Travel booking startup targets Bitcoin investors with cashback offer

Wemade Signs Contracts with Game Developers to Expand WEMIX PLAY’s LineupSouth Korean gaming company Wemade has signed contracts with global game developers to bring three new games to its blockchain gaming platform, WEMIX PLAY.Photo by Riho Kroll on UnsplashThree gamesOne of these developers is Cfire Network, based in Singapore, which is working on a strategic card game called Magic Card Duel. In this game, players collect heroes and build decks of cards to challenge each other in battle.Dubai’s Project SEED is also part of the initiative, preparing to release a fantasy action role-playing game (RPG) called Outland Odyssey in the third quarter of this year.Korean company SpaceProbe is contributing to the lineup with Raid of Legends, a mobile action RPG where players can develop characters to explore dungeons, join raids, and engage in combat against each other.WEMIX PLAY’s expansive reachWEMIX PLAY boasts a user base of 9 million and has already added more than 100 blockchain games to its platform, spanning various genres like massively multiplayer online role-playing games (MMORPGs), shooters, and social network games. The platform’s standout feature is its inter-game economy, allowing players to transfer currencies between different games seamlessly.Wemade’s upcoming showcase of its blockchain gaming vision and WEMIX PLAY’s ecosystem will take place at G-STAR 2023, a global game exhibition happening from November 16 to 19 in Busan, Korea.

China Launches Digital Yuan ATMs in Hainan Resort City of SanyaThe latest in a long list of initiatives to bring about further use of China’s digital yuan has seen the introduction of e-CNY ATM machines within the resort city of Sanya on Hainan Island. That’s according to a recent report published by the South China Morning Post (SCMP).Photo by Monstera on PexelsInternational currency exchangeThe introduction of e-CNY foreign exchange machines aims to provide visitors with easy access to digital payments and enhance their experience in the local mobile payments ecosystem. Resembling traditional ATMs, these machines allow tourists to deposit 20 different currencies, including US dollars and euros, and receive a physical card loaded with e-CNY in return.The card can be used for seamless payments at participating merchants with a simple tap. Travelers can also use the machines to top up their e-CNY balance, check transaction records, and manage their funds.This initiative addresses the needs of tourists who often face challenges setting up Chinese mobile wallets, which have become essential for retail, dining, transportation, and shopping. These mobile wallets typically require real-name verification and a local bank account, posing difficulties for foreign visitors.While limited prepaid options have been available in recent years, the e-CNY card now offers a convenient digital payment solution without the need to download a separate app. The machines are currently available in two cities, with the Bank of China (BOC), one of 11 authorized banks for e-CNY, leading the development of these innovative devices.Earlier this year, BOC launched a similar foreign exchange machine at Yiwu International Trade City in Zhejiang province, emphasizing China’s efforts to promote digital currency and facilitate financial accessibility. Both Zhejiang and Hainan have been striving to become attractive destinations for foreign tourists and merchants. In May, administrators within the local government in Jiangsu Province confirmed that they would be launching an initiative to promote use of the digital currency within the local education system.The introduction of these machines aligns with Beijing’s mission to develop and promote its sovereign digital currency, known as the Digital Currency Electronic Payment (DCEP). The project, which began trials in 2019, aimed to enhance financial inclusion and digital finance accessibility for unbanked individuals.Digital yuan internationalizationChina has been actively pursuing the internationalization of the digital yuan, seeking to facilitate yuan-denominated trade and investment, while reducing reliance on the existing global financial system. In May, the BOC entered into a partnership with French financial services firm BNP Paribas that will see the company promote e-CNY to its corporate clients.China’s efforts to promote cross-border use of e-CNY extend to regions like Hong Kong, a key offshore yuan center. A trial of the e-CNY for cross-border payments took place last year, facilitating more than 150 million yuan ($22 million) of cross-border e-CNY transfers in 160 payments, involving 20 commercial banks in Hong Kong, Thailand, and the United Arab Emirates (UAE).As China continues to make inroads where adoption and use of the e-CNY are concerned, these developments signal a significant shift in the way we can expect sovereign currencies to be made available globally.

Bank of Korea Anticipated to Conduct Retail CBDC Pilot TestThe Bank of Korea (BOK), the South Korean central bank, is reportedly planning to conduct a pilot test for distributing retail central bank digital currencies (CBDCs) to the general public via commercial banks, according to a report by local news outlet IT Chosun.Photo by Zequn Gui on UnsplashBOK’s CBDC initiativesIn 2020, the BOK initiated a pilot test for CBDC issuance, establishing a platform for both online and offline payments. Last month, the BOK announced the successful completion of a CBDC simulation to ensure connectivity with commercial banks.A representative from a commercial bank stated that the BOK would recruit banks next month for a retail CBDC experiment. The pilot test for this retail CBDC is projected to take place next year.Wholesale and retailThe upcoming CBDC pilot test aims to cater to the retail needs of ordinary citizens. There are two types of CBDCs: wholesale CBDCs, which facilitate payments between financial institutions, and retail CBDCs, which are accessible to all economic entities, including the general public.The successful execution of the retail CBDC pilot test requires close collaboration between the BOK and commercial banks. A banking official highlighted that while the BOK can outline the distribution framework for wholesale CBDCs, it may not be the most suitable entity to design the intricate distribution scheme for retail CBDCs.Last year, 15 financial institutions, including five commercial banks (KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NongHyup Bank), participated in an inter-institutional CBDC linkage experiment with the BOK. The BOK is expected to select banks from among these participants to design the distribution structure of retail CBDCs and proceed with a pilot test.Speculative timelineAn official from a commercial bank that took part in the BOK’s prior experiment said that the Korean central bank has recently maintained close communication with commercial banks and successfully completed the infrastructure linkage test for CBDCs. The official also mentioned that the retail CBDC test is expected to see its completion this year, potentially enabling the commencement of retail CBDC implementations in the private sector next year.However, a BOK official expressed a more cautious stance. The official stated that the BOK has recently expanded its digital currency research team and plans to conduct further research in the future. Specific timelines and plans for the retail CBDC test could not be disclosed at this time.Other countriesDifferent countries have adopted varying approaches to CBDC research and implementation, depending on their economic conditions. Developing nations have been promoting CBDC issuance to facilitate financial inclusion, while developed countries have prioritized the stability of their financial systems.However, as cash payments decline and private digital currencies continue to proliferate, developed countries are also turning their attention to retail CBDCs. For instance, the Bank of England collaborated with the Bank for International Settlements (BIS) to establish and experiment with retail CBDC prototype infrastructure. Similarly, the European Union (EU) has released draft legislation to introduce the digital euro as a legal tender within the Eurozone.