Korea Information Certificate Authority Dives into NFT Domain with New Platform Launch

Further Trials Required Before Determination of eHKD Launch DateThe Hong Kong Monetary Authority (HKMA) is taking a cautious approach to the launch of its retail central bank digital currency (CBDC), the e-HKD, stating that it will only go live once key stakeholders have gained sufficient experience to compete effectively in the payment sector.Photo by Jimmy Chan on PexelsAwaiting greater clarityIn an interview with the South China Morning Post (SCMP) earlier this week, Eddie Yue, CEO of the HKMA, revealed that initial experiments with e-HKD have shown promise, but the central bank is still waiting for greater clarity on technological, legal, and societal aspects. The CBDC trial began in May, involving 16 commercial banks, payment providers, and gross settlement platform Ripple, with a focus on exploring various use cases.Yue emphasized that they are still in the early stages of the trial process. The central question remains finding a use case that outperforms current retail payment methods in terms of safety, speed, or convenience.Programmable paymentsAmong the use cases explored in the pilot, programmable payments have stood out. This functionality allows consumer funds to be restricted for specific purposes. Bank of China (Hong Kong) has been at the forefront of this study, allowing select users to make payments using the test CBDC.The potential applications of the CBDC extend to tokenized deposits and tokenized assets, the aspect of the project which Ripple has involved itself with. The HKMA has shown interest in tokenization, especially after the successful completion of Project Evergreen, a blockchain-based bond issuance project.While the domestic use of the CBDC faces challenges, the HKMA is actively considering its role in cross-border payments. The HKMA has been involved in the Bank for International Settlements (BIS) mBridge pilot, which is expected to release a minimum viable product (MVP) by 2024. It’s working alongside the Bank of Thailand and the central bank of the United Arab Emirates (UAE) on that project. Hong Kong and the UAE have been working towards strengthening financial cooperation in respect of crypto regulation.Following the achievements of the initial pilot, the HKMA is open to bringing in new participants. Rumors suggest that up to 20 central banks are closely monitoring the project’s developments.Collaboration with mainland ChinaRecent weeks have seen Hong Kong and China working on improving cross-border transactions. In July, it was announced that Chinese tourists visiting Hong Kong would be able to use their digital yuan wallets to pay for goods and services at select locations.Conversely, Hong Kong tourists visiting mainland China could use the digital yuan for retail transactions. A new upgrade will enable tourists to top up their digital yuan wallets using Hong Kong’s Faster Payment System (FPS) or major payment providers like Mastercard and Visa.While the exact launch date for e-HKD remains uncertain, the focus on practical use cases and technological advancements is expected to yield a robust and innovative CBDC for Hong Kong’s future. On the international front, the mBridge project is set to play a pivotal role in the broader adoption of CBDCs across borders, potentially revolutionizing global payment systems.

Late Korean artist Lee Jung-seob’s ‘Bull’ NFT on auction at OpenSeaNFT marketplace OpenSea is hosting an ongoing auction for a digital representation of the painting “Bull” by the late Korean artist Lee Jung-seob, Yonhap News TV reported on Tuesday. Celebrated for his distinctive lines in his paintings, Lee passed away in 1956. This auction is set to conclude on Dec. 12, with the starting bid placed at 300 WETH (Wrapped Ethereum), which is approximately equivalent to $626,000.Photo by Hans Eiskonen on UnsplashWhite bull as NFTLee’s “Bull,” featured in the OpenSea auction, is distinguished by its depiction of a white bull set against a dark green background. This particular piece is one of Lee’s unpublished works and is currently being offered for sale by a private art collector. Regarding the authenticity of the painting, the description on the OpenSea page states, “This work received a handwritten evaluation from Professor Jung Jum-sik, a founding member of the Lee Jung-seob Art Award, on November 9, 2000.”The current owner of the original artwork has expressed their intention for auctioning it as a desire to share a valuable piece of art. The painting originally belonged to poet Ku Sang and has since changed hands multiple times, experiencing some damage along the way. While the copyright for an artist’s work typically remains with their inheritors for 70 years posthumously, in the case of Lee Jung-seob, this period has already lapsed.Authenticity and NFT investmentsMeanwhile, art appraisal experts are advising caution, emphasizing the need to first confirm the authenticity of the original painting. This caution stems from the fact that the painting has not undergone evaluation by an official appraisal organization.During his interview with Yonhap, Jung Jun-mo, CEO of Korea Art Authentication Appraisal Inc., offered a word of caution regarding investment in NFTs tied to artworks with questionable authenticity. He emphasized that NFTs representing works that lack genuine authentication also hold no value in terms of authenticity. Jung advised potential investors to thoroughly verify the legitimacy of such artworks before proceeding with any investment in their NFT representations.Last year, many paintings of modern Korean artists were converted into NFTs, but they sparked controversy over issues of authenticity. Experts in art investment have since been advising thorough research prior to making any investments in these digital assets. They warn that losses incurred from transactions involving these NFTs fall squarely on the investors.

South Korean gaming publisher Wemade’s layer 1 blockchain WEMIX has announced the listing of stWEMIX — the tokenized form of staked WEMIX — on the global cryptocurrency exchange BitMart, according to an official announcement on WEMIX’s Medium page last Saturday. stWEMIX acts as a liquidity token of the native coin WEMIX that allows users to participate in trading, yield farming and borrowing.Photo by Maxim Hopman on UnsplashBitMart’s servicesEstablished in 2018, BitMart offers services like futures contracts and different types of trading, including currency, over-the-counter, decentralized and network-wide trading. The token was listed for trading on the exchange last Friday at 10 a.m. (UTC) and is currently priced at $3.48 as of this writing. Exclusive eventsThe exchange said that it is independently holding several events with the help of the WEMIX Foundation until Jan. 4 to celebrate the listing. This includes rewards in the form of stWEMIX, which will be distributed to new and existing users alike on BitMart who deposit or buy at least 100 USDT of stWEMIX. 50 users who record highest stWEMIX trading volume during the event period and those who participate in stWEMIX Fixed Savings will also receive rewards. BitMart’s Fixed Savings subscription is a system that pays interest on cryptocurrencies that are deposited during a designated period ranging from a week to one month. Users can redeem their funds only after the period is over, and both the principal and interest are paid to their spot wallets without extra fees.