December 07, 2020
1. China’s Digital Yuan to Run Pilot Payments in Hong Kong
2. Blockchain Voting System with Digital ID Verification to be Developed in Japan by LayerX
3. Spotify Reportedly Looking to Add Crypto as Payment Method
4. Russia’s Largest Bank, Sberbank, unveils Crypto Plans as the Country Starts Regulating Crypto
China’s Digital Yuan to Run Pilot Payments in Hong Kong
Photo by Simon Zhu on Unsplash
China’s central bank and the Hong Kong Monetary Authority, or HKMA, are underlining another primary development in introducing a digital central bank currency, or CBDC. It is currently in the preliminary stages of piloting the digital yuan for cross-border payments.
Chief executive Eddie Yue stated via a media release that HKMA is in dialogue with the People’s Bank of China, or PBoC, to begin the e-CNY pilot test, further adding:
“The HKMA and the Digital Currency Institute of People’s Bank of China are discussing the technical pilot testing of using e-CNY, the digital renminbi issued by the PBoC, for making cross-border payments, and are making the corresponding technical preparations.”
E-CNY will greatly help Hong Kong and mainland Chinese visitors, Yue said, because it reflects the same value as cash already in circulation. In addition, it would be convenient for a digital equivalent as yuan is already used in Hong Kong.
China, with its digital yuan pilots processing $300 million worth of transactions as of early November, continues to be at the forefront of CBDC growth. In April, the first pilot projects were launched across four major cities before being extended to nine metropolitan areas.
As for Hong Kong, for at least the past three years, the Special Administrative Area has been investigating possible use cases for CBDCs. In 2019, HKMA launched a joint research project with the Bank of Thailand to discuss different issues related to cross-border payments and digital currencies, as Yue noted. Yue said this project had reached its “second stage,” which looks at the operability and scalability of CBDC cross-border involvement.
In the foreseeable future, Yue suggested that the aim is to establish an integrated cross-border payment mechanism for the region:
“From a longer-term perspective, we have a good chance of building a regional cross-border payment platform by riding on the global trend of strengthening cooperation in cross-border payment.”
Source | Cointelegraph
Blockchain Voting System with Digital ID Verification to be Developed in Japan by LayerX
Photo by Claudio Guglieri on Unsplash
To counter the pain points of double voting, data breach, costs, and technical issues, Layer X, a Japanese firm, will be partnering with xID, a digital ID application, to build a voting system on blockchain in Kaga City of Ishikawa, Japan.
LayerX, based in Tokyo, indicated that it was important to resolve the existing electronic voting systems’ cost and stability in the area. The firm announce that it will develop the electronic voting project to facilitate safe and secure elections for the city of 68,000 inhabitants.
“Voting over the Internet presents more challenges, such as preventing double voting, technical hurdles to keep ballots secret, and the cost of voting devices,” stated the company announcement. “LayerX researched and developed an electronic voting protocol that balances the transparency of the voting process and the confidentiality of voting records.”
The blockchain-based voting system will help verify voters’ identity and assure that each person only has one ballot. The system will also allow voters to check their voting results. Further, the blockchain network ensures meticulous entries of votes by using its cryptographic ability.
Source | Cointelegraph
Spotify Reportedly Looking to Add Crypto as Payment Method
Photo by Austin Distel on Unsplash
Spotify recently published a new job listing, “Associate Director, Payments Strategy & Innovation” stating that the director is to bring in new payment strategies.
As published on Lever, a talent acquisition platform, the job description states:
“This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space.”
The listing further stated that the director is expected to look for new opportunities in the developing ecosystem of blockchain, cryptocurrencies, central bank digital currencies (CBDCs), stable coins and distributed LEDGER technology (DLT).
Source | Bitcoin.com
Russia’s Largest Bank, Sberbank, Unveils Crypto Plans as the Country Starts Regulating Crypto
Photo by Michael Parulava on Unsplash
Sberbank, state-owned and the largest bank in Russia, has allegedly unveiled its crypto plans in collaboration with JPMorgan, an American multinational investment bank, to start after cryptocurrency in Russia gets regulated.
Herman Gref, CEO of Sberbank, states:
“From January 1, the law comes into force, we want to bring to the market our new blockchain platform, which will provide services for the purchase of digital financial assets.
Gref clarified that the new regulations on crypto will take effect in Russia on January 1. The new regulation seek to provide an enforceable definition for digital assets and legitimize cryptocurrency in Russia. Another regulatory framework for cryptocurrency is still under review by Duma, a Russian assembly with advisory or legislative function.
It is further reported that Sber may team up with JPMorgan to start issuing its own cryptocurrency, “sbercoin” around the same time as Bank of Russia works on a central bank digital currency (CBDC).
Source | Bitcoin.com
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