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The CoinGeek Pulse Episode 41: Digital currency update, Snowden NFT sells for over $5.5M and SLictionary NFTs

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Is there trouble in digital currency paradise? With significant movement happening in the space, governments around the world are reacting, and it is not always positive for the ‘bad eggs’ in the basket.

In South Korea, the government will stiffen regulations on digital currency transactions and will enforce a “special crackdown on illegal activities related to virtual assets.” This is in cooperation with various ministries like the Financial Commission, Ministry of Information and the Police starting this month until June.

Meanwhile, Turkey bans the use of digital currency and digital assets as a form of payment effective April 30 in the midst of economic instability.

In a statement, the Central Bank of the Republic of Turkey says, “Their use in payments may cause non-recoverable losses for the parties to the transactions.” It adds, “Payment service providers will not be able to develop business models in a way that crypto assets are used directly or indirectly in the provision of payment services and electronic money issuance.”

This is a reasonable concern as businesses like Rolls Royce and Lotus in Turkey accept digital currencies with high-transaction fees like BTC. With no limit on the block size on the Bitcoin SV platform, BSV remains the only blockchain that effectively serves as a fast and cost-effective payments support, where the Turkish government could build a solid business model for payment services.

On the bright side, England will be exploring the possibility of a U.K. central bank digital currency (CBDC). The Bank of England (BoE) and HM Treasury has announced the creation of a CBDC taskforce to secure a strategy between authorities. The BoE will ‘engage widely with stakeholders’ on the benefits, risks and practicalities of creating its own CBDC.

From CBDCs to NFTs. The latest news on this hot trend in the space points to the infamous National Security Agency (NSA) whistleblower Edward Snowden.

Snowden sold ‘Stay Free,’ an NFT of a digital artwork of himself for over $5.5 million in auction in five minutes. It is one of the most expensive single-piece NFTs, trailing behind Beeple’s $69 million sale and a pair of CryptoPunks. Proceeds will go to the Freedom of the Press Foundation.

Moreover, SLictionary, a new app that uses NFT in a very creative way has launched recently. It is a knowledge exchange platform powered by Bitcoin SV, where users can search and add word definitions, and earn money.

The word definition itself is an NFT. This means that the owner of the token, where the definition is stored, gets paid every time someone searches the word and uses its definition. This would be one of the first true NFTs on the market.

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