XPLA-Kado Partnership allows fiat-to-crypto transactions for XPLA users

China Launches Shenzhen Park Centered on CBDC GrowthChina has been relentless in its efforts at fostering the growth of the digital yuan ecosystem, with its latest initiative involving an industrial park in the Luohu district of Shenzhen, adjacent to Hong Kong.Photo by 鸣轩 冷 on UnsplashNurturing the digital yuan ecosystemThe Shenzhen Park initiative has been launched with the district government putting forth a comprehensive set of ten initiatives designed to catalyze the expansion of the Chinese central bank digital currency (CBDC) ecosystem. According to a recent report published by Chinese media outlet China Daily, these initiatives encompass various critical areas, including payment solutions, digital yuan promotion, smart contracts, and the development of secure hard wallets.Several notable companies, including Hengbao, Wuhan Tianyu Information, and Lakala Payment, have already set up their bases in the park. Hengbao and Wuhan Tianyu Information, known for their payment cards, and Lakala Payment, a renowned payment processor with a Visa partnership, are among the pioneers in this ambitious project.Zeng Zhaoxiang, the Executive Deputy Director of Wuhan Tianyu Information, shared his optimism regarding the venture, emphasizing the potential for collaborative efforts to elevate the park’s development trajectory. Such synergies within the industrial chain, he believes, will be instrumental in driving the project’s success.Enticing incentivesOne notable feature of the Shenzhen Park project is the incentives offered to businesses. They can enjoy up to three years of rent-free accommodation. Commercial banks looking to establish operations in this pioneering facility can secure up to 20 million yuan (approximately $2.7 million) in financial support, while startups may be eligible for as much as 50 million yuan.Consequently, the total government backing for this endeavor is estimated at a substantial 100 million yuan. Furthermore, the government is offering favorable loan terms to those interested in being part of the promising venture.Driving adoption beyond ShenzhenThe efforts to promote the digital yuan extend far beyond Shenzhen’s city limits. The e-CNY is currently undergoing rigorous pilot testing in twenty-six cities across China. Impressively, the digital currency has already gained acceptance among 5.6 million merchants. Given the extent of support for CBDC promotion in China from the government, it would be reasonable to expect this figure to rise steadily in the short to medium term.To further enhance the digital yuan’s accessibility, the digital yuan app now includes a feature allowing tourists to top up their wallets using Visa and Mastercard. Despite having reached 261 million digital yuan wallets by 2022, the broader acceptance of this innovative digital currency remains somewhat gradual.International CBDC developmentAlthough the digital yuan is much further along in its development and promotion, the significance of CBDCs is not limited to China alone. Beyond its borders, the focus on CBDCs remains robust, with most central banks having delved to varying extents into exploring the possibility of both retail and wholesale CBDCs.The extent of open projects worldwide right now means that there are too many to mention but recent examples include South Korea’s wholesale CBDC pilot program which was announced earlier this month. Last month it emerged that the central banks of Hong Kong and Kazakhstan were collaborating with the SWIFT financial messaging service in the testing of a CBDC connector.

Regulatory breach sees Philippines initiate blockade on BinanceIt’s been a very challenging year for global crypto platform Binance — one that doesn’t appear to be improving with the latest move to block access to the platform in the Philippines.Photo by Alexes Gerard on UnsplashUnlicensed to tradeIn a noteworthy development, the Philippines Securities and Exchange Commission (SEC) declared on Tuesday its intention to block access to the Binance platform due to regulatory irregularities.The SEC asserted in a statement that Binance lacks the necessary license to operate in the Philippines, cautioning the public against engaging in investment products on the platform. The regulator stated:”BINANCE is NOT REGISTERED as a corporation in the Philippines and OPERATES WITHOUT THE NECESSARY LICENSE AND/OR AUTHORITY.”The regulatory body is actively working to have Binance blocked in the country, citing concerns about unregistered investment products. The impending ban is set to take effect within three months, allowing investors a window to exit their positions held through Binance.Pushback on advertisingIn addition to its attempts to block access to the platform, the SEC has also approached tech giants Google and Meta (Facebook’s parent company), requesting the blocking of Binance advertisements on their platforms within the country. This is a response to social media campaigns designed to attract Filipino investors to the embattled cryptocurrency exchange. While users can still download the Binance app from Google and Apple app stores in the Philippines, the extent of investor activity in the country remains uncertain.Follows U.S. regulatory actionThese actions in the Philippines come hot on the heels of Binance’s CEO Changpeng Zhao (CZ) stepping down and pleading guilty in a U.S. money-laundering case. The Philippines’ ban adds to Binance’s challenges as it aims to expand in Southeast Asia amid legal troubles in the U.S. and restrictions on operations in China.Over the course of a three-month period earlier this year, the world’s largest crypto exchange platform lost its ability to trade in Germany, Canada, Belgium, the Netherlands and Cyprus. Additionally, French authorities have been investigating the platform for alleged illegal provision of digital asset services and aggravated money laundering.Facing regulatory pushback in the U.S. and Europe, Binance appeared to be concentrating on making further in-roads in Asian markets over the course of this past year. It had recently pursued a joint venture with Gulf Energy in Thailand to launch a new digital assets exchange.Media reports previously suggested that Binance was considering acquiring a Philippine company to obtain operating licenses in the country. The SEC’s move to ban the platform follows a warning issued last year against using Binance, and it represents a broader effort to regulate the cryptocurrency sector and protect the public interest.The recent guilty plea by CZ for violating U.S. money laundering laws has added to the legal woes of the cryptocurrency giant. CZ agreed to personally pay $50 million in penalties as part of a $4.3 billion settlement to resolve investigations into Binance’s practices. He may also still face prison time in the U.S. In the Philippines, the SEC warns that Section 28 of the Securities Regulation Code (SRC) allows the application of a fine of up to five million pesos ($90,000) and a maximum prison term of 21 years.

Axie Infinity Teams Up with CyberKongz in Blockchain Gaming RevivalIn a bid to reinvigorate the world of blockchain gaming, Sky Mavis, the company behind the groundbreaking play-to-earn (P2E) blockchain game Axie Infinity, has announced an exciting partnership with CyberKongz, an Ethereum-based non-fungible token (NFT) collection.Together, they are set to develop a more comprehensive gaming ecosystem for the Ronin blockchain. Sky Mavis originated in Vietnam and came to prominence for developing the first major breakthrough for blockchain gaming within the crypto space. The company’s ties with Vietnam continue although it has since established its headquarters in Singapore.While the announcement, made via a blog post published on Tuesday, has sparked curiosity about a brand-new game on the horizon, specific details remain under wraps. Kathleen Osgood, Sky Mavis’ Head of Business Development, revealed that the upcoming game will be designed to be interoperable, seamlessly integrating with existing Axie Infinity experiences.Photo by Bestami Sarıkaya on UnsplashMoving to the Ronin blockchainBut the partnership goes beyond just creating a new game. It also includes the migration of CyberKongz’s popular Play & Kollect game, which is based on the Polygon blockchain. The move to the Ronin blockchain opens up new opportunities for CyberKongz to expand its user base and tap into Ronin’s thriving gaming community.Axie Infinity first captured the gaming world’s imagination in 2021 when it introduced the “play-to-earn” concept. This groundbreaking model allowed players to earn valuable cryptocurrency tokens while playing the game. It quickly became the leading project by sales volume in the burgeoning NFT space, according to data from CryptoSlam. On the other hand, CyberKongz also made headlines in 2021 when it impressively burned $4 million worth of Ether.However, since the NFT craze of 2021, interest in blockchain gaming has seen a decline, with some crypto-based games, such as Neopets, even transitioning to a non-crypto approach.Play-to-earn deficienciesSky Mavis Co-Founder, Aleksander Larsen, acknowledged earlier this year that the play-to-earn model needed improvement to thrive. He emphasized that games must prioritize fun and feature a robust economic system that enables players to earn rewards. Despite this, Kathleen Osgood remains optimistic that the blockchain gaming space can experience a revival through an experience that truly understands the motivations driving users towards Web3.According to Osgood, many teams in the space have merely attempted to replicate what worked in Web2, which may not be enough to drive explosive growth. Instead, she believes that attracting a massive audience lies in taking an innovative approach to leverage the unique offerings of Web3, appealing to users who are naturally drawn to its decentralized and rewarding nature.Gaming evolutionSky Mavis has started opening up its infrastructure to the Web3 ecosystem through the Ronin blockchain. By doing so, it hopes to create gaming communities that are not only more rewarding but also longer-lasting, fostering an environment of engagement and enthusiasm among players.As blockchain gaming continues to evolve, partnerships like the one between Sky Mavis and CyberKongz signal renewed efforts to iteratively improve on previous blockchain gaming models. With a new game on the horizon and the migration of CyberKongz to the Ronin blockchain, the stage is set for a new era of immersive and rewarding blockchain gaming experiences, building upon past efforts.