e-CNY Payments Enabled for Hong Kong Visitors From Mainland China

NH Bank announced today that Korean banks and fractional investing companies have teamed up to establish a consortium with the aim of building an ecosystem for security tokens. Consortium between banks and fractional investorsThe consortium comprises NH Bank, Suhyup Bank, and Jeonbuk Bank as well as six fractional investing companies, including Seoul Auction Blue, Tessa, and Galaxia Moneytree.The banking sector will contribute to the security token industry by building infrastructure for distributed ledger technology, conducting research on promoting security tokens, and bolstering investor protection. Korean banks’ crypto initiativesNH Bank has been in partnership with domestic Korean crypto exchanges Bithumb and Korbit to provide them with real-name registered bank accounts, demonstrating continued interest in crypto services. Under current law, crypto exchanges in Korea are obliged to hold real-name bank accounts if they want to provide Korean won trading services.This move led by NH Bank shows that traditional banks, which have been more conservative compared to securities companies, are actively striving to secure a position in the security token market.

G20 Nations Believed to Have Agreed Upon Global Crypto FrameworkUnder India’s current leadership of the G20, reports are emerging that participating nations have reached a unanimous consensus on establishing a common framework for cryptocurrency regulation.According to local news sources, this monumental decision has been reached, and it’s expected to take center stage during the 18th G20 Heads of State and Government Summit scheduled for September 9–10 in New Delhi.Photo by Rachit Chaudhary on UnsplashIMF/FSB synthesis paperThe reports published on Wednesday cite information from official sources that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) have collaboratively released a synthesis paper laying the groundwork for this comprehensive regulatory framework. Consequently, discussions around this initiative will likely feature prominently on the agenda during the upcoming leaders’ summit.The unity achieved by G20 nations in forging this global cryptocurrency regulation framework marks a significant milestone in the ever-evolving area of digital assets. The framework’s primary goal is to provide a structured approach to oversee cryptocurrencies, potentially mitigating risks associated with their use, all while fostering innovation within the rapidly expanding crypto sector.Multilateral Development Banks (MDBs)Aside from this development relative to digital assets, multiple working groups have been working on recommendations related to Multilateral Development Banks (MDBs). These groups have proposed measures to confront future financing challenges, and there is growing support for establishing a $200 billion fund to meet financing needs over the next decade.Beyond financial concerns, the G20 nations, under India’s leadership, have embarked on a comprehensive evaluation of the high volatility in food and energy security. Stressing the vital importance of stability in these sectors for sustainable global growth, these issues will take the spotlight during the leaders’ summit later this week.TaxationAnother area where India has made significant strides is international taxation. During India’s G20 Presidency, a pillar taxation system for international taxation has been recommended. The efforts in this domain have been described as making “significant progress” so far, underscoring the commitment of G20 nations to address global taxation challenges.It’s interesting to note that on the home front, India has been far less progressive when it comes to crypto-related taxation. The country has imposed a 30% tax on cryptocurrency transactions. Local crypto exchanges have also pointed to a 1% Tax Deducted at Source (TDS) which is being applied to exchanges as a major challenge that is having an impact on their operations.A threat and an opportunityLate last month, Indian Prime Minister Narendra Modi urged his G20 counterparts to work towards global collaboration in respect of formulating global crypto regulations. On Wednesday India’s Finance Minister, Nirmala Sitharaman, confirmed that active discussions were underway as part of India’s G20 presidency. At an event in India’s financial capital of Mumbai, Sitharaman stated:”India’s [G20] presidency has put on the table key issues related to regulating or understanding that there should be a framework for handling issues related to crypto assets.” While confirming that G20 members were working toward establishing a global crypto framework, Sitharaman also remarked that crypto was a “threat as well as an opportunity.”

Korean health management app leverages blockchain for iris-based solutionsIRIS, a blockchain foundation focused on healthcare, announced on Wednesday (local time) the launch of a health management app developed in collaboration with Hongbog, a South Korean provider of iris-based biometric systems. This app offers services customized to each user’s health status and lifestyle.Photo by Kalea Jerielle on UnsplashIridology-based health analysisUnlike other healthcare platforms that primarily focus on exercises, IRIS’ app offers long-term and periodic health trend analysis reports through iris photography. This approach is based on “iridology,” a concept used in traditional Korean medicine, and the app also recommends visits to specialized healthcare providers based on its findings.The app instantly analyzes a user’s biometric information through artificial intelligence once a picture of their eyes is captured with a smartphone camera. Within 15 seconds, users can view their results, based on which the app recommends personalized exercises and nutrients.This platform serves both personal disease management and prevention, and can also be utilized by public health centers for monitoring the health of local residents. Presently, it provides five health ratings for cholesterol, stress levels, and four specific organs: the brain, lungs, liver and kidneys. Future updates will optionally include information on an additional 15 organs, such as the heart, bronchi, pancreas and stomach.Blockchain-powered privacy protectionA representative from IRIS conveyed that their goal in an aging society is to assist customers in preventing serious illnesses and promoting longer, healthier lives. They emphasized that the app enables regular measurement of health indicators, aiding in disease prevention and management. The representative also mentioned that by storing sensitive healthcare information on the blockchain, the service eliminates the risk of personal data leaks.