Welcome to The Daily Forkast, February 9th 2022, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:
00:00 Coming Up
00:44 China’s central bank works on E-CNY standardization.
01:46 India’s excitement for crypto grows despite tax.
02:35 Are memecoins becoming more than a joke?
04:07 What's In Metaverse with Duc Luc
---
China is working on standardization of the digital yuan as its plans for the currency steams ahead. The People's Bank of China, or PBOC, says it will work with three other central departments on aspects including infrastructure, information security and valuation to establish the standard for e-CNY in the next five years. The PBOC document also says that financial cooperation will be promoted among countries involved in its Belt and Road Initiative. Read cross-border ease of financial transactions with friendly trade partners. Now back in January, the PBOC said historical transaction values reached almost 90 billion yuan, or over USD11 billion by the end of last year, and the digital currency is also currently being showcased at the Beijing Winter Olympics, a debut, if you will, on the world stage.
In India, investors are throwing off concerns over new taxes. Seems India's love of Crypto shows no signs of slowing down. Crypto exchange CoinDCX says it now has 10 million registered users. That's a massive leap from August last year, when it had just three and a half million. That's the same month that it saw its Series C fundraise, led by Eduardo Saverin. B Capital, which crowned the company as India's first crypto unicorn.
The milestone comes despite many investors expressing dismay at last week's budget announcement of a 30% tax on income from crypto transfers.
Over in the markets, while meme coins have been much derided, Dogecoin and Shiba Inu were both leaders of the pack among last week's crypto market rally. So have they become too big to be a joke? DOGEs Twitter account clocked three million followers as its price climbed over the weekend, briefly re-entering the Crypto top 10. Shib also rose over the weekend is currently the most widely held ERC-20 token among the largest 1,000 Ethereum wallets. The low value of meme coins has allowed many investors to dabble in what can be high reward assets, but the chance of emulating DOGE and Shib success has become diluted with the ever increasing number of meme coins entering the market.
While both Shib and DOGE built their success on a strong sense of community that says the coins have real use cases. One industry expert told Forkast; it's more about branding. The expert says meme coins thrive of excitement and as their simple and cheap, it's easy to build hype around them, unlike more complicated assets. When it comes to the long term, reality comes into play and investors need to look for signs of maturity, like whether a token can help solve real world problem, or if it has become a subject of discussion for regulators.
Well, the metaverse is possibly the hottest buzzword at the moment, it's got everyone from Tim Cook at Apple to Bernard Arnault, the LVMH CEO, all interested in the metaverse right now. And if you're so inclined, you can also study it at Stanford. Or maybe you even attended a match at the Australian Open already in this virtual new world, but it could be just the beginning. And Duc Luc, executive chairman of Spores Network, a cross-chain DeFi powered NFT marketplace, is here to tell us which inning we're in when it comes to the Metaverse.
Angie Lau: Every day, every day we hear of so many new events and activities that people are bringing into the virtual world. What are some of the projects you're most interested in your most excited about in the metaverse right now?
Duc Luc: To your point of which inning we're playing in, I think our first inning, you know, whether it is Decentraland, which is, I would say, the most Web3 project out there, and metaverse is where it's really an open world, open experience, Voxel based system to something like sandbox, which is getting a bit more web to like. There's projects such as metaverse at the service is one category where you can you can be the Australian Open and you can work with a metaverse builder and they can build that your version of of your of the metaverse for you. Then there are metaverse that are full on more like gaming experiences. You know where we're seeing now projects that are mimicking web to games like Counter-Strike and the lot. So that'll be more unreal/unity gaming based systems, that will play out. There are mobile metaverse that we're seeing where it's like, it's like combining AR with your mobile phone so that you can literally walk around, build your own sort of, you know, MySpace, right, that you can hang out in and share that space with your friends.
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#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #ECNY #CBDC #PBOC #Memecoin #Beijing2022 #Metaverse #Dogecoin #SHIB #CoinDCX
00:00 Coming Up
00:44 China’s central bank works on E-CNY standardization.
01:46 India’s excitement for crypto grows despite tax.
02:35 Are memecoins becoming more than a joke?
04:07 What's In Metaverse with Duc Luc
---
China is working on standardization of the digital yuan as its plans for the currency steams ahead. The People's Bank of China, or PBOC, says it will work with three other central departments on aspects including infrastructure, information security and valuation to establish the standard for e-CNY in the next five years. The PBOC document also says that financial cooperation will be promoted among countries involved in its Belt and Road Initiative. Read cross-border ease of financial transactions with friendly trade partners. Now back in January, the PBOC said historical transaction values reached almost 90 billion yuan, or over USD11 billion by the end of last year, and the digital currency is also currently being showcased at the Beijing Winter Olympics, a debut, if you will, on the world stage.
In India, investors are throwing off concerns over new taxes. Seems India's love of Crypto shows no signs of slowing down. Crypto exchange CoinDCX says it now has 10 million registered users. That's a massive leap from August last year, when it had just three and a half million. That's the same month that it saw its Series C fundraise, led by Eduardo Saverin. B Capital, which crowned the company as India's first crypto unicorn.
The milestone comes despite many investors expressing dismay at last week's budget announcement of a 30% tax on income from crypto transfers.
Over in the markets, while meme coins have been much derided, Dogecoin and Shiba Inu were both leaders of the pack among last week's crypto market rally. So have they become too big to be a joke? DOGEs Twitter account clocked three million followers as its price climbed over the weekend, briefly re-entering the Crypto top 10. Shib also rose over the weekend is currently the most widely held ERC-20 token among the largest 1,000 Ethereum wallets. The low value of meme coins has allowed many investors to dabble in what can be high reward assets, but the chance of emulating DOGE and Shib success has become diluted with the ever increasing number of meme coins entering the market.
While both Shib and DOGE built their success on a strong sense of community that says the coins have real use cases. One industry expert told Forkast; it's more about branding. The expert says meme coins thrive of excitement and as their simple and cheap, it's easy to build hype around them, unlike more complicated assets. When it comes to the long term, reality comes into play and investors need to look for signs of maturity, like whether a token can help solve real world problem, or if it has become a subject of discussion for regulators.
Well, the metaverse is possibly the hottest buzzword at the moment, it's got everyone from Tim Cook at Apple to Bernard Arnault, the LVMH CEO, all interested in the metaverse right now. And if you're so inclined, you can also study it at Stanford. Or maybe you even attended a match at the Australian Open already in this virtual new world, but it could be just the beginning. And Duc Luc, executive chairman of Spores Network, a cross-chain DeFi powered NFT marketplace, is here to tell us which inning we're in when it comes to the Metaverse.
Angie Lau: Every day, every day we hear of so many new events and activities that people are bringing into the virtual world. What are some of the projects you're most interested in your most excited about in the metaverse right now?
Duc Luc: To your point of which inning we're playing in, I think our first inning, you know, whether it is Decentraland, which is, I would say, the most Web3 project out there, and metaverse is where it's really an open world, open experience, Voxel based system to something like sandbox, which is getting a bit more web to like. There's projects such as metaverse at the service is one category where you can you can be the Australian Open and you can work with a metaverse builder and they can build that your version of of your of the metaverse for you. Then there are metaverse that are full on more like gaming experiences. You know where we're seeing now projects that are mimicking web to games like Counter-Strike and the lot. So that'll be more unreal/unity gaming based systems, that will play out. There are mobile metaverse that we're seeing where it's like, it's like combining AR with your mobile phone so that you can literally walk around, build your own sort of, you know, MySpace, right, that you can hang out in and share that space with your friends.
---
#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #ECNY #CBDC #PBOC #Memecoin #Beijing2022 #Metaverse #Dogecoin #SHIB #CoinDCX