Russia Planning on Digital Ruble 🇷🇺

GM. This is Degen Scoop. It’s Wednesday, here’s your scoop for the day:

• Russia Planning on Digital Ruble 🇷🇺

• Arkham CEO Defends New Program ⚔️

• Terra Co-Founder Hires 30 Lawyers 👨‍⚖️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Russia Announces Their Pilot Program For A Digital Ruble

While prices haven’t quite recovered to their 2021 highs, the utility of cryptocurrency continues to spread. This time, we’re seeing Russia beginning to experiment with a digital currency. We at Degen Scoop are bearish on CBDCs, but this isn’t a development you can afford to ignore as more and more countries are looking into utilizing their own CBDC.

The program will begin its first phase in August with the central bank operating the experiment. As more and more countries test out their respective CBDC, it feels as though we’ll see one release by the end of 2025. Only time will tell to see which nation releases theirs first.

Arkham CEO Defends New Dox-To-Earn Initiative

Arkham Intelligence still hasn’t stopped to consider the second order effects of their new dox-to-earn program. As the saying goes, “The road to hell is paved with good intentions.” We like to think this program is coming from a good place, but the edge cases are more than worrying. Truth be told, this program was going to be created by someone eventually.

Miguel Morel, CEO of Arkham Intelligence, hasn’t changed his mind for those that listened to the Twitter spaces held to discuss the new program.

We prefer to see the good in people, but that isn’t always possible in crypto. There are often bad actors lurking given the decentralized nature of the industry. And that is unfortunate, so we do see where he is coming from.

Daniel Shin, Co-Founder of Terra, Builds Team of 30 Lawyers

While most of the press surrounding Terra is around Do Kwon and his recent voyage to jail, Daniel Shin is beginning his trial. Shin is facing charges of market manipulation, fraud, and embezzlement. It would appear that he knows his odds aren’t good, so he has hired a team of 30 lawyers to defend him and give him the best chance of avoiding a life in prison.

The prosecution alleges that Shin managed to profit $104M by selling his tokens prior to the crash. As of right now, him and his team are denying all charges against him. Under the belief they have not had enough to prepare, the case has been postponed to late August which is the second delay. Daniel Shin has managed to keep a low profile but his time in court is approaching.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.