South Korean FIU rejects Hanbitco’s bid to become fiat-to-crypto exchange

Chinese Central Bank Official Emphasizes Need for Digital Yuan Retail PaymentsA senior official from the People’s Bank of China (PBOC) has underscored the importance of making China’s digital yuan, commonly referred to as the e-CNY, accessible in all retail payment scenarios within China.Photo by Eric Prouzet on UnsplashStreamlining retail e-CNY paymentsThe remarks were delivered by Changchun Mu, Head of the Digital Currency Research Institute, during a trade forum in Beijing. Mu emphasized the need for standardizing QR codes in payment systems, particularly those dominated by giants like WeChat Pay and Alipay.Local media reported on Sunday that the central bank official highlighted that various wallet providers, including WeChat, Alipay, commercial banks with mobile banking apps, and other payment apps associated with e-CNY operations, must remain vigilant about complying with relevant financial regulations and obtaining the necessary licenses. He stressed that the initial step in this process should involve the adoption of the digital yuan as the preferred payment method for all retail transactions.Standardizing QR code paymentsMu explained that in the short term, authorities can start by unifying QR code standards on a technical level to achieve barcode interoperability. In the long run, he suggested that they will steadily implement the upgrade of payment tools.The move towards standardizing QR code payments aligns with the central bank’s commitment from the previous year to promote universal QR payment codes. This initiative aims to allow consumers to make payments by scanning a unified barcode. Currently, QR code payment systems are widely prevalent in China, with WeChat Pay and Alipay being dominant players.The PBOC has been actively testing the e-CNY, having introduced a pilot app in January 2022. The digital yuan pilot programs, initiated in late 2019, have expanded to encompass at least 26 locations across 17 provincial-level cities and regions, including major cities like Beijing, Shanghai, Shenzhen, and Suzhou, according to state media Xinhua.The extent of China’s promotion of its digital yuan has been unmatched despite the fact that most central banks globally have had ongoing central bank digital currency-related (CBDC) projects open for a number of years already.Recent months have seen the launch of a whole host of initiatives to further the use of the CBDC. These initiatives have included integration of the currency into the education system in Jiangsu province, the installation of digital yuan ATMs in Hainan, among many other such projects, and paying state employees with the currency in Changshu. That said, despite these efforts, widespread adoption of the e-CNY remains a work in progress.Bringing about e-CNY integrationMu also emphasized that the existing interbank payment and settlement systems function effectively, indicating that there is no immediate need to replace them with the CBDC system. Instead, he suggested that seamless integration could be achieved by ensuring comprehensive interoperability between the e-CNY and existing electronic payment tools and commercial bank deposit systems.Moreover, at a wholesale level, Mu proposed the use of the digital yuan for settlement within the financial market infrastructure. Smart contracts could also be leveraged for such activities, thereby enhancing efficiency in wholesale payments.Mu’s remarks underscore the Chinese central bank’s determination in advancing the development and adoption of the digital yuan while ensuring it remains integrated into the existing financial ecosystem.

Ministry of Science and ICT to hold conference to explore future of Web3The Korean Ministry of Science and ICT is set to host the Next-Generation Web Conference next Monday (local time) at the Science and Technology Convention Center in Seoul. Jointly organized by the Korea Internet and Security Agency (KISA), the Web 3.0 Convergence Technology Forum and the World Wide Web Consortium’s (W3C) Korean office, the event aims to explore Web3’s role in heralding a new era. Experts and attendees will gather to share insights on current Web3 technology trends and industry developments as well as future prospects.Photo by Shubham Dhage on UnsplashWeb3’s promising opportunitiesTouted as the future of the internet, Web3 is recognized for its ability to address current issues with the internet such as platform monopolies and data concentration. As one of the most anticipated emerging industries, it is expected to lead economic and societal transformation through convergence between technologies like blockchain, artificial intelligence and big data.“The growth of new technologies such as big data and blockchain, coupled with the integration of intelligent web technologies, is accelerating the transition to the new Web3 era,” said President Lee Won-tae of the KISA. Regarding the KISA’s role in facilitating this transition, he added, “The KISA will strive to foster a secure and convenient internet environment based on Web3 technologies, promoting the discovery of new services.”Event detailsThe conference will feature two keynote speeches, titled “The Current State of Web3 and Our Readiness” and “Web 3.0 from W3C perspective, and the future of Web.” This will be followed by four sessions, which will delve into various topics such as blockchain business strategies, tokenized securities and Web3 service development.Pre-registration for the conference is open until Sunday, with a chance to win various prizes available for those who register to attend in person. The event will also be livestreamed on YouTube.

MHC Digital Group, an Australian digital assets management platform, has entered into a partnership with USDC stablecoin issuer Circle Internet Financial, with a view towards increasing the circulation of USDC within Australia and the Asia-Pacific (APAC) region. MHC was founded by well-known venture investor Mark Carnegie, with the company having offices in Sydney and Singapore. The firm will work with Circle to distribute USDC in Australia and within the APAC region. MHC has been marketing its services towards institutional investors and it’s that same client group that the two firms want to target in order to increase USDC circulation. The firm will provide “cost-effective and efficient USDC access” where institutional clients are concerned.Photo by Catarina Sousa on PexelsCrypto ‘a better mousetrap’ In a media release published on behalf of the two companies, Carnegie claimed that while many people still claim that there is no use case for crypto, hundreds of billions move globally at a fraction of the cost experienced via the traditional financial system. “Crypto is simply a better mouse trap for the vast majority of international payments,” he added. Commenting on the development in an interview with the Australian Financial Review, Carnegie stated:“I’m hoping we can show there are hundreds of millions of dollars of forex [foreign exchange] trading fees, where super funds are getting their faces ripped off by Macquarie Bank and the other incumbent banks.” Appealing to pension funds Carnegie wants to get large pension funds on board in using USDC. He pointed to the fact that global banks make $170 billion from corporations and individual investors through the movement of funds over the SWIFT network. He can see that major savings can be made if USDC is used relative to these fees. Despite all this, Carnegie acknowledges that it will be a hard sell to get them on board. As part of these plans, MHC Digital will be launching an over-the-counter (OTC) trading desk, which will be targeted towards hedge funds, crypto enterprises and high-net-worth individuals. APAC opportunity Kash Razzaghi, Circle’s chief business officer (CBO), identified APAC as presenting with an adoption opportunity beyond institutional clients. Razzaghi stated: “With its young, mobile-first and digital wallet-ready population, the Asia Pacific region is ahead of the curve when it comes to digital asset adoption." Carnegie appears to be similarly enthusiastic when it comes to the APAC region. In an interview with CNBC back in January, he suggested that the crypto bull run was “an Asian story this time round.” It’s understood that the two companies are also considering collaborating on the issuance and distribution of an Australian dollar (AUD) denominated stablecoin. This development is the latest in a string of initiatives taken by Circle to bring about USDC adoption in the APAC region. In 2023 the company partnered with SBI Holdings with the objective of enhancing the circulation of USDC within the Japanese market. The very same rationale resulted in it partnering with Tokyo-based crypto trading platform Coincheck in February 2024. The company has also tried to trigger adoption at a retail level, through collaborations with FamilyMart convenience stores in Taiwan and Southeast Asian super app Grab.