🤝 Bringing traditions and crypto together

The market has gone relatively quiet with the New Year approaching. We only have one interesting news item to discuss today. However, we promise it will be worth your time!

Today we will cover

• Bringing traditions and crypto together 🤝

• Some other NEWS in a nutshell 🥜

• Nutty Meme🥜

A new year is around the cornerGoals and motivation going bonkerA country looks to leverage the festival spiritTo push the adoption of crypto to the limit

Bringing traditions and crypto together 🤝

Crypto adoption is growing steadily. From decentralised finance to games, many applications and use cases are cropping up to boost the adoption rate.

However, China is taking another step forward by linking the traditional red envelopes sent in Chineese new year to gifting CBDCs. 🧧

Let us understand 2 things before we discuss the significance of this news. 🫡

1. CBDCs in China 💴

e-CNY (digital Chinese yuan) was introduced in China in 2020 and has not seen much progress. In one year, the transaction volume increased by only 14% to $14 billion in October 2022.

The Chinese government is looking to improve those numbers. For this, it is looking to leverage the Chinese New Year festival. 🥳

It is looking to introduce the "red envelope" concept into CBDCs and encourage people to send their gifts via CBDCs. 📤

2. The Importance of Chinese New Year 🍀

According to some estimates, over 2 billion people (1/4th of the world’s population) participate in this festival. 👪

People with various different relationships send money to each other, from older to younger, and from boss to employee. 👫

Several billion dollars' worth of transactions take place during this time. 💰

Nutty Take 🥜

Some interesting facts about digital yuan before we go further,

• It is NOT on a blockchain ⛔

• It is NOT decentralized. ⛔

Well, China is not really known for being liberal, so the centralised part is not really a surprise. 😏

You might ask, "Should we even discuss digital yuan in Web3?" It does not have any characteristics of web3! 🫤

It does not serve decentralisation or blockchain. However, it generates an interesting use case. 😮

What we want to highlight is the method China is looking to use to promote adoption.

People are not interested in knowing the underlying technology, they are concerned about what problem is the service or product solving in their daily life. 👍

Ask yourself, do you know how the internet works? Do you know about DNS and all the other jargons? No, right?

We can potentially see many more countries adopt a similar approach in the future to push the adoption of CBDCs. Gifts for birthdays, Christmas, Anniversaries, and many more. 🎂

This will potentially help people become more accustomed to using crypto for payment purposes and generate more use cases. 👯

Some other NEWS in a nutshell 🥜

• Russia's largest bank issues gold backed digital securities. According to them they see it helping in de-dollarization.

• 2 popular NFT projects y00ts and DeGods quit Solana chain and move to Ethereum and Polygon respectively. Market reacted postively to the news with both collections seeing an uptick in volume.

• Alameda wallets resume activity a few days after SBF gets bail.

Nutty Meme 🥜

Hope you found the today's news interesting fam! Adios, cya on Friday!