Incheon City Creates Metaverse Representation of Incheon Landing Operation Within The Sandbox

Solomon Islands partners with Soramitsu on CBDC pilotCentral bank digital currency (CBDC) development has been ongoing globally at a brisk pace in 2023 and smaller nations, like the Solomon Islands with a population of over 700,000, are no exception when it comes to that process with the introduction of Bokolo Cash.Photo by Gilly Tanabose on UnsplashIntroducing Bokolo CashSolomon Islands Central Bank (CBSI) has officially unveiled the proof-of-concept for its CBDC named Bokolo Cash, with support from Japanese blockchain firm Soramitsu. Bokolo Cash is pegged to the value of one Solomon Islands dollar.The proof-of-concept pilot was launched on Tuesday by way of a keynote speech given by Manasseh Sogavare, the prime minister of the archipelago. In that speech, Sogavare highlighted that the CBDC would lead to reduced transaction costs for citizens and businesses. Users can rely on transactions to be both secure and transparent, given that the network will be blockchain-based.The prime minister also articulated that the CBDC pilot project would be a catalyst for financial inclusion relative to the Island nation’s remotest communities.Pilot scheme use casesParticipants in the project will have the opportunity to use it in various scenarios. From retail transactions in the capital city, Honiara, to person-to-person transfers, the CBDC aims to demonstrate its versatility. The proof-of-concept will also assess wholesale transfers between commercial banks, simulate cross-border payments and examine remittances. To ensure security and compliance, users will undergo a “two-step” Know Your Customer (KYC) verification process, as outlined by Soramitsu.Operating on a customized blockchain based on Hyperledger’s Iroha, Bokolo Cash is designed for local use. However, it will also integrate with Soramitsu’s public Sora blockchain. This connectivity will enable users to engage in transfers using QR codes and the self-custody Fearless Wallet, a creation of Soramitsu.Legislative changeAlthough the project commenced at the beginning of November, the official announcement was made earlier this week. The legislation required to enable the CBSI to issue the CBDC — CBSI (Amendment) Act 2023 — was enacted on Nov. 3.The Solomon Islands, a collection of over 900 islands situated west of Papua New Guinea, now joins a group of island nations, including the Marshall Islands and Mauritius, actively experimenting with CBDC. Palau collaborated with Ripple Labs back in July to introduce the Palau Stablecoin (PSC). Interestingly, Tonga has contemplated adopting Bitcoin as legal tender, while Vanuatu hosts Satoshi Island, known for its Bitcoin-friendly environment. Meanwhile, Eastern Caribbean countries have already implemented an official CBDC called DCash.Soramitsu has been active in collaborating with central banks relative to the introduction of CBDCs, particularly in Asia. It has played a key role in facilitating the issuance of the Cambodian Bakong and the Lao DLak in Laos. Furthermore, it has initiated a project for regional cross-border payments using the Bakong and a stablecoin.In 2022, Soramitsu completed CBDC-related feasibility studies in conjunction with the relevant authorities in Vietnam and the Philippines. The Japanese fintech company has also participated with the Asian Development Bank and Tokyo-based global information technology solutions firm Fujitsu on a Web3 development project.

VCs Say US Crypto Crackdown Opportunity for AsiaA couple of Hong Kong-based venture capitalists told Bloomberg TV in an interview that aired on Tuesday that the current crypto crackdown in the United States is a boon for Asia and particularly for Hong Kong in establishing itself as a global crypto hub.© Pexels/lalesh aldarwishMartin Baumann, Managing Partner and Co-Founder of CMCC Global, one of Asia’s first VC funds focused purely on blockchain and crypto, said that “Hong Kong has always been a financial capital of Asia and we believe in this location.”Golden opportunityWhile the fund has a global mandate, it believes that investor focus is shifting away from North America towards Asia. Baumann’s colleague, CMCC Global Managing Partner and Co-Founder Charlie Morris said that “the US has been quite negative from the regulatory perspective and it really seems to us that the US is shooting itself in the foot with a machine gun.”Morris elaborated, stating that the US crypto crackdown is handing a golden opportunity to other world regions to lead on blockchain and crypto. Baumann chimed in to clarify that one third of all blockchain equity deals are currently being done in Asia. He maintains that most of the investment community in the West doesn’t appreciate the extent to which capital is being committed into the space by Asian entities.Morris expanded further: “We see places like Hong Kong having a real opportunity at this point in time to bring those firms and entrepreneurs to the city.”Launching $100M blockchain fundAgainst that backdrop CMCC Global is launching a $100 million fund, where funding will be allocated to blockchain projects. Specifically the duo are targeting crypto and blockchain firms at Series A and Series B funding stages. Baumann believes that in tandem with the fact that there’s a lot of innovation emerging in Asia, “there’s plenty of capital sitting on the sidelines waiting for the right entry valuations to pull the trigger.”While Baumann and Morris are majority stakeholders in CMCC Global, the Winklevoss twins (Cameron and Tyler Winklevoss) also have an equity stake in the business. Founders of the Gemini crypto exchange platform, they are investors alongside Hong Kong based Richard Li, who has a net worth estimated to be in the region of $4.6 billion.VC investment into crypto slowed down considerably since the onset of the most recent crypto winter. However, that activity has still been ongoing, something that is entirely different to the 2018 bear market when investment came to a complete standstill. In April, CMCC partnered with Switzerland-based Syz Group with the objective of establishing a funding vehicle with a minimum $50 million fund earmarked for crypto-centric hedge fund investment.Meanwhile, in speculating on the prospects of bitcoin, the CMCC duo expressed the view that double digit gains are well within reach. Morris envisages a Bitcoin unit price of $40,000 in 2023. From a long term perspective the CMCC co-founder suggested that “I can easily see us breaking all time highs and easily breaking $100,000 for bitcoin.”

Public Confidence in Crypto Wanes in Hong Kong Amid JPEX ScandalThe development of cryptocurrency in Hong Kong has been dented in terms of public sentiment following the JPEX cryptocurrency exchange scandal, according to a recent survey conducted by the Hong Kong University of Science and Technology’s (HKUST) business school.Photo by Alex Plesovskich on UnsplashA two-phase survey methodologyThe survey, the preliminary results of which were disclosed by the business school on Tuesday, aimed to gauge how public attitudes toward virtual assets had been affected by the JPEX scandal, which rocked the crypto community within the Chinese autonomous territory.While the survey is set to conclude on October 20, the preliminary findings have already revealed a noteworthy shift in public perception. Notably, 41% of respondents expressed a preference not to hold virtual assets, marking a 12-percentage-point increase from the earlier study conducted in May.Moreover, only 20% of respondents indicated a desire to hold virtual assets in the future, reflecting a five-percentage-point decrease compared to the previous survey. These findings suggest a growing skepticism among Hong Kong’s populace regarding the cryptocurrency industry.Post-JPEX public sentimentThe initial survey involved 5,700 participants aged 18 and above and was conducted between April 24 and May 23. Phase two of the survey commenced on September 28, approximately 11 days after the allegations against JPEX came to light. The results were compared to a similar survey conducted between April and May to assess the evolving sentiment. Between September 28 and October 5, phase two of the survey had compiled responses from 2,200 individuals.HKUST acknowledged that the second survey occurred in the “aftermath of an alleged financial fraud” involving a cryptocurrency platform but refrained from directly naming JPEX in the report.Professor Allen Huang, Associate Dean of HKUST’s business school, attributed the shift in sentiment to the recent financial scandal, which thrust the cryptocurrency industry into the spotlight. This heightened attention has led to a “more conservative investment appetite” among the public. He emphasized the need for greater educational initiatives to enhance public awareness and understanding of the risks and potential of this emerging field.HKUST’s business school stated that the survey’s primary objective was to assess the attitudes and viewpoints of Hong Kong’s residents regarding virtual asset investments, considering their experiences, intentions, and the regulatory safeguards in place.JPEX falloutThe JPEX scandal, which allegedly involved a $166 million fraud scheme, unfolded over several months before Hong Kong authorities publicly announced their investigation into the exchange. It forced local regulators to reassess the soundness of crypto trading-related regulatory measures applied within the Chinese autonomous territory.That reassessment led to regulators concluding that efforts needed to be intensified to combat unregulated platforms operating within Hong Kong. In response to the JPEX saga, the Hong Kong Police Force and the Securities and Futures Commission (SFC) established a cryptocurrency-focused working group earlier this month to combat illicit activities on cryptocurrency exchanges.The evolving sentiment in Hong Kong reflects the broader challenges and concerns surrounding the cryptocurrency industry. As regulatory scrutiny increases and major incidents like the JPEX scandal come to light, it’s clear that fostering public trust and understanding is a pressing priority for crypto businesses and the broader crypto community.