Audius Achieves Token Listing On India’s CoinSwitch

China Unveils Offline SIM Card Wallet for Digital Yuan PaymentsThe People’s Bank of China (PBoC) has announced a new offline SIM card-based solution for its digital yuan, enabling users to make payments even with their phones switched off.Photo by Sumeet Singh on UnsplashEmbedded hardwareThe innovative initiative was revealed via a social media post on Monday. It aims to reach users with 2G phones who were previously unable to access digital currency.Currently, this feature is only available for Android phone users with NFC functionality, as no details have been given for iOS users or 2G phone owners. This innovation is part of the central bank’s efforts to expand the reach and usage of its digital currency, especially for users with 2G phones who were previously unable to access it.Earlier this year, the PBoC launched a similar solution for smartphone users, using near-field communication (NFC) technology. However, the latest solution relies on hardware embedded in SIM cards, which can act as a “hard” (offline) central bank digital currency (CBDC) wallet.Partnership with telecoms giantsThe central bank’s partners relative to this particular project include major telecom operators China Mobile, China Telecom, and China Unicom, as well as state-owned commercial banks Industrial and Commercial Bank of China and Bank of China, who have also introduced SIM card-based “hard wallet products.” These developments are expected to significantly improve the payment capabilities and network-free functionality of the digital yuan.To use this feature, citizens have to get a “super SIM card” from their carriers. After they have replaced their existing SIM cards and opened the digital yuan app on their phones, they will see an option to “open a SIM card hard wallet.” This will enable them to make touch-based payments to merchants even when their devices are powered off or lack network connectivity.SIM-based wallets are likely to be particularly useful for those using 2G devices or smartphones without NFC capabilities. Considering that about 20% of Chinese mobile users still use 2G phones, it would make sense for the PBoC to continue working in this direction with future updates.Driving adoptionThe ultimate plan of the PBoC regarding SIM-based wallets is not clear yet. However, recent developments, such as the pilot project in Qingdao where CBDC payments were tested on the metro system without electricity or network, indicate a strong push toward increasing the accessibility and adoption of the digital yuan.Frankly, moves to bring about adoption of the e-CNY have been nothing short of relentless. These measures have varied from paying state employees in e-CNY in Changshu, collaborating with French bank BNP Paribas so that its corporate clients start to use the digital yuan and enabling e-CNY bus fare payments on public transport in Jinan.China’s Jiangsu Province has integrated the digital yuan into its education system, while the resort city of Sanya recently introduced e-CNY ATM machines so that foreign tourists have a means through which they can access the digital currency. These developments demonstrate a clear commitment by the Chinese authorities in advancing the rollout of its central bank digital currency.

China Makes History by Settling Cross-Border Oil Deal with Digital YuanThe digital yuan, China’s central bank digital currency (CBDC), also known as e-CNY, was used for the first time to settle a significant oil transaction.Chinese state-owned media outlet China Daily reported on Saturday that the Shanghai Petroleum and Natural Gas Exchange (SHPGX) revealed on October 20 that PetroChina International, a subsidiary of the China National Petroleum Corporation (CNPC), successfully acquired 1 million barrels of crude.Photo by engin akyurt on UnsplashAdvancing e-CNY use internationallyThis transaction is a response to the call by the Shanghai Municipal Party Committee and Municipal Government to incorporate the digital yuan into international trade, marking a noteworthy stride towards the broader adoption of the digital currency.The exact seller and price details for the deal were not disclosed. This historic crude oil transaction signals not only the increasing use of the digital yuan in global trade but also a noteworthy step in the movement towards de-dollarization. Reports from China Daily suggest that the use of the yuan in cross-border settlements experienced a remarkable 35% year-on-year increase in the first three quarters of 2023, reaching a total of $1.39 trillion.This milestone isn’t the first time the yuan has been utilized in the energy sector. In March, the yuan was first used in a liquefied natural gas (LNG) purchase on the SHPGX, as French TotalEnergies reached an agreement to sell LNG to the China National Offshore Oil Corporation (CNOOC). Recently, another LNG deal was executed between CNOOC and French Engie, although these transactions did not involve the digital yuan.In parallel developments, First Abu Dhabi Bank announced on October 19 that it had established an agreement on digital currency with the Bank of China during the third Belt and Road Forum for International Cooperation. China and the United Arab Emirates, including Abu Dhabi, are participants in the mBridge platform designed to facilitate cross-border transactions using CBDCs. The mBridge platform is expected to launch as a minimum viable product in the coming year.Furthering mass adoptionThe Chinese authorities are taking several distinct approaches in furthering mass adoption of the e-CNY. The Chinese subsidiaries of both Singapore’s DBS Bank and France’s BNP Paribas have recently partnered with the People’s Bank of China to enable their international clients operating in China to use the digital yuan.A long list of initiatives have been taken within mainland China by regional governing authorities to further the use of the CBDC. To further enable mass adoption at home, a new offline SIM card-based digital yuan wallet was developed and launched earlier this year.The successful use of the digital yuan in settling this oil deal represents a significant step forward in the internationalization of China’s currency and the growing influence of CBDCs on the global economic stage. As the world watches these developments unfold, the digital yuan continues to make strides towards becoming a crucial means of exchange in international trade and finance.

Hong Kong Authorities Block Access to JPEX Amid Ongoing InvestigationDubai-headquartered crypto exchange JPEX has been under intense scrutiny in Hong Kong over the course of the past week due to issues experienced by Hong Kong users in withdrawing funds from the platform. In the most recent twist to the saga, authorities in the Chinese autonomous territory have now blocked access to the JPEX website and mobile application.Photo by Tao Yuan on UnsplashCutting off service accessThe firm published a statement on Wednesday, outlining this latest sanction, while protesting that the move had been unreasonable. It appears that the authorities requested local telecommunications providers to block access to the company’s online platform.The measure follows ongoing enforcement actions initiated by local law enforcement agencies, which have led to the detention of at least 11 individuals and the seizure of assets related to the case. The scandal has also had implications for the crypto sector as a whole, as local regulators are now looking once more at regulation and determining if there’s a need to tighten regulatory measures as a consequence of JPEX’s failings in Hong Kong.VPN recommendationIn its statement, JPEX stated:“Since September 13, 2023, the SFC [Securities and Futures Commission] has suddenly made a series of accusations against our platform’s operating model and promotional methods, which we vehemently resent as they were made without investigation or review.”In response to the blocking of their platform, JPEX has encouraged users to utilize virtual private network (VPN) services to access their services. The exchange sought to reassure its user base, stating: “Here, we strongly reiterate that, even in the face of such oppression and unfair treatment, our platform will continue to operate as usual. Users can log into our mobile application or operate on our web version using VPN applications like Surfshark.”The investigation into JPEX was initiated following warnings from the SFC regarding false or misleading statements made on social media by crypto influencers and the trading platform relative to a trading license application.On Sunday, JPEX announced that it had suspended certain operations and increased withdrawal fees due to an ongoing liquidity crisis, triggering an influx of complaints from users. As of Monday night, the police had received a total of 1,641 complaints, with claims amounting to approximately HK$1.19 billion ($152 million) in assets involved, as revealed during a police briefing on Tuesday.DAO Stakeholders Dividend PlanIn response to these developments, JPEX unveiled plans for a “DAO Stakeholders Dividend Plan.” Under this initiative, JPEX users will have the opportunity to convert their assets on the platform into DAO stakeholder dividends at a 1:1 ratio.The exchange intends to distribute 49% of the DAO Stakeholder dividends, with an estimated total value of approximately 400,000,000 USDT available for subscription and conversion. Additionally, JPEX plans to offer repurchase options one year and two years after the program’s launch.New users who subscribe to the DAO stakeholder dividends will enjoy double payouts, and they will not be required to bear all the operational responsibilities of the platform. This move is seen as an attempt by JPEX to address the concerns of its user base and navigate the challenges it currently faces.The situation surrounding JPEX remains fluid, with ongoing investigations and regulatory actions continuing to unfold.