Historic ruling sees Dubai court validate crypto as salary payment

Upbit Operator Dunamu Assists Indebted Youths in Rebuilding Credit ScoresDunamu, the operator of South Korean cryptocurrency exchange Upbit, has announced an initiative aimed at helping indebted youths rebuild their credit scores. The company will accept applications from July 19 through August 20. Eligible individuals must be residents of Seoul, Gyeonggi-do, or Incheon, aged between 19 and 39, and have successfully completed debt workout arrangements.Photo by Towfiqu barbhuiya on UnsplashGiving backThe project, called Dunamu Next Dream, is part of the company’s efforts to give back to the community by using revenue generated from Luna Classic (LUNC) transaction fees. In September of last year, Dunamu committed to allocating the LUNC transaction fee profits of 239.13025970 BTC to investor protection. After consulting with an external advisory committee, the exchange operator decided to donate around 3 billion KRW ($2.3 million) to public organizations and utilize the remaining funds to provide financial and credit support.To implement the Dunamu Next Dream project, Dunamu entered into a memorandum of understanding (MOU) with the Credit Counseling and Recovery Service (CCRS) and the Social Solidarity Bank (SSB) in April.Two componentsThe project consists of two main components: financial consulting and emergency loans. The initial focus will be on financial consulting, which includes support for living expenses. The aim is to assist indebted youths in developing healthier financial habits. Financial experts will provide six sessions of financial consulting, addressing their recurring indebtedness and fostering financial independence. Additionally, each individual will be granted a living expense of 1.2 million KRW ($950) to ensure they can meet timely interest payments.Dunamu will collaborate with the CCRS and the SSB to conduct a comprehensive review of applicants and select 150 deserving beneficiaries. The selection process will involve thorough evaluation through paper screening and interviews, allowing applicants to demonstrate their dedication and financial responsibility.The second component of the project, emergency lending, will launch in September. It aims to provide interest-free loans of up to 2.5 million KRW to individuals facing immediate needs, such as medical fees.Dunamu CEO Lee Sirgoo highlighted the importance of this project, emphasizing the challenges faced by young people who are the future leaders of society. The economic struggles they encounter can have significant repercussions for society as a whole. Accumulating debts has made it difficult for young individuals to achieve financial stability and advance their careers. Lee stressed the need for public awareness regarding this issue, as it is crucial for young people to establish themselves promptly within society.

As part of the celebration of Holi, the Hindu festival of colors, the Indian Railway Catering and Tourism Corporation (IRCTC) is unveiling a series of colorful NFT tickets for the Lucknow to Delhi train service. Governed by the Ministry of Railways, IRCTC is a central public sector enterprise in India. Taking to the X social media platform on March 13, the railway company offered a sneak peek into these NFTs, showcasing sketches of iconic landmarks from both Delhi and Lucknow against vividly shaded backgrounds.Photo by Johannes Plenio on UnsplashLimited-time ticketing offeringCommencing March 20, passengers booking tickets for Tejas trains numbered 82501 and 82502 will have the opportunity to access these exclusive NFTs, with the initiative set to conclude on April 2. In its social media post, the IRCTC outlined the additional perks accompanying these NFT tickets, stating:"These tickets are not merely digital souvenirs. ... They symbolize our dedication to enriching your journey experiences, allowing you to personalize your travel memories with your own photographs and enjoy exclusive offers from handpicked brands." As of now, the IRCTC has not officially confirmed whether these NFT tickets will be complimentary with ticket purchases or if passengers will need to make additional payments to acquire these digital collectibles. Polygon and HyperledgerNFTs, or non-fungible tokens, are digital assets built on blockchain networks. Earlier this year, the IRCTC collaborated with NFTtrace, a service offered by Bangalore-based blockchain development firm ChainCode Consulting, to offer NFT tickets for journeys to the Hindu sacred city of Ayodhya. The tickets were presented as more than mere travel documents but as cherished mementos of divine experiences. The NFTtrace website stated:"More than just a ticket to Ayodhya Dham - a souvenir of the divine Shree Ramotsav. Treasure the pious memories of Lord Shree Rama's arrival forever, with Blockchain NFT.”On that occasion, the NFT certificates were minted on the Polygon blockchain. Indian Railways has been exploring blockchain technology for some time now. Last March, the National Academy of Indian Railways partnered with Polygon to conduct a workshop aimed at raising awareness about the benefits of blockchain in railway industries. Polygon outlined that the integration of blockchain within the Indian railway system was the beginning of a new era that moves the technology towards mass adoption.In this latest instance, the NFTtrace platform is involved once again. However, this time around, the NFTs will be minted on the Hyperledger blockchain. Ava Labs, the developer of the Avalanche layer one blockchain, has expressed its interest in developing ticketing-related blockchain applications in India. Last October the firm highlighted blockchain-based ticketing as one of a number of areas it wanted to concentrate on in an expansion within India. Conventional firms in the travel industry have been experimenting with the technology on an ongoing basis in recent times. In 2023 Japan’s largest airline All Nipon Airways (ANA) launched its own NFT marketplace. Argentinian budget airline Flybondi took the decision to offer NFT-based tickets in 2023 in a partnership with NFT ticketing firm TravelX.

Gluwa, a San Francisco-based blockchain firm, has become a key partner in Nigeria’s central bank digital currency (CBDC) project, the eNaira, Korean media outlet Seoul Economic Daily reported.   Tapping into Nigeria’s 226M populationGluwa, the issuer of Creditcoin (CTC), announced yesterday that its Nigerian branch Gluwa Nigeria signed a memorandum of understanding (MOU) with the Central Bank of Nigeria (CBN). Through the MOU, Gluwa Nigeria aims to facilitate the adoption of digital currency in Africa’s largest economy with a 226 million population, by connecting eNaira to Credal, the native API for Gluwa’s Creditcoin network. This integration is expected to enhance Nigeria’s financial ecosystem by recording loan and payment transactions on the Creditcoin network.Photo by Emmanuel Ikwuegbu on UnsplashMaking the financial system more inclusive and efficient The partnership is anticipated to boost financial inclusiveness among many Nigerians who are financially isolated due to their lack of access to traditional financial services. Moreover, the CBN expects that the adoption will improve the eNaira’s functionality and spur innovation in the country’s financial system. Among other objectives of the project is to create an efficient financial infrastructure in the country so that Western fintech firms can easily enter the Nigerian financial market.   Oh Tae-lim, CEO of Gluwa, said the company plans to lay out the project’s blueprint by the end of this year and eventually broaden the acceptance of the eNaira, taking the potential of the digital currency to a new level.  Meanwhile, Gluwa’s native token, CTC, is a real-world asset (RWA) network with a loan transaction volume of KRW 106.8 billion ($80 million) and a user base of 337,000.