Casey Wagner

<div id="highlights-block_628d560713130" class="highlights">
 <ul>
 <li> Without substantial improvements to the country’s internet and electricity infrastructure, the plans will not make it far, experts warned</li>
 <li>“Project Sango” plans to create a digital national bank, a crypto wallet and infrastructure that will allow for property payments to be made in bitcoin</li>
 </ul>
 
</div>



Less than two months after adopting bitcoin as <a href="https://cms.blockworks.co/central-african-republic-looks-for-quick-wins-becomes-second-country-to-adopt-bitcoin/" target="_blank" rel="noreferrer noopener">legal tender</a>, the Central African Republic has launched a “crypto hub” designed to attract people working in digital assets.



The program, “Project Sango,” includes plans to create a digital national bank, a crypto wallet and infrastructure that will allow for property payments to be made in bitcoin, according to an <a href="https://sango.org/sango.pdf" target="_blank" rel="noreferrer noopener">online presentation</a> the government released in tandem with a <a href="https://m.facebook.com/story.php?story_fbid=pfbid0NMB9KS92GbwaveRhi2n4FCGCTHaPS1jNhDkA2Rspzp1e6EAEea9BDVKrQ4mKT5yAl&amp;id=100068314766662&amp;m_entstream_source=timeline" target="_blank" rel="noreferrer noopener">Facebook post</a> Monday.&nbsp;



The project will roll out legal cryptocurrency policies in phases, with plans to create a “crypto island” at some point.&nbsp;



The plans come as many question the role crypto can play in a country that lacks substantial digital infrastructure.&nbsp;



“This is a country with such limited internet availability, and, for that matter, limited availability of electricity,” said Steve Aschettino, a Norton Rose Fulbright partner concentrating on fintech. “To be able to enable bitcoin transactions requires at least two things: electricity and the internet.”&nbsp;



The Central African Republic plans to “finalize” the “Central African Backbone,” the fiber-optic Internet backbone connecting several countries in Africa, by the end of the year, making its blockchain ambitions possible, the country said.&nbsp;



The sandbox-like initiative is the latest example of emerging markets leaning into blockchain tech. Argentina recently rolled out a so-called “<a href="https://cms.blockworks.co/argentina-moves-to-incubate-crypto-startups-under-regulatory-eye/" target="_blank" rel="noreferrer noopener">innovation hub</a>” that allows fintech and cryptocurrency startups to build under regulators’ watchful eyes. <a href="https://cms.blockworks.co/panama-moves-forward-with-crypto-regulation-bill/" target="_blank" rel="noreferrer noopener">Panama</a> and <a href="https://cms.blockworks.co/jamaica-to-launch-cbdc-this-summer/" target="_blank" rel="noreferrer noopener">Jamaica</a> are also exploring crypto regulation and related use cases.&nbsp;



“Having embedded compliance and embedded supervision is something that can really accelerate innovation,” said Carmelle Cadet, founder and CEO of CBDC infrastructure provider EMTECH. “If you&#8217;re waiting for the regulatory framework to be in place before the innovation, that&#8217;s not happening right now.”&nbsp;



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Shrugging Off Crypto Doubters, Central African Republic Forges Ahead

Jacquelyn Melinek

<div id="highlights-block_61f075101ef5c" class="highlights">
 <ul>
 <li>“Blockchain offers us capabilities the internet couldn’t,” Animoca&#8217;s CEO said</li>
 <li>The company raised $359 million earlier this month in a round led by Liberty City Ventures</li>
 </ul>
 
</div>



Making a break from centralized platforms and connecting directly with creators is key to carving out Animoca Brands’ niche in the metaverse, the startup’s CEO told Blockworks.



“We believe that in the battle between content and distribution, content is king,” CEO Robby Yung said. “In the world of Web3, content will win out over distribution because we will see content itself becoming the platform.”



Yung pointed to the company’s recent <a href="https://cms.blockworks.co/the-sandbox-parent-animoca-brands-raises-359m-to-build-out-open-metaverse/" target="_blank" rel="noreferrer noopener">nine-digit fundraise</a> as providing resources to build out its vision for the metaverse and enable digital ownership. 



In Yung’s view, nurturing the development of alt-chains and building toward a multi-chain future are key considerations for an open metaverse. Animoca — which incubates and backs NFT, blockchain gaming and metaverse projects — has supported development on blockchains including Flow and Polygon.&nbsp;



“[The metaverse] is attributable to openness, the multi-chain interoperable world, a diversity of platforms — many layer-1 and layer-2 chains that people can build on top of,” he said. “[The] last thing blockchain needs is ‘winners,’ and when we all coalesce around Ethereum, for example, that may not be good for innovation.”&nbsp;



And the market for individual ownership of virtual items will only grow as the metaverse expands, Yung said.&nbsp;



“Blockchain offers us capabilities the internet couldn’t,” Yung said. “There’s digital ownership of digital goods, which we feel is a game changer in how we conduct our lives online.”



Platforms now have too much power over the dissemination of copyrighted content, the CEO said.&nbsp;



“They were renting from platforms [like Netflix],” he said. “While it works for copyright holders, it doesn’t provide value to customers or return to creators of the content, either. Most of the value is taken by platforms distributing it.”.



<h3 class="wp-block-heading">In the pioneering phase</h3>



As Animoca eyes new investments, it’s paramount for the company to key in on transparent businesses, Yung said.&nbsp;



It has previously backed over 150 NFT and metaverse-related companies, including OpenSea, <a href="https://cms.blockworks.co/dapper-labs-backer-animoca-scores-85m-to-further-invest-in-the-metaverse/" target="_blank" rel="noreferrer noopener">Dapper Labs</a>, Axie Infinity and Yield Guild Games. The firm is also the parent company of The Sandbox.



“We’re still in the pioneering phase of building out content verticals and technology platforms,” Yung saud.&nbsp;



Though it’s matured a great deal, the metaverse and the entire idea of digital ownership remains nascent, Yung said.&nbsp;



“The products out in the market aren’t indicative of where this industry will be 3 years from now,” Yung said. “Now that we have matured, you’re going to see products reflective of what the future holds, compared to last year and the year before because those were built on shoe strings.”