🟠 CAR’s crypto experiment just got weirder

$CAR: A controversial presidential endorsement or classic crypto scam?

Topline: Central African Republic (CAR) President Faustin-Archange Touadéra took to social media last Sunday night to announce the launch of a national meme coin, $CAR — three years after the country adopted Bitcoin as legal tender. However, the announcement bore all the signs of a classic hack. (Details)

Context: Memecoins are cryptocurrencies that started as joke tokens inspired by viral memes and cartoons.

• These coins have quickly become a way for anyone to raise money quickly — driven purely by hype and speculation. While some see them as fun, others compare them to “pump and dump” schemes, where prices soar and crash just as quickly.

The details: In a post on X, President Touadéra claimed the $CAR token was created to unite people, support the country’s development, and put it on the global stage.

• Touadéra shared links to a website for more information on $CAR and a social media page for updates.
• However, The president’s message sounded eerily similar to previous crypto scams.

🚩 Red flags: First, the $CAR website and X account vanished almost immediately.

• A deepfake analysis of his accompanying video showed an 82% likelihood of AI generation.
• 67% of the coin’s circulation was concentrated in just three wallets.
• The $CAR memecoin’s value also plunged 95% barely 48 hours since trading began, hitting around $0.04 on Tuesday.

Wait, it’s real? Just days later, Touadéra doubled down, stating that he was neither hacked nor deepfaked.

Zoom out: Celebrity social media hacks promoting fake memecoins have surged recently.

• Shortly after Touadéra launched $CAR, scammers used an X account impersonating Congo’s President Felix Tshisekedi to launch $CONGO, only to rug-pull investors and disappear.
• Other celebrities such as Kylian Mbappe, Drake, Lara and Tiffany Trump have fallen victim to such scams. 

Ghana’s eCedi finally set for 2025 launch

Topline:​ Ghana is finally rolling out its central bank digital currency (CBDC), the eCedi. The Bank of Ghana (BoG) plans to launch the retail version by the end of 2025. (Details)

Key details: According to Kwame Oppong, BoG’s head of fintech and innovation, the launch of the eCedi depends on legislative approval.

• The BoG prioritizes offline access, using POS and NFC for transactions that don’t require the internet to boost financial inclusion.
• A report by Giesecke+Devrient and the Official Monetary and Financial Institutions Forum (OMFIF) found that central banks in emerging markets, especially in Africa, plan to launch CBDCs within 1–2 years, while developed nations target 3–5 years.
• For emerging markets like Ghana, financial inclusion is the main driver behind CBDC development.

Zoom out: Central bank digital currencies (CBDCs), often seen as digital equivalents of national fiat currencies, have gained prominence in recent years.

• Nigeria was the first African country and only the second in the world to launch a CBDC when it commissioned the eNaira for use in 2021. However, little success has been recorded since. 
• In 2023, Zimbabwe launched a gold-backed digital currency to stabilize its hyperinflated local currency and provide an alternative store of value.

MiniPay Wins Web3 Award at Africa Tech Summit

Topline: At the Africa Tech Summit on Feb. 13, Opera’s MiniPay, a non-custodial stablecoin wallet built on the Celo blockchain, won the Web3 Award—beating nominees like Yellow Card, ICP Hub, and Sabi. (Details)

The details: The Africa Tech Summit confirmed the award in a congratulatory post shared on its social media on Thursday. 

• The awards, which spanned 11 different categories, were designed to highlight the impact of African firms in using technology to tackle problems peculiar to the continent. 

Zoom in: MiniPay was first introduced as a feature in the Opera Mini browser and is now a standalone app that allows peer-to-peer transfers. It also offers a suite of so-called “mini apps” that let users earn, pay, and save using stablecoins.

• The platform was initially launched in Nigeria and has since expanded into other African markets, including Kenya. 
• Last December, MiniPay partnered with Verda Ventures, a blockchain venture capital firm, to launch a $40 million fund for blockchain startups that build products on MiniPay’s infrastructure. 

Coming soon: Mariblock Roundtable 2.0

Topline: The next edition of the Mariblock Roundtable is coming up soon!

• If you missed the Stablecoins Edition in December, you missed profound insights from industry experts on the growing role of stablecoins in driving economic growth and innovation across Africa.

Here’s another picture from the event.

Here’s your chance to make up for it.

• Details will be released soon, but as a Mariblock Weekly subscriber, you’ll receive the first heads-up. Stay tuned for more updates!
• We’re open to partnerships. Do reply to this email if you’d like to learn more.

Catch up

🌍 Founders of YC-backed Helicarrier, formerly Buycoins, quit quietly in 2023 (Techpoint)

🇳🇬 The Untold Story of a Crypto Crimefighter’s Descent Into Nigerian Prison (Wired)

🌍 Hurupay launches Africa’s first stablecoin-based virtual US dollar accounts for freelancers and remote workers (Innovation Village)

🇿🇦 One of South Africa’s Bitcoin Brothers arrested (MyBroadband)

🇿🇦 African crypto platforms must prioritise security, regulation, innovation (ITWeb)

🌍 Dollar-linked ‘stablecoins’ rise in popularity among African users (African Business)

Opportunities

• VISA opens applications for Cohort 4 of its Africa Fintech Accelerator Program. Deadline: Mar. 25, 2025. (Details)
• African blockchain talent firm Web3Bridge has opened the waitlist for its 13th cohort. Join the waitlist here.

That’s it for this week.

Until next time, stay informed.

Cheers,

Ogechi.