Zep joins hands with NEAR Protocol to elevate Web3 experience for users

Palau proceeds with Ripple to Phase 2 of PSC currency program launchThe Ministry of Finance of Palau has officially initiated the second phase of its Palau Stablecoin (PSC) program, a move aimed at expanding the digital ecosystem and enhancing user engagement.The launch was confirmed by Jay Hunter Anson, a cybersecurity consultant in Palau and adviser to the Ministry of Finance. Taking to the X social media platform on Friday, Anson outlined that “the Republic of Palau Ministry of #Finance seeks to expand accessibility and user participation, reaching a wider audience through educational initiatives.”PSC is a digital currency issued and managed by the Palau Ministry of Finance. It’s pegged to the United States dollar and operates on Ripple’s XRP Ledger. It first emerged that the authorities in Palau were collaborating with Ripple on this project back in July.Photo by Kurt Cotoaga on UnsplashBuilding on phase 1 successIn this next phase, Palau seeks to extend its collaboration with Ripple, leveraging Ripple’s central bank digital currency (CBDC) platform and technical expertise.The Ministry of Finance in Palau had previously announced the success of the first phase of the PSC program earlier this month. This initial three-month phase involved 168 volunteers from government employees who received 100 PSC each to use at local retailers participating in the program. Payments were made through mobile phones by scanning a QR code, and both retailers and volunteers provided positive feedback about their experience with the digital currency.Anson highlighted that the focus of the second phase of the PSC pilot program includes establishing new collaborations for marketing and sustainable development goals. Furthermore, the program prioritizes the development of a digital ecosystem and increased user engagement, with a strong emphasis on regulatory compliance.Anthony Welfare, CBDC Strategic Adviser at Ripple, shared his insights on the launch of the PSC pilot program’s second phase via social media. He underscored the advantages of blockchain-based digital currency, citing reduced transaction fees and the potential to address the environmental impact of money circulation. However, Welfare also acknowledged specific challenges, including the complexity of moving traditional currencies across Palau’s 340 islands and the high mobile data costs in the country.Welfare pointed out a notable feature of PSC, emphasizing that Palau residents can conduct offline transactions using this blockchain-based digital currency, even during power outages.Agile technological adoptionEarlier this month Ripple President Monica Long was featured by the New York Times in an article where she set out expectations for 2024. Long articulated that she believes that “people cannot maintain their faith in a financial system that relies on systems built decades ago to move money.”With the rise of cryptocurrency and blockchain technologies, it’s clear that our financial rails can and will be internet-native, in turn bringing greater accessibility and affordability to financial services for everyone,” Long added.Smaller nations like the Micronesian Republic of Palau have been more nimble in adjusting to the changes that Long refers to. This PSC stablecoin project demonstrates that reality.Palau is not alone. It emerged a few weeks ago that the Solomon Islands had entered into a collaboration with Japanese blockchain technology firm Soramitsu. As part of that project, a CBDC named Bokolo Cash has been unveiled as a proof of concept.

Turkish Lira emerges as dominant fiat trading pair on BinanceThe Turkish Lira (TRY) claimed the top spot as the most influential fiat trading pair on Binance throughout the month of September, as per the latest research from the leading cryptocurrency exchange.Photo by PublicDomainPictures on Pixabay75% of all fiat volumeAccording to a report by Cointelegraph on Friday, despite being the fourth-largest crypto market globally in terms of transaction volume, following the United States, India and the United Kingdom, the Turkish Lira commanded a staggering 75% of all fiat volume in early September. This surge in the TRY trading pair is attributed to a recent influx of crypto investors into the Turkish market.In its analysis last month, crypto market data provider Kaiko put Turkish Lira dominance at 81% on Binance. Kaiko also pointed to growth in the volume of the Brazilian Real on Binance, while dominance of the British Pound and the Euro were fading.It’s important to note that the disproportionate level of lira-based fiat volume on the Binance exchange may also have come about due to difficulties Binance has had in recent months in keeping various fiat on and off-ramps open. In June Binance US suspended USD deposits while pausing fiat withdrawals.It has also faced disruption when it comes to Euro payments, withdrawals and deposits. In May Binance Australia users experienced difficulties relative to AUD deposits and withdrawals following a decision to terminate the availability of PayID services to Australian account holders.27% new crypto sector participantsBinance’s research revealed that 27% of participants in Turkey initiated their crypto investment journey within the past year, with 8% joining in the last six months alone. Most respondents indicated holding up to $175 (5,000 TRY) in cryptocurrencies, expressing a strong inclination towards investing in real estate.The profitability factor emerged as a significant motivator for Turkey’s interest in crypto, with ease of monitoring, no minimum threshold, and low transaction costs standing out as key drivers for new investors. However, the inherent risks associated with crypto investments contribute to the hesitancy observed among many Turkish investors.The evolving landscape of crypto adoption in Turkey is evident in the statistics, showing a substantial increase from 16% to 40% over the last three years. Chainalysis’ Global Crypto Adoption Index 2023 ranks Turkey at 12th place. Moreover, the country received humanitarian aid in the form of cryptocurrency during the 2023 earthquake, underscoring the growing integration of digital assets in various aspects of Turkish society.Protecting long-term wealthA report by KuCoin earlier this year identified a marked increase in crypto investors in Turkey. It found that one of the main motivations for the pursuit of crypto investments in Turkey was the desire to create long-term wealth. Recent years have seen the Turkish sovereign currency suffer from runaway inflation. Recent data put the year-on-year inflation rate at 59%.It’s likely that the ongoing loss of buying power of the Turkish Lira is a key motivator for Turkish citizens in choosing to onboard into crypto, in an effort to safeguard their savings and wealth.

Hong Kong Reiterates Web3 Credentials and CommitmentHong Kong is committed to growing the Web3 industry under appropriate regulations, according to government officials.©Pexels/Andrea PiacquadioAt the four-day Web3 Festival, which is the largest Web3 event that the city has hosted since declaring its intention last year to become a digital asset hub, Financial Secretary Paul Chan stated that the stability of the financial system and investor protection should not be damaged, and that appropriate regulations are a must to create a sustainable development environment and a more ideal space for development.DeFi licensing requirementSome attendees were surprised to learn that the Securities and Futures Commission (SFC) believes that decentralized finance (DeFi) platforms for virtual assets need a license under existing rules. Keith Choy, interim head of the intermediaries division at the SFC, stated that people operating or performing DeFi activities should be subject to Hong Kong’s licensing requirements.This means that if Hong Kong really intends to regulate DeFi, it will have a stricter environment than Singapore. The Web3 industry has been closely watching the development of a new regulatory framework for virtual assets in Hong Kong since the city revealed at the end of October its intention to become a cryptocurrency hub. Under new regulations that go into effect in June, cryptocurrency exchanges serving customers in Hong Kong must be licensed by the SFC.10,000 Web3 Festival attendeesThe event attracted more than 10,000 people ahead of the conference, with several big-name speakers and exhibitors looking for new opportunities in the city. OKX and Filecoin were some of the large cryptocurrency firms in attendance, as were traditional tech firms like Tencent Cloud, which had a booth touting its blockchain-related services for corporate clients. Alibaba Cloud was also a co-organiser, along with Amazon Web Services and Hong Kong’s Cyberport.Binance co-founder and CEO Zhao Changpeng (CZ) also dialed in via video for a fireside chat. Last month, the US Commodity Futures Trading Commission (CFTC) sued CZ and Binance over what it alleged was “sham” compliance with domestic regulations. The company has been scrutinized over connections to its local firm Binance.US, which legally is meant to operate as a separate entity. Zhao was not asked and did not address his legal troubles at the conference. However, he did note that Binance is in talks with regulators in many markets.“We are actively engaged with regulators all around the world,” Zhao said. “Many of them are very receptive, some of them are still skeptical, and that’s fine, but we need to engage. We need to have dialogue, we need conversations, and we also need patience.”Singapore comparisonsHong Kong has frequently been compared with Singapore, which had been considered a friendlier market for related activity until Hong Kong’s policy shift. Some attendees had hoped that Hong Kong’s shift would provide some competition for Singapore in the region. “We did see a very obvious trend of people flying to Singapore to make sure their business was part of this space,” said Luke Liu, chief core ecosystem contributor at cross-chain protocol developer Poly Network. “Hong Kong and Singapore can coexist in some sense, but there is definitely a very positive change going on recently because of the Hong Kong policy announcement.”Hong Kong has reaffirmed its commitment to growing the Web3 industry under “appropriate” regulations, with the stability of the financial system and investor protection as a top priority. This has been reiterated during the largest Web3 event in the city since declaring its intention to become a digital asset hub.