IOTA accelerates Middle East expansion with $100M foundation launch

China to Pay State Employees in Digital YuanChina is making its biggest push yet to facilitate greater use of its central bank digital currency (CBDC), the digital yuan (e-CNY).©Pexels/RODNAE ProductionsThe eastern city of Changshu is gearing up to commence paying state employees in the city in e-CNY. According to an announcement made by the city’s finance bureau on Sunday, the civil servants will start to receive e-CNY as payment in May. The measure will also impact journalists working for state media, medical staff, technicians and schoolteachers.Advancing a cashless societyThrough a proliferation in the use of digital money such as that offered via WeChat Pay and AliPay, China is already well on its way towards being a cashless society. However, this latest move with the e-CNY is another major step in that direction.In a separate announcement on Sunday, the administrators of the city of Xuzhou, which like Changshu is also located within Jiangsu province, said that Xuzhou is in the process of publishing a pilot scheme which will set out a means for promoting China’s e-CNY digital currency. Meanwhile another Jiangsu province city, Suzhou, was one of the first locations in China to run a digital yuan pilot scheme in April 2020.Previously local government authorities in cities like Shenzhen and Beijing have experimented with using the currency, offering free digital yuan to citizens to spend, in an effort to popularize the digital currency.Changshu had already been using the currency for the best part of a year to make overtime payments to 4,900 state enterprise employees. Additionally, the city administrators had introduced it to pay subsidies, including payments to tech companies, payments related to housing and transport for local government workers. While there’s every likelihood that this latest measure could be applied on a province-wide basis, there has as yet been no direct confirmation of such an eventuality.Privacy concernsThe Chinese government maintains that further introduction of the e-CNY will lead to an improvement for citizens in terms of privacy. Beijing maintains that the large tech platforms like WeChat Pay and AliPay will have no access to the transaction data of individuals and companies. However, that data will find itself directly in the hands of the Chinese government. Given the totalitarian nature of governance in China, it’s hard to imagine how that could be a positive outcome for Chinese society.International currencyOriginally known as DCEP, work on the digital currency began in China in 2014. The Chinese are among a growing list of countries that are understood to be unhappy with the need to use US dollars for international trade given that the dollar is the global reserve currency.That discontent has grown further as a direct response to greater use of sanctions by the United States, and particularly the seizure of Russian sovereign funds held in dollars. Furthermore, the weaponization of the SWIFT payments system exemplified through the exclusion of countries like Russia and Iran is also believed to have been a catalyst for greater development of the e-CNY.

India Launches Crypto-Enabled Web Browser InitiativeIn a further leap into the digital frontier, the Indian Ministry of Electronics and Information Technology (MeitY) has unveiled the Indian Web Browser Development Challenge (IWBDC), signaling a significant move towards reducing the nation’s reliance on foreign technology.Photo by Julian Yu on UnsplashIndigenous web browserCentral to this ambitious initiative is the creation of an indigenous web browser with an innovative twist — the integration of cryptographic features for digitally signing documents. This advancement is poised to heighten the security and efficiency of online transactions, elevating India’s digital landscape.The launch event for the challenge took place at the India Habitat Centre and showcased a collaborative endeavor involving MeitY, Controller of Certifying Authorities (CCA), and the Centre for Development of Advanced Computing (C-DAC).Harnessing blockchain technologyAt its core, this initiative aims to bridge the traditional internet framework with the burgeoning potential of blockchain technology. A press release published by MeitY on Wednesday clarified that the web browser will boast an embedded CCA India root certificate, bolstering the browser’s security framework and upholding the sanctity of data privacy.Sunita Verma, Research & Development Group Coordinator at MeitY, underscored the profound significance of this initiative in India’s digital narrative. She conveyed the message from Alkesh Kumar Sharma, MeitY’s Secretary, emphasizing that this challenge embodies a pivotal stride toward realizing the vision of an “Aatmanirbhar Bharat” or self-reliant India.Further echoing this sentiment, Verma stated:“Digital India has orchestrated a transformative shift in our nation’s operational fabric. As we journey forward, the convergence of technology and homegrown innovation stands as a critical waypoint. More than just a browser, this is a symbol of a self-sufficient, digitally empowered India.”Progressive use caseIn line with the drive towards digital sovereignty, Arvind Kumar, MeitY’s CCA, illuminated the paramount significance of trustworthiness and security in the realm of digital interactions. He expressed his confidence that the forthcoming browser, fortified with the India Root Certificate, will render the nation more resilient against internet vulnerabilities, ultimately curbing dependence on foreign technology players.The IWBDC extends an open invitation to innovators across diverse domains, encompassing academia, industry, startups, and individuals, to contribute their ingenuity to this groundbreaking venture. The challenge brings with it a substantial prize pool of Rs. 3.41 crore ($0.4 million), offering not only financial incentives but also a chance to shape the trajectory of India’s digital future.While establishment agencies in India have largely been opposed to the legalization of cryptocurrencies, this initiative demonstrates that others are looking to exploit the blockchain and cryptocurrency innovation.While the Indian government has been active in calling for global crypto regulation, the country itself has not as yet finalized any such legislation relative to Web3 and cryptocurrency. Initiatives like this one help to showcase the possibilities that this innovation can bring about. That should serve to steer regulation in India towards a set of rules that enable the further development of that innovation.As the curtains rise on the Indian Web Browser Development Challenge, the world’s most populous nation is taking a decisive stride towards asserting its tech self-reliance, intertwining innovation with security, and laying the foundation for a digitally progressive India.

BitMEX Returns to Derivatives Arena with Prediction MarketBitMEX, a name synonymous with the early days of crypto derivatives, has made a return to its core focus with the launch of a prediction market.Through this new product, the company aims to captivate traders by offering them the opportunity to wager on real-world events, effectively extending the boundaries of crypto derivatives trading.Photo by Amjith S on UnsplashBetting on the outcome of real-world eventsThis shift in direction is being overseen by Stephan Lutz who took the helm as CEO and group CFO in 2021.In a blog post announcing the product launch on Tuesday, the firm expressed its vision for the prediction market, asserting that it would introduce an entirely new dimension to crypto derivatives trading.The product is designed to diversify traders’ portfolios and yield returns based on predicting the outcomes of real-world occurrences, an offering that the company feels holds significant promise. Especially in bear markets characterized by subdued volatility, the prediction market could serve as a valuable instrument for traders seeking to enhance their strategies.Novel initial wagersBitMEX’s inaugural move into the prediction market sees the firm offer an array of contracts for traders to explore. Among those initial offerings are contracts enabling wagers on various outcomes, such as the percentage recovery rate of FTX’s bankruptcy claims and the likelihood of the US Securities and Exchange Commission (SEC) approving a Bitcoin exchange-traded fund (ETF) by October 17. These contracts underscore BitMEX’s intent in covering a wide spectrum of topics, with the firm promising to introduce more options in the near future.The prediction market holds the potential to revolutionize the way traders engage with real-world events, introducing a novel form of participation that transcends traditional trading boundaries. This launch has significant potential for BitMEX as it endeavors to reclaim its position in the competitive crypto derivatives market.Change of strategyUnder the stewardship of former CEO Alexander Höptner, BitMEX embarked on a diversification strategy termed “beyond derivatives,” delving into areas like spot trading and exploring new business avenues. However, the departure of Höptner in October ushered in a change in direction for the firm. The introduction of the prediction market now symbolizes BitMEX’s return to its foundational business model, with a renewed focus on derivatives.In May, the Seychelles-headquartered firm introduced perpetual contracts relative to SUI and PEPE tokens. Later that month, it launched a dedicated virtual asset service to Hong Kong-based customers. Hong Kong was its original center of operations when the company was first formed. It has since moved those operations to Singapore while maintaining its corporate presence in the Seychelles.BitMEX’s fresh foray into the derivatives space not only signifies a return to its roots but also presents traders with a means to trade relative to real-world events. By offering an eclectic range of contracts, the platform seeks to attract traders who crave more than conventional crypto trading. This strategic move could serve as a catalyst for BitMEX as it strives to regain its foothold in the competitive crypto sector.