Lemon Healthcare launches blockchain-based electronic prescription service

Bhutan Launches Blockchain-Based National ID SystemBhutan, the Buddhist kingdom nestled along the eastern edge of the Himalayas, has introduced a blockchain-based National Digital Identity (NDI) system.Photo by Aaron Santelices on UnsplashDisrupting the delivery of government servicesThe blockchain-based cryptographic identity platform has the potential to revolutionize the way Bhutanese citizens access government services and conduct digital transactions. According to local Bhutanese media source BBS, the system was launched last week, giving Bhutanese citizens the opportunity to download the Bhutan NDI application directly to their mobile devices.The user-friendly application promises a seamless experience, marked by a straightforward login process. Once registered, citizens will gain access to an array of government services. These will include construction approvals, land taxes, passport services, birth and death registration certificates, as well as Royal University of Bhutan degree certificates and various business-related services, all within the confines of their digital wallets.Digital wallet alongside digital identityNotably, the development could have major implications where the future use of digital currency in Bhutan is concerned. The NDI is not just a digital identity but a digital wallet.That means that users have the option to link their bank accounts to the NDI app, facilitating financial transactions without the need to switch between multiple apps. As of now, the Bank of Bhutan is the first financial institution to integrate with the NDI app.The Royal Monetary Authority of Bhutan (RMA) entered into a collaboration with enterprise blockchain firm Ripple Labs in September 2021 to develop and trial central bank digital currency (CBDC).Streamlining service deliveryThe GovTech Agency, the driving force behind the NDI project, envisions that this digital innovation will streamline and simplify the often arduous process of interacting with government agencies. Jigme Tenzing, the Acting Secretary of the GovTech Agency, explained the transformative potential, stating:“So, essentially what this enables for Bhutan is the ability to take almost all services and make them available online. This can virtually transform how services are provided in Bhutan. This is regarded as not only services that the government provides to citizens, but it can extend to even the private sector.”Some concerns have been raised with regard to this consolidation of personal information within a single platform. The GovTech Agency has responded by emphasizing the incorporation of biometric data, including fingerprint and facial recognition, to enhance identity verification and authentication. It feels that these measures are sufficient to safeguard data privacy.Crypto investmentThere had been little in the way of news emerging from the South Asian country where decentralized technology was concerned until earlier this year when it became known that the kingdom had been an investor on the failed crypto lender platforms of Celsius and BlockFi.It had done so through Druk Holdings and Investments (DHI), the commercial arm of the Royal Government of Bhutan. In May it emerged that DHI had entered into a partnership with Singapore-based Bitcoin mining firm Bitdeer, with the intention of developing green digital asset mining operations within the country.The National Digital Identity Act of Bhutan 2023 received Royal Assent in July, solidifying Bhutan’s status as the first sovereign nation to implement a comprehensive decentralized identity framework.

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.”

The SUI token has surged to an all-time high (ATH) price after the revelation of the project’s partnership with the American University of Sharjah (AUS) in the United Arab Emirates (UAE) to establish the AUS-Sui Blockchain Academy. SUI is the native token of the Sui blockchain, a layer one blockchain network and smart contract platform that’s striving to make digital asset ownership private, secure and accessible. The AUS-Sui Blockchain AcademyAccording to a press release published via regional news media outlet Zawya on Monday, the AUS-Sui Blockchain Academy is situated within the multidisciplinary Center of Entrepreneurship, Innovation and Sustainable Development, within the AUS. It’s been set out to align with the principles of entrepreneurship, innovation and sustainability with the objective of fostering responsible and impactful technological advancement relative to blockchain. The Academy aims to equip the next generation of leaders and innovators with the necessary knowledge to harness Web3 technology so as to address future global challenges. Dr. Greg Siourouni, Managing Director of the Sui Foundation, expressed enthusiasm for the blockchain education initiative, emphasizing its role in advancing Sharjah's goal of becoming a leading educational and research hub.Photo by Ainur Kamaev on UnsplashPrice surgeIn response to the announcement, SUI's token price has surged. While it’s up 4% over the course of the past 24 hours, the token is now standing at a record-high unit price of $1.79 since its launch in May 2023. The positive momentum in SUI's price underscores market enthusiasm for the layer-1 blockchain platform's educational initiatives. However, other in-roads being made by the project may also be playing a role. Last September the project launched zkLogin, a Web3 authentication solution that enables dApp users to login using social media accounts. The following month, the Sui Foundation announced a $50 million ecosystem fund in an effort to bolster growth relative to the Sui network. AUS and SUI blockchain education initiativesThis latest initiative is part of Sharjah's vision to position itself as a regional powerhouse for education and research, particularly in the realm of technology and blockchain. It’s not the first blockchain-centric collaboration that the university has engaged in. In June of last year, Dubai-headquartered crypto spot and derivatives trading platform Bybit partnered with AUS to establish a scholarship fund of $272,000. That endeavor is supporting fintech and blockchain studies for the benefit of 20 students. The Sui Foundation too has established a track record where educational initiatives are concerned. It has previously introduced several programs, including a Web3-focused curriculum at the Wheeler Institute for Business and Development at the London Business School. Additionally, it awarded $400,000 in Sui Academic Research Awards (SARAs) to 15 universities worldwide and introduced a Web3 curriculum for high school students. SUI's partnership with AUS to establish the AUS-Sui Blockchain Academy reflects its commitment to advancing education and innovation in the blockchain space, while its price surge is suggestive of market optimism for its future endeavors.