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CBDC Is Losing The Game

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China’s CBDC isn’t working as it intends to be. China has launched its CBDC in early 2021 and its pilot program draws much intentional attention to the future of digital currency. However, CBDC does not perform as many people expected and the cryptocurrency has outperformed since.

Also Read: Change of Macroeconomy Landscape

Illusion of CBDC

Central Bank Digital Currency or CBDC is a solution for the central bank to increase money speed indirectly impact the domestic currency valuation and helps users to receive their money faster and more efficiently. However, it acts as a minoring device for the government to spy on individual citizens and the central bank has more control over the financial transactions within the nation.

Control Limit

However, CBDC’s control is only limited within itself. If CBDC has converted into cryptocurrency or NFTs, it lost the tracking ability and citizens are freely using cryptocurrency without potential control by the government. CBDC is just another form of traditional fiat currency after all.

Lost the Game

While many governments cheer the invention and believe that is the solution to counter cryptocurrency. It is not the case. CBDC is just as limited as fiat currency. Its valuation has been constraint by its issuers and its quantity can continue increasing faster to devaluate its own valuation.

CBDC Cannot Go Over the Border

Similarly, each nation’s CBDC cannot convert to one another or it lost the track of its ability. Unless there is a global oversight bank to track all financial transactions, CBDC can only restrict itself within its own region.

Cryptocurrency Can Travel Internationally

Compared to CBDC, cryptocurrency can trade internationally freely without any issue because the blockchain is alive on the internet on a global scale. CBDC has to convert itself into cryptocurrency in order to travel over the border.

CBDC Will Be Obsolete

There is no practical use that the government forces citizens to adopt. CBDC is not a solution of the future but a failure of present hype that central bank’s outdated technology solution. 

In conclusion

CBDC is useless and cryptocurrency is a solution to block its tracking ability. Even the government tries to control as much as they want to, cryptocurrency can prevent the government from overreaching its ability to spy on their own citizens.

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ConstitutionDAO Launches Another Attempt To Purchase US Constitution

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ConstitutionDAO Launches Another Attempt To Purchase US Constitution


After missing out on the first attempt to buy the original printed copy of the United States Constitution, ConstitutionDAO is set to make another attempt in the coming days.

The piece of legislation will be auctioned on December 13 by Sotheby’s (an NFT marketplace)

Making Another Go For The US Constitution

Last year, the crypto community was left in a state of shock following ConstitutionDAO’s ambitious fundraising of close to $47 million to purchase the first-ever printed version of the Constitution of the United States. It, however, lost the bid to the CEO of Citadel, Ken Griffin.

The DAO platform made a $40 million bid during the auction, which is why Griffin placed $43.2 million, ultimately making him the historical document winner.

After the previous event, coupled with the experience from its first attempt, a core member of ConstitutionDAO has rebranded the platform to ConstitutionDAO2. With the new name, the platform consists of 13 decentralized autonomous organizations (DAOs), which include Juicebox, PeopleDAO, and Aztec Network.

Furthermore, early in November, Sotheby’s announced the new auction date to sell the last printed version of the US Constitution to private entities. The scheduled date is December 13.

According to the DAO2 platform, it would develop a private multisig to hide its fundraising move, unlike before. Donors can choose whether to donate publicly through Juicebox or other private networks.

Should ConstitutionDAO2 win the latest auction, all participating donors will earn voting rights and have a say on how the Constitution is used. Meanwhile, if the DAO loses the auction again, it will return the donors’ funds for reimbursement over a specified period.

Has ConstitutionDAO Served its Purpose?

ConstitutionDAO, also known as PEOPLE, has divided opinions in the crypto industry. Many see it as a failed project.

For some, it is a digital asset that will never die, even if the purpose for which it was established is long gone. However, the PEOPLE is relevant in the crypto space considering its latest move to purchase the printed official document of the United States.

It was founded in November 2021, following the auction house Sotheby’s move to auction off the first printed copy of the US Constitution. Since 1787, there have only been 13 original copies of the historical legislative document.

After losing the last auction, the DAO fizzled out but made a shocking comeback in January 2022. Time will tell whether the PEOPLE will fizzle out after the next auction or if it will remain relevant.


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UK Extends Crypto Tax Break for Investment Managers in Financial Reforms

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UK Extends Crypto Tax Break for Investment Managers in Financial Reforms



In a package of financial services reforms unveiled today, setting out how to replace European Union banking and financial-market laws, the Treasury said it would extend an existing tax break, which allows investors to use a U.K.-based manager without drawing extra tax liability, to the crypto sector. The change will be made via regulations this year.



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Turkey has an obsession with crypto — specifically Dogecoin: Study

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Turkey has an obsession with crypto — specifically Dogecoin: Study



The crypto market slump doesn’t mean interest in crypto is also down. A new study from the cryptocurrency education platform CryptoManiaks revealed that many countries are still scouring the internet, hungry for crypto-related information.

According to the study, the Netherlands and Turkey take the top two spots, with 8.2% and 5.5% of the population, respectively, searching for crypto-related terms. Turkey particularly accounted for 4.7 million searches, leading the searches with sheer numbers.

The study analyzed the combined number of searches for a select set of popular cryptocurrencies into a percentage of the population for each country in order to calculate the percentage of locals searching each month.

While it was in second for overall searches, Turkey came in first place for searches related to the memecoin Dogecoin (DOGE), with 812,000 monthly searches. This is nearly double that of Ethereum (ETH), the country’s third most searched crypto.

A spokesperson from CryptoManiaks commented on the DOGE curiosity, particularly over the last 12 month:

“Dogecoin’s popularity has surpassed that of Ethereum in a significant number of countries, with nearly 2 million more monthly searches worldwide for the coin.”

The cryptocurrency DOGE has remained a popular digital asset and crypto cultural phenomenon after it was adopted as the poster crypto for internet icon Elon Musk.

Some of the cryptocurrencies included in the search terms were Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB), among others. 

Following the Netherlands and Turkey in the ranks were Germany, Canda and the Czech Republic.

Related: DeFi sparks new investments despite turbulent market: Finance Redefined

While the United States and the United Kingdom are major players in the global cryptocurrency industry, neither ranked in the top spots due to the number of searches equivalent to their population sizes. The U.S. ranked 15th with 1.9% of the population searching for these terms, while the U.K. takes the 12th spot with 2.6%.

Recent research from Cointelegraph also revealed that despite market conditions, major institutions still remain interested in the industry and continue to pour millions into crypto-related projects.



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