China Is Angry, Japan Is Cool

GM Readers!📪 It's BitDegree Insider, and let's crack open that web3 can.

⭐️Today's selection:

• 🐲China vs Domus
• ⛩Cool Japan
• 🔒Tricky Crypto Insurance
• 🧩️Answer To Yesterday's Puzzle
• 👌Selected Meme of The Day
• 📰Bite-Sized News

CHINA'S FURY

China woke up and chose violence. Against crypto. Again.

On January 31st, Damus, the new social media app (and an alternative to Twitter), hit the App Store with a bang. Or so they thought.

With its blockchain-based solutions, Damus quickly caught the attention of the Chinese authorities, who are known for their strict stance on cryptocurrencies.

And so it happened that Damus' celebration was short-lived, as just two days later, the app was blocked for customers in China by the App Store, following a request from none other than the CAC (the China Agency for Censorship and Control).

Officially, CAC is tasked with representing state interests in digital security and censorship.

So they don't let things slide when they might become a backdoor for 'prohibited content' to enter the country. 

Damus which is proudly supported by former Twitter CEO Jack Dorsey, has always faced an uphill battle due to its decentralized management structure.

This basically means that the social media app is censorship-free.

And, let's be real, when you add in the fact that Damus was designed with the possibility of integrating cryptocurrencies, it's a wonder it made it to the App Store in China at all.

It's important to remember that in China, any online platform must obtain an ICP (Internet Content Provider) license.

This license means the platform must track all information about its users, including real names, and make it available to the authorities upon request.

So, if you're using Damus or any other online platform in China, remember to watch what you say - Big Brother is always watching!

TL;DR: China bans Damus, a freshly launched social media app, from Apple Store.

COOL JAPAN

Unlike China, Japan is moving in the completely opposite direction.

The country is making a bold move towards the future with its latest "Cool Japan" strategy. Yeah, that's the official term to describe it.

With NFTs and DAOs at the forefront, Japan's Prime Minister Fumio Kishida sees a bright future for the country's economy.

During a recent meeting of the House Budget Committee, he chatted with Masaaki Taira, a member of the ruling party and leader of the government's Web3 task force, about how NFTs and DAOs can help attract investment and expand the economy.

But it's not just about the money - Prime Minister Kishida is particularly interested in NFTs that represent various forms of art and artistic content.

He believes this will help creators diversify their income and keep a dedicated fan base. And as for DAOs, Kishida views them as a solution for people to address social issues that matter to them.

Thanks to the decentralized, blockchain-based nature of DAOs, they are collectively owned and managed by the community.

BTW, let's go back to the "Cool Japan" thing.

The term gained popularity in the early 2000s and refers to promoting Japan's cultural influence through J-pop, manga, anime, movies, and video games.

Since taking office in 2021, Prime Minister Kishida has been a strong supporter of digital finance and the implementation of Web3 in Japan.

He's already simplified the process of listing tokens on exchanges, so it's no surprise that he's backing this latest "Cool Japan" strategy.

Get ready, world, Japan is taking the digital finance world by storm! (We're looking at you, China)

TL;DR: Japan's Prime Minister Fumio Kishida continues communicating trust and high expectations of NFTs and DAOs. Such high-level support means a lot to global adoption since in case web3-based initiatives will be successful, the rest of the world will follow. 

CRYPTO INSURANCE EXISTS. IT COMES WITH A CATCH

Imagine being able to overpay so just you could not worry about losing money. Sounds like a self-defeating solution to a real problem.

A US company, Cherokee Acquisitions, has introduced an insurance policy against crypto-bankruptcy.

It's like buying a life jacket before diving into shark-infested waters (aka the volatile world of crypto).

The policy only covers the top exchanges, Binance, Coinbase, and Kraken, and will reimburse 100% of the deposit amount if the exchange files for official bankruptcy.

For large companies and hedge funds using these exchanges, this insurance policy might sound like a no-brainer.

But, hold on to your bitcoins, because it comes for a price that's not for the faint-hearted!

The monthly rate ranges from 0.25% to 0.55% of the deposit amount.

For example, if you have a million dollars in crypto on Binance, you'll be paying a minimum of $27,000 just to insure it.

But hey, if the exchange goes belly up, Cherokee Acquisitions will save the day by paying out the full million dollars.

So, it's like a safety net, or a financial safety bubble, for the daring crypto enthusiasts.

TL;DR: Cherokee Acquisitions, a US company, has introduced a new service - an insurance policy against crypto-bankruptcy. If a top crypto exchange collapses, they'll cover your losses. But there's a catch. The minimum monthly price for it goes $27,000 to $33,000.

ANSWER TO YESTERDAY'S PUZZLE

Yesterday we asked you what 'CZ', the alias under which the CEO of Binance goes, stands for.

We provided many answers, some of them were just beyond ridiculous. But, as was expected, our audience is well-read and educated. The right answer won the poll!

🎆🎆🎆 CZ stands for Changpeng Zhao 🎆🎆🎆

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Alameda Research Crypto Wallet Receives Almost $13 Million Worth of Crypto. Some pocket money.
• US DOJ Investigates Silvergate over Connections with FTX and Alameda Research. Enemy behind the (Silver) Gates.
• Indonesia Plans to Launch its National Crypto Exchange in June 2023. This won't be the case to apply the 'Indonesia plans, God laughs' saying.