Korea Exchange sets the stage for security token trading

Regional Chinese City Enables e-CNY Bus Fare PaymentsIt appears with every passing week, there’s a new initiative in China to bring about greater everyday use of the digital yuan. Recent days have not disappointed with the news that Jinan, the capital of China’s Shandong Province, is introducing digital yuan payments throughout its entire bus network.The city initially conducted a pilot phase by testing central bank digital currency (CBDC) payments on two bus lines. After a successful trial period, Jinan has now implemented the new payment method across all its bus routes. According to a recent report by local media outlet Shunwang-Jinan Daily, the city has updated its card readers and bus route software to facilitate digital yuan transactions for passengers.Photo by CHUTTERSNAP on UnsplashDiscounted faresTo encourage the use of the digital yuan, Jinan is offering fare discounts to passengers who opt for CBDC payments. The announcement stated that individuals could enjoy up to two discounted rides per day and a maximum of six discounted rides per month if they choose to pay with the digital yuan.The fare discounts offered for digital yuan payments serve as an incentive for passengers to adopt the new payment method. By enjoying discounted rides, individuals are encouraged to explore the benefits and convenience of using the digital yuan, further driving its adoption in everyday transactions.The acceptance of CBDC payments for bus rides in Jinan represents a significant step towards the integration of digital currencies into everyday transactions. As China continues to expand the use cases for the digital yuan, it is likely to pave the way for further adoption and exploration of CBDCs globally.Broader adoption strategyThis move aligns with the broader initiative in China to promote the adoption of the digital yuan. In April, the city of Changshu announced that it would begin paying civil servant salaries with the CBDC, including personnel at all levels of public service, public institutions, and state-owned units, starting from May.Furthermore, China has implemented its CBDC for various purposes, such as the Belt and Road initiative and cross-border trades. In Xuzhou, a city serving as a departure point for trains transporting goods to Europe, a plan was issued in April to promote the use of the CBDC in cross-border trade.Last month, e-CNY ATMs were introduced in the resort city of Sanya to enable foreign visitors to purchase the CBDC. In May, regional authorities in Jiangsu Province set about establishing use of the digital yuan within the region’s education system.On an international level, French bank BNP Paribas has partnered with the Bank of China (BOC) to facilitate the adoption of the digital yuan. This collaboration enables BNP Paribas’ corporate clients to connect with BOC’s system, allowing for real-time transactions using the digital yuan. The partnership advances China’s desire to bring the cross-border trade capabilities of the e-CNY into play on an international basis.As China continues to lead the way in CBDC implementation and explores new use cases, the digital yuan’s influence is expected to extend globally, transforming how we transact and interact with currencies in the digital age.

Despite reports emerging on Monday that it had invested in Array, an algorithmic currency system, Singaporean state-owned conglomerate and global investment firm Temasek has denied any such investment.In a very brief statement published to its website on Tuesday, Temasek stated:“We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.”CoinTelegraph had taken to reporting the claim on Monday. The article had outlined a $10 million investment by the Singaporean state investor into Array, the developer of an algorithmic currency system that relies upon smart contracts and artificial intelligence. Reputational lossIf it had been true, such an investment would have been seen as a positive for the crypto space as it would be indicative of a renewed appetite for crypto-based projects from the giant Southeast Asian investor.Temasek was a key investor in failed cryptocurrency exchange, FTX. In November 2022, the company had to write down its entire investment of $275 million into the fraudulently managed exchange business. To an onlooker, a $275 million write-down may seem like an extraordinary loss.However, given that the Singaporean investing behemoth has a $403 billion dollar portfolio, the loss represents just 0.09% of that portfolio, hardly making a dent in the health of the company.The greater loss for Temasek relative to the FTX collapse has been reputational. Top tier venture capital investors like Temasek, who had otherwise been assumed to be the most diligent of actors in the professional investing world, were all sharply criticized for failing to identify the extent of the mismanagement and fraud that had occurred at the now bankrupt cryptocurrency exchange. Bogus ClaimsIn fairness to those who had reported the fake news, they were acting on information that Array had put out into the ether and as of yet, has not corrected. At the time of publication, the project’s website features a list of renowned investors including Temasek. Alongside Temasek, Array claims to have obtained investment from Standard Chartered, Coinbase Ventures, Spark Capital, Khosla Ventures, The Blackstone Group, Binance Labs, Sequoia Capital and a16z.In the case of Binance Labs, a spokesperson for the venture arm of the global exchange told The Block that it is not an investor in the project. To further dispel the claim, Temasek took to Twitter, stating:”Fake news about Temasek’s investment in @Array_Protocol. We have seen news articles and a tweet from Array about Temasek’s investment in it. This news is incorrect. Temasek has not invested in Array and we have no relationship with them.” Further instances of misinformationThe misinformation follows a similar scenario that played out with OPNX, a newly launched platform that offers spot and futures trading, alongside the ability for investors to trade bankruptcy claims.A couple of weeks ago, the platform, which had been founded by Kyle Davies and Su Zhu, the key executives behind failed crypto hedge fund, Three Arrows Capital, asserted that it had the backing of some notable investors. Almost immediately, venture capital and market maker DRW and venture capital firm Nascent denied that they were investors in OPNX.

Korean Telecommunications Firms Ramp Up ESG Efforts with NFTsSouth Korea’s top three leading telecommunications companies — SK Telecom (SKT), KT, and LG Uplus — are using non-fungible tokens (NFTs) to boost their corporate environmental, social and governance (ESG) efforts and engage younger audiences in their initiatives.Photo by Noah Buscher on UnsplashKT’s Raon NFT projectEarlier this year, KT launched an internal collaborative project between its device division and its blockchain division, KT MINCL, to issue profile picture (PFP) NFTs of its intellectual property — the feline character Raon. The project consists of four editions of NFT mintings, each with a different concept promoting mindful consumerism. 3,000 NFTs each were minted for the first two editions back in December and June, and KT is gearing up to release the third edition soon, according to industry reports on Sunday (local time). A portion of the proceeds from the upcoming third edition sale will also be donated under the project’s name. Notably, all 3,000 NFTs from the first edition were sold out in just a minute.KT has designed the NFT purchase system to encourage ESG-related activities. Buyers can receive items that reflect ESG values, such as bags from The Fair Story, a company that promotes fair trade products made by brands from developing countries. “We will continue to work with companies related to our ESG values to develop household products, miscellaneous goods, and more that are linked to NFTs,” KT said.LG Uplus and SKT’s ESG-led collaborationsLG Uplus and SKT have followed suit by incorporating eco-friendly themes into their own blockchain technologies. In particular, SKT recently signed a business agreement with WinCL, a carbon credit marketplace encouraging carbon offset efforts. The deal aims to combine SKT’s NFT marketplace, TopPort, and WinCL’s carbon credit system to issue NFTs for companies that need help managing their ESG performance indicators.On October 18, LG Uplus announced that a select number of holders of its Moono Crew NFT will be the first to purchase NFTs from the Incheon Heroes NFT collection — a collection launched on the Klaytn Mainnet as part of Incheon City’s Incheon Universe Project, aimed at introducing Incheon’s natural, cultural, historical, and technological heritage, and motivating participation in eco-friendly activities from younger generations. The company had collaborated with Incheon and Lotte Home Shopping to promote and expand the ecosystem of the collection.