touadéra also hosted a meeting in Dubai with the 100 largest holders of the CAR token. This direct engagement underscores the leadership’s commitment to fostering a strong community around the digital asset. It is worth noting that the initial launch of the CAR meme coin was met with skepticism within the crypto community, with some early video addresses even being flagged as potentially manipulated.
https://twitter.com/FA_Touadera/status/1795908050961807530
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