Philippine government agency aiding youth in exploring blockchain and NFTs

Centralized decentralized finance (CeDeFi) protocol NEOPIN is gearing up to launch NEOPIN Bridge, a platform designed to bridge the Finschia network with Ethereum Virtual Machine-based (EVM) networks like Ethereum and Klaytn. According to an official announcement via Medium on Tuesday (KST), the service will be launched by the end of February.Photo by Shubham's Web3 on UnsplashLinking ecosystemsEver since its establishment of an official partnership with the Finschia Foundation last month, NEOPIN has been developing Finschia’s first EVM-compatible bridge. The project is intended to facilitate the process of exchanging cryptocurrencies for users on the Finschia, Ethereum and Klaytn networks. This will enhance the development and liquidity of the Finschia and Klaytn ecosystems through the integration of Ethereum-based stablecoins.  Currently, NEOPIN’s DeFi protocols are accessible only through the NEOPIN Wallet. But with NEOPIN Bridge, user accessibility and convenience will be enhanced through provided support for various wallets like MetaMask, Kaikas, DOSI Vault and more. New services will also be implemented, including token swaps for users to transfer the converted Finschia tokens (FNSA) through the bridge. NEOPIN is the only DeFi protocol that simultaneously supports both the Finschia and Klaytn mainnets, who recently announced a joint proposal for the Dragon DeFi Initiative – a project to build a DeFi ecosystem active on both the Finschia and Klaytn mainnets. NEOPIN’s strengthsWith a record of zero incidents including stake slashing since 2018, along with a 99.99999% block generation rate, the protocol touts a clean track record in node validation across multiple blockchains, emphasizing its dedication to trust and stability. “NEOPIN is recognized for its robust security and reliability, serving as a role model for the Abu Dhabi DeFi regulatory framework. The launch of our self-developed NEOPIN Bridge is a significant stride towards encouraging the growth of the Finschia and Klaytn ecosystems,” said Ethan Kim, CEO of NEOPIN.

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.

Kiwoom Securities and Koscom Partner to Pilot Security Token Platform Amid Regulatory ChangesKiwoom Securities, a securities firm based in South Korea, has recently taken a step forward by announcing its collaboration through a memorandum of understanding (MOU) with fintech company Koscom. This partnership aims to carry out a pilot program for a security token platform.Photo by Shubham’s Web3 on UnsplashPreparing for regulatory shiftIn light of the expected enactment of a revised bill that will establish a legal framework for security tokens, the two companies have joined forces to work towards creating standardized practices for security tokens. Once this regulatory act comes into effect, fractional investment companies — the entities responsible for issuing security tokens — will have the opportunity to kick-start their operations promptly. This will be possible by utilizing the systems developed by securities firms, also known as account management institutions. The primary objective of this MOU is to define the essential industry standards that will facilitate this process.Combining strengthsWhile Kiwoom Securities benefits from a substantial retail customer base, Koscom brings technological expertise to the table thanks to its four-decade-long track record of constructing the data infrastructure for capital markets. Together, they will work to verify the seamless integration of distributed ledger technology into the operational system of the securities firm.Kiwoom Securities has been making strides in this direction through its partnerships with diverse companies, including music copyright trading platform Musicow and fine arts fractional investment platform Tessa. These collaborations have provided Kiwoom Securities with practical experience and technological insights relevant to security tokens.Hwang Hyun-soon, CEO of Kiwoom Securities, expressed Kiwoom’s commitment to collaborating to ensure that the security token platform developed by both companies evolves into a benchmark platform for the future security token market.Hong Woo-sun, CEO of Koscom, remarked that they expect the agreement to play a role in advancing their security token businesses and developing the Korean security token market.