The lowdown this week...
- Binance assists Philippines with crypto regulations despite dispute with SEC
- Some Chinese cities now accept digital Yuan as valid payment method
- Samsung aims to launch crypto exchange by next year
- India launches blockchain forum, aiming to make the country a global hub
Major Chinese cities have started accepting digital Yuan
China's central bank has taken crucial steps to evolve their central currency in the past 3 years. The main purpose of the digital Yuan is to provide ease of use and a sense of reliability for Chinese citizens when it comes to crypto. Nearly 4.6 million merchants have accepted e-CNY as a mode of payment for dining, finance, business, and personal use so far. The central bank's digital currency research institute plans to make e-CNY as prevalent as fiat in the distant future.
Ningbo, a city located in China’s northeast Zhejiang Province - announced that 125 of its metro stations are now accepting digital Yuan. This is a big deal, because the city is home to the only free-trade zone in Zhejiang Province - and is also a strategic location because it houses a majority of the East China Sea fleet. Since the public transportation system in Ningbo is split into five metro lines, residents who plan to pay with the token will have to use the subway's app - according to the Ningbo Rail Transit. The app prompts users to link e-CNY wallets from one of 6 major banks. After doing so, residents can simply scan QR codes at ticket entry points to pay for any fees.
Order in The Court!
Binance is working on crypto regulations in the Philippines
The Philippines has had a hot and cold stance towards cryptocurrency adoption. In August, the SEC warned citizens against any involvement with Binance - but are slowly warming up to the idea. According to a report from the Inquirer, the Bangko Sentral ng Pilipinas and SEC are in talks about regulating crypto in the country. In a senate hearing with the committee on banks, financial institutions, and currencies chaired by Senator Mark A. Villar - they discussed key goals in achieving policies for digital assets.
The main discussion revolved around how the Philippines can utilize new innovations with proper guidelines in place. Part of the work will be conducting research into the formation of digital asset policies. Industry professionals were present during the hearing, and Binance plans to further innovation in the Philippines despite the uncertain future of crypto there. Providing financial literacy is one of Binance's cornerstone goals, and they won't be giving up anytime soon.
Talk of The Town
Samsung is developing a South Korean crypto exchange for 2023
Samsung Securities is planning to launch a crypto exchange of its own in 2023. Six other big names were also listed in the exchange plans, and they're collaborating closely together with financial bodies to obtain an exchange license. Prior to the move, Samsung had already launched several initiatives in 2022 - including a wallet function for its Galaxy line, and a TV that supports NFTs and Cardano.
South Korea isn't known for a positive stance towards crypto; just last year - the country banned 60 platforms from trading cryptocurrencies. However, despite closing dozens of exchanges - a few such as Upbit and Coinone are still thriving. Their survival can be attributed to Yoon Suk-Yeol, who stepped into power last May. Suk-Yeol is an avid crypto enthusiast who vowed to increase the limit of non-payment on crypto taxes, and acted as a strong supporter for the cause.
India boosts Web3 adoption through blockchain forum
India has held a complicated relationship with crypto since 2018, when a circular was first passed to ban cryptocurrencies. 2 years later, the Supreme Court overturned the circular - but in the following year, the government announced a bill to ban private cryptocurrencies again. A group of blockchain influencers has recently formed despite the topsy-turvy relationship between India and crypto. It was launched by Jayesh Ranjan and officials from the government of Telangana - who had a vision to make India a global hub for blockchain and Web3. Additionally, the blockchain forum plans to develop interest groups in specific divisions such as the metaverse and CBDC sector.
The Telangana government shared their plans to create a Web3 regulatory sandbox. This should help motivate startups to devise solutions surrounding tokenization, NFTs, and multiple crypto projects. The sandbox will also allow its users to build contacts among stakeholders including policymakers and regulators. The blockchain forum plans to open its membership for stakeholders with a long-term goal of becoming the world's largest Web3 community.
Food for thought:
- Do you think that China will be a fiat-free society by 2025?
- Will a Masters' in cryptocurrency and a minor in Bitcoin mining be a possible title for Filipino and Filipina students in the future?
- In your opinion, will South Korea be more inclined towards crypto adoption because of the newly elected politician?
- What new technologies would you like to see Samsung develop?
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.
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