Central African Republic's Meme-Coin Experiment and Hong Kong's Crypto Investment Visa

The Central African Republic (CAR) has launched a meme-coin called $CAR, a project by President Faustin-Archange Touadéra to enhance the country's global reputation. Billed as an experiment in nation-building, the project gained early traction but faced a drastic price drop of as much as 90%. This follows CAR's earlier adoption of Bitcoin as legal tender in 2022, which failed to meet expectations. Despite skepticism and warnings of a potential scam, Touadéra claims that the project will finance projects such as rebuilding schools and enhancing local infrastructure.

 

Meanwhile, Hong Kong has reaffirmed that Bitcoin (BTC) and Ethereum (ETH) can be used to show wealth for its New Capital Investment Entrant Scheme visa. Applicants must demonstrate assets of at least HK$30 million ($3.8 million), with certified public accountants verifying their assets. However, while crypto can be used to calculate net worth, it is not considered an acceptable asset for actual investment under the scheme. With nine licensed crypto exchanges operating in the region, Hong Kong is still positioning itself as a hub of digital asset development.

 

These developments highlight the growing role of cryptocurrency in national plans, with CAR using memecoins for engagement and fundraising and Hong Kong integrating mature digital assets into official investment plans. Governments are exploring their use for economic and financial inclusion despite the volatility of crypto markets.