China's New Year Gift - NFT Marketplace
In today's dispatch, we have a bunch of new year's resolutions:
China's NFT Marketplace
Turkey's Digital currency plans
Nouns NFTs Rose Parade appearance
China, the country that treats NFTs almost like Voldermort, includes an NFT marketplace in its new year's resolution. China will launch its well-regulated "digital assets" platform called the "China Digital Assets Exchange." on January 1, 2023.
The platform will allow the trading of digital collections, digital copyrights, and property rights and will be run by three entities:
China Technology Exchange (state-backed)
China Cultural Relics Exchange Center(state-backed)
Huaban Digital Copyright Service Center (private)
The platform's underlying blockchain is called the "China Cultural Protection Chain."
It's not like other regular chains. First off, it's a permission chain, and it provides: digital asset registration, confirmation of rights, depository, rights protection monitoring, and copyright protection services for institutions and individual users.
The big picture: China is not easy when it comes to crypto. The country has notoriously strict rules; they even refuse to call NFTs as NFTs but digital collectibles. And crypto mining and trading have been forbidden in China since 2021.
It's complicated. NFTs are not banned in China, but can you buy them with crypto and use them as a speculative investment? No. Secondary trading has also not been allowed in the country.
Despite all this, China still has a thriving NFT market and was one of the first nations to embrace the NFT industry.
Let's see if the China Digital Assets Exchange launch loosens some of these restrictions. Even though cryptocurrencies are still not allowed, the platform will act as a secondary market for users to trade "digital collectibles."
Turkish Central Bank Tests Digital Lira
Turkey's 2023 will majorly involve its CBDC plans.
Turkey's central bank, The Central Bank of the Republic of Turkey (CBRT) announced that it had completed the first set of tests for its long-awaited digital currency - Digital lira.
The CBRT will continue to run the "closed-circuit" pilot tests with technology stakeholders in the first quarter of 2023, and the findings obtained from these tests will be shared with the public.
CBRT plans to expand the digital lira experimentation platform to include a select group of banks and financial technology firms and run additional technical tests on the system.
Globally: Major economies such as the U.S., U.K. and European Union have been exploring CBDCs. During the last year, central banks in 114 countries have undertaken some form of investigation into digital currencies.
The Bank of Japan has planned experiments on a digital yen with megabanks and regional banks in the country.
Australia expects to complete its central bank digital currency (CBDC) pilot by mid-2023.
The Reserve Bank of India has proposed a phased pilot of its 'E-Rupee.'
Brazil and Russia plan will launch theirs in 2024.
Chinese citizens can already spend the digital yuan.
Nouns NFTs Will Appear in the 2023 Rose Parade
After appearing in a Bud Light Super Bowl commercial as well as an Indie Film called 'Calladita' in 2022, The Nouns NFT project hopes to kick off the new year with a live appearance in the Rose Parade on January 2, 2023.
A 63-foot-long Nouns-themed float and six costumed characters will take part in the 134th annual Rose Parade in Pasadena, California, ahead of the Rose Bowl college football game between Penn State and Utah.
Stoopid Buddy Stoodios, the production company behind TV shows "Robot Chicken" and "Marvel's M.O.D.O.K," first pitched the parade idea to the Nouns NFT DAO back in April.
In June, the DAO approved Stoopid Buddy Stoodios' request for approx 610 ETH to pay for the production of the parade float, costumes, and film. Seth Green, the co-founder of Stoopid Buddy Stoodios, also proposed filming the entire thing for a documentary.