Nomura survey indicates shift towards crypto investment in Japan

India’s digital currency transactions have surged, surpassing 1 million daily transactions in December, meeting the Reserve Bank of India’s (RBI) ambitious target set for the end of 2023.Photo by Julian Yu on UnsplashCBDC-based employee paymentsReuters cited three sources familiar with the matter who have revealed that Indian banks played a crucial role in achieving this milestone by disbursing certain employee benefits through the central bank’s digital currency (CBDC), known as the e-rupee. As Indian crypto influencer and YouTuber Sumit Kapoor put it, the transaction level increase “happened because people working in regular banks were encouraged to use digital rupees instead of the normal money for their deposits and benefits.” RPI letter confirms increaseA letter seen by CoinDesk sent by the Governor of the Reserve Bank of India (RBI), Shaktikanta Das, to RBI staff on Dec. 29 confirmed the increased CBDC use, stating that it “exceeded the milestone of 1 million transactions in a day on Dec. 27, 2023.” The e-rupee, developed as a digital counterpart to physical cash, utilizes distributed ledger technology. The RBI initiated the e-rupee pilot in December 2022, initially recording an average of 25,000 daily transactions by the end of October. Despite its integration with the Unified Payments Interface (UPI), a popular framework for mobile app-based peer-to-peer money transfers, the transaction volume saw a substantial increase last month. Union Bank paymentsAccording to India’s Economic Times, the Union Bank of India is working towards transferring claims related to a number of employee benefits to CBDC wallets rather than the accounts of those salaried employees. Union Bank stated: “With an aim to promote CBDC wallet transactions, banks have been advised to encourage all staff members to transact using the digital currency and ensure 100% staff registration on digital rupee app.” Other banks have been playing their part in the current transaction level surge. This has included major private and state-run lenders such as HDFC Bank, Kotak Mahindra Bank, Axis Bank, Canara Bank and IDFC First Bank. These institutions disbursed employee benefits directly into CBDC wallets rather than traditional salary accounts, demonstrating a significant shift in adoption patterns. The RBI anticipates that non-financial firms will follow suit, contributing to a further boost in transaction volumes. The user base for the e-rupee has also witnessed steady growth, reaching approximately 4 million users, up from 3 million in December, according to an executive familiar with the pilot. Globally, several countries, including China, France and Ghana, are in the pilot stages of their central bank digital currency (CBDC) projects. Nigeria has rolled out its digital currency, although success has been limited despite offering incentives such as discounts on auto-rickshaw rides. To incentivize e-rupee transactions, Indian banks are offering rewards, aligning with the RBI’s push to enhance transaction volumes. Sharat Chandra, co-founder of the India Blockchain Forum, commended the move to compensate employees using CBDC and suggested expanding adoption incentives to other areas, such as toll tax collections, to further encourage widespread usage. The positive momentum in India’s digital currency landscape reflects a growing trend toward embracing innovative financial technologies. 

CertiLife Secures Funding for Blockchain-Based Medical Device WarrantiesCertiLife, a South Korean startup that specializes in blockchain-based warranty services for medical devices, has recently secured seed funding from dentists and the blockchain industry. The amount of the investment remains undisclosed, as reported by local media outlet Mirakle Ahead.Photo by Jonathan Borba on UnsplashBlockchain advantagesCertiLife leverages the power of blockchain technology to issue warranties for medical devices. Unlike traditional physical warranties, CertiLife’s digital warranties are not only environmentally friendly but also offer cost-saving benefits to medical device manufacturers. This is achieved by eliminating the need for physical resources.Through messaging appCertiLife’s blockchain-powered warranties are issued through South Korea’s popular messaging app KakaoTalk, providing convenience to clinics and patients. They can be easily managed using Klip, a digital asset wallet developed by GroundX, a blockchain subsidiary of Kakao Corp.One of the investors expressed expectations that blockchain-based warranties would address the inconvenience and risk of loss associated with traditional warranties. The investor said that CertiLife’s digital warranties will ensure secure data management, save time, and offer improved convenience.CEO Kim Do-hee of CertiLife emphasized the company’s commitment to utilizing investment funds to enhance its services. Kim said that CertiLife is actively preparing to collaborate with various medical device manufacturers and also exploring opportunities to expand into international markets later this year.

Ant Group Targets Web3 Developers With New Brand LaunchChina’s Ant Group, the powerhouse firm behind the world’s largest mobile payment platform, Alipay, has made a strategic move by introducing its new blockchain-focused sub-brand, ZAN.The initiative signals Ant Group’s intention to carve out a specific niche in the blockchain sector while simultaneously preparing for a potential initial public offering (IPO) that is free from its affiliations with Web3.Photo by Denys Nevozhai on UnsplashOffering a suite of solutionsZAN’s unveiling, which was announced in an official press release via Business Wire on Friday, heralds a comprehensive suite of technical solutions and services catering to both institutional players and individual developers in the Web3 ecosystem. At its core, ZAN offers a solution that enables Web3 companies to seamlessly issue and manage real-world assets (RWAs) while adhering to local regulatory frameworks.But ZAN’s ambitions don’t stop there. The brand aspires to revolutionize the Web3 landscape with a suite of technical offerings, including cutting-edge tools for electronic Know Your Customer (KYC) procedures, anti-money laundering (AML) measures, and Know Your Transaction (KYT) checks, all purpose-built with a view towards achieving the highest levels of compliance.Focus on dAppsMoreover, ZAN will also focus its attention on decentralized applications (dApps) through its provision of smart contract reviews and node services. These services, including remote procedure calls (RPCs), are poised to empower developers, offering them the essential tools they need to craft innovative dApps that can thrive within the Web3 ecosystem.ZAN’s journey has already seen notable partnerships, with HashKey DID, a decentralized identity data aggregator in the Web3 space, announcing its adoption of ZAN’s electronic KYC solution during the Hong Kong Web3 Festival in April.This move by Ant Group aligns with its reported intention to segregate its blockchain subsidiary from its core entity. In July it emerged that the company was restructuring with implications for its blockchain activities having been envisaged at the time. Given the size of the enterprise, the adoption of blockchain by Ant Group thus far has played a pivotal role in furthering blockchain use and implementation within Mainland China.IPO and further expansionThis separation is expected to be a pivotal step for the company in securing a financial holding license in China, further underscoring Ant Group’s interest in pursuing compliance and regulatory alignment.Ant Group had ambitious plans for a $30 billion initial public offering (IPO) in Hong Kong and Shanghai in 2020, with a staggering $226 billion valuation at the time. It’s evident that the financial giant remains resolute in its pursuit of expansion and diversification, although it has faced regulatory obstacles in its endeavors to do so.While the IPO was thwarted by the Chinese government, it is promising for the development of blockchain within China to see that the firm is once again making strategic moves in the blockchain sector, spearheaded in this instance through ZAN.