Coinone Hires Former FSS Official as Head Auditor

Raon Whitehat Launches Cloud-Based NFT Wallet for OmniOne MarketplaceSouth Korean tech security firm RaonSecure announced Thursday that its subsidiary Raon Whitehat has launched a cloud-based NFT wallet service on the OmniOne NFT marketplace, specializing in utility NFTs that are backed by tangible assets like gold.Photo by C Dustin on UnsplashMore secure and convenientUsers can easily create an account for the OmniOne NFT cloud wallet by entering a username and password. This cloud-based solution offers advantages over mobile app-based NFT wallets, which can present occasional inconveniences. In scenarios involving app deletion, device change, or device loss, one faces the cumbersome task of reinstalling the application and going through the authorization process again. In contrast, the cloud wallet provides a more seamless experience. NFTs are securely stored in the cloud and can be accessed from any device, requiring only the recollection of a username and password.Transferring NFTsIndividuals who have NFTs stored within their current app-based NFT wallet can create a new cloud wallet account and proceed to transfer their NFTs from the existing app-based account to the new cloud account by utilizing the “Send as Gift” feature.RaonSecure CEO Lee Soon-hyung announced that users are now able to store their gold-backed NFTs, purchased from the OmniOne NFT marketplace, in the cloud wallet. He explained that this development addresses the issue of potential NFT asset loss due to app deletion or device loss.Furthermore, Lee emphasized that Raon Whitehat is dedicated to introducing more innovative services in the future. These services will prioritize user convenience and security, specifically in the storage of diverse digital assets like NFTs and certification badges.

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.

The Dubai Land Department (DLD), a government agency responsible for the registration of real estate in Dubai and the promotion of real estate investments, has signed an agreement with the Virtual Assets Regulatory Authority (VARA), a local regulator, to better integrate tokenized real estate within existing systems. In a statement published on the DLD website on April 6, the government agency set out further details on the collaboration. The purpose of the agreement is to better accommodate fractional ownership of Dubai real estate through tokenization. Photo by Precondo CA on UnsplashLinking fractional ownership to DLD registryTo that end, a governance system will be put in place in order to link the DLD’s land and property registry with tokenized, fractional ownership of property. The parties believe that this approach will lead to greater operational efficiency for stakeholders such as property management firms. Furthermore, greater accommodation of tokenized ownership will lead to enhanced liquidity within the Dubai real estate market.  As a consequence of this improved liquidity and facilitating a more seamless approach in terms of operational efficiency for property management firms, it’s believed that a greater share of global investment in local real estate can be achieved. Broadening the investor baseFractional ownership via tokenized real estate opens the market up to a broader range of potential investors. On this basis, the collaboration can play a role in contributing towards the objectives of Dubai’s Real Estate Strategy 2033, which sets out to boost the local property sector’s contribution towards gross domestic product (GDP). That initiative targets a real estate market value of AED 1 trillion ($272 billion). The DLD said that the initiative also feeds into the broader objectives of the Dubai Economic Agenda (D33), a ten-year plan that has been set out to double Dubai’s economy by 2033, through focusing on innovation, achieving competitiveness at a global level and sustainable growth. Helal Almari, the director general of Dubai’s Department of Economy and Tourism, commented on the partnership, stating that it reflects the future-focused innovation, which he claims Dubai has already become associated with. He added: “Real Estate and Virtual Assets are key pillars of the D33 Economic Agenda D33 and by joining forces DLD and VARA will be creating the blueprint for RE 2.0 in a Decentralised Future Economy.” Almari expressed the belief that putting legal safeguards in place to recognize fractional ownership rights where real estate is concerned will facilitate “more inclusive economic participation” in this market sector.  The DLD recently launched a real estate tokenization pilot project in collaboration with VARA and the Dubai Future Foundation (DFF). At that time, DLD Director General Marwan Ahmed Bin Ghalita recognized the potential that tokenization can bring to the real estate sector. He stated: “By converting real estate assets into digital tokens recorded on blockchain technology, tokenization simplifies and enhances buying, selling, and investment processes.”Last month, Scott Thiel, founder and CEO of Dubai-based real-world asset (RWA) token marketplace Tokinvest, outlined that RWA asset tokenization in the United Arab Emirates (UAE) is gaining momentum. Commenting on this latest development, Thiel said that it’s a demonstration that “the future of real estate investment is onchain.”