Hong Kong taxis likely test case for stablecoin payments

Superscrypt Backs Airstack’s Web3 Developer PlatformSingapore-based Superscrypt, an early stage blockchain investment company founded by state-owned global investment conglomerate Temasek, has led an investment round into Web3 developer platform, Airstack.Photo by Giorgio Trovato on UnsplashIndian influenceAirstack closed out the second tranche of its pre-seed funding round, having raised the largest portion of the $7 million raise via Superscrypt. Although based in Miami Beach, Florida, Airstack has a strong Indian influence. Three of its five founders, Deepesh Kumar, Vysakh Nair and Sarvesh Jain originate from the world’s most populous country.The firm’s main offering is to enable developers to be able to easily query on and off-chain data and integrate that same data into the Web3 apps that they are building. Airstack enables this functionality by featuring GraphQL, a query language for APIs and a runtime for fulfilling those queries with the user’s existing data, as a core component of its platform.Achieving greater functionality still, the start-up enhances that use of GraphQL by incorporating the use of artificial intelligence (AI). The company’s Miami Beach-based CEO and Co-Founder, Jason Goldberg, elaborated on the technology it is using in an interview with CoinDesk: “We did extensive interviews with developers over the past year, gaining insights into their previous tool usage and the challenges they faced. Airstack was built to directly address those pain points.”Recent platform launchThe product offering was launched last month and has already lured in over two hundred developers to use the platform. Those developers are harnessing the functionality of Airstack’s platform to assist them in their efforts to bring a broad range of dApps to market.Developer projects are grounded in areas such as marketing engines, decentralized finance (DeFi) portfolio optimizers, customer resource management tools, advertising platforms, and decentralized social media apps, together with messaging applications.With just a straightforward query and response approach, developers can use Airstack platform functionality to query, combine, and integrate on-chain or off-chain, cross-chain, and cross-application data. The offering applies to queries relative to the Ethereum and Polygon blockchain networks. The project intends to support additional blockchain networks going forward, while also intending to increase the level of query complexity made available to platform users.Joining Superscrypt on the Airstack cap table are Hashed Emergent, NGC, Primal Capital, UOB Ventures, Signum Capital, and others. Goldberg articulated the firm’s strategy going forward: “Our immediate focus is to onboard thousands of developers onto Airstack in the coming months. We aim to identify the areas where we add the most value and where genuine business use cases emerge before finalizing our pricing model.”Social app upgradeAt the same time as this funding announcement, Airstack also revealed a separate development related to its Jam social app. Taking to Twitter on Tuesday, Goldberg provided details on an update to the app which utilizes Airstack functionality in order to create social groups based on NFT ownership and collector status. That functionality can be extended further, so that data can be gathered across projects, creating bespoke user profiles relative to the user’s blockchain activity and presence.At the same time as this funding announcement, Airstack also revealed a separate development related to its Jam social app. Taking to Twitter on Tuesday, Goldberg provided details on an update to the app which utilizes Airstack functionality in order to create social groups based on NFT ownership and collector status. That functionality can be extended further, so that data can be gathered across projects, creating bespoke user profiles relative to the user’s blockchain activity and presence.

In a recent announcement on Facebook, Singapore Prime Minister Lee Hsien Loong has raised alarm bells about a new form of cyber scam that exploits deep-fake technology. Deep-fake technologyThe Prime Minister highlighted the emergence of deceptive videos utilizing artificial intelligence (AI) to create false portrayals of him endorsing cryptocurrency scams. This development underscores the escalating sophistication of online scams and the deployment of advanced technology to mislead the public. Deep-fake technology has emerged as a powerful tool for scammers, enabling them to manipulate genuine footage to produce highly convincing yet entirely fabricated content. In the latest incident, a deep-fake video features Prime Minister Lee Hsien Loong endorsing a nonexistent crypto investment platform purportedly associated with entrepreneur Elon Musk. This video, a manipulated version of an interview on CGTN, showcases the concerning level of realism achievable with deep-fake technology. The incident emphasizes the growing trend of utilizing AI in perpetrating scams. Prime Minister Lee underscored the deceptive nature of these videos, articulating the potential damage they could inflict by leading unsuspecting individuals to invest in fraudulent schemes. The Singaporean government maintains a vigilant stance on such scams, consistently urging citizens to exercise caution and verify information from official sources.Photo by Guo Xin Goh on UnsplashPrevious issuesThe exploitation of public figures in financial scams is not a new phenomenon. Prime Minister Lee has been a recurrent target of such scams, dating back to 2018. At that time, the government issued public warnings about Bitcoin investment scams falsely claiming the Prime Minister’s endorsement. More recently, in July, another fake video featuring Lee Hsien Loong surfaced, prompting renewed public warnings. In 2021, the Prime Minister’s name and photograph were used without his consent in an effort to sell cryptocurrency. The data was taken from his X (formerly Twitter) profile. At the time, Lee wrote:“The site’s creators are anonymous, but I have sent an open tweet out to ask that my name and photo be removed from the site immediately, as I have nothing to do with the platform. I urge everyone to remain vigilant when dealing with cryptocurrency platforms.” That was a much less sophisticated identity-related scam. More often than not, scammers and fraudsters tend to be early adopters of technology. That’s proving to be the case with the use of deep-fakes in this instance. A need for cautionAs he did in 2021, Prime Minister Lee has urged the public to exercise caution in light of this more recent incident. He advises against responding to scams promising guaranteed investment returns or giveaways. There’s every sign that the Prime Minister’s warning is warranted. In September it emerged that six Singaporeans lost more than $100,000 when a scammer tricked them into buying tokens on a cryptocurrency trading platform. More recently, five Americans were conned out of $10 million in a scam that involved a spoofed domain of the former Singapore International Monetary Exchange (Simex). This call for public vigilance is part of a broader government effort to address the surge in cyber fraud. These repeated incidents underscore the challenges posed by digital technologies in spreading misinformation and financial fraud.   

At the 16th Mint Annual BFSI Summit and Awards in Mumbai, Reserve Bank of India (RBI) governor Shaktikanta Das reiterated the central bank's cautious stance on cryptocurrencies, regardless of recent global developments. During the event, which was held on Thursday, Das took to the stage. He was asked if the approval of spot bitcoin exchange-traded funds (ETFs) in the United States gives legitimacy to cryptocurrency.Photo by rupixen.com on UnsplashUnwavering responseDas was unwavering in his response, maintaining that the RBI remains steadfast in its approach and opposition to cryptocurrencies. He stated: "The way we look at crypto remains unchanged, irrespective of who does what."  He emphasized that the RBI does not intend to emulate regulatory decisions made by other countries. Despite this global development, Das maintained the RBI's reservations, expressing concerns about the potential risks associated with venturing further into the cryptocurrency space. Favoring a crypto banLast month, officials from the Indian central bank told the Hindustan Times that the RBI believes that the Indian government should impose an outright ban on cryptocurrencies in India. One unnamed official stated:"The government cannot sidestep the RBI’s concerns while deciding on cryptocurrencies, as it is responsible for monetary stability in India and maintains price stability." Das acknowledged the potential of blockchain technology, the foundation of cryptocurrencies, highlighting its versatility for various applications. Both the central bank and the Indian government have encouraged the development of blockchain rather than crypto. Last year, an RBI-led initiative, the National Payments Corporation of India (NPCI), recruited blockchain expertise to further develop that project. However, he made it clear that the RBI's focus remains on strengthening governance and assurance in regulated entities, with an emphasis on early identification, close monitoring and effective management of risks. Citing ‘Tulipmania’Das cautioned against a “crypto mania,” drawing parallels to the historical tulipmania of the 17th century. He underscored the RBI's position that embracing cryptocurrencies could pose significant risks, echoing his previous warnings about the macroeconomic and financial stability risks associated with these digital assets. The governor emphasized the importance of instilling an appropriate risk culture within organizations, with active involvement from the board and senior management. Das stated that the RBI expects top officials and board members to play a more proactive role in risk management. India’s crypto community responded critically to the RBI governor’s comments. Ajeet Khurana, a Web3 growth investor, responded on social media, stating:”Dear RBI governor, I respect you a lot, and I don’t mind that you don’t like Crypto. Diverse points of view are healthy. Yet, using words like 'tulip mania' only gives the impression that you are out of touch with what is happening in Web3. My request, Sir, is that you update yourself.” Vivek Sen, the founder of Bitgrow Lab, wrote:”Dear RBI, First, don't club Bitcoin with ‘Crypto’. Secondly, Tulips did not experience an 80% drop on four occasions, and they recovered each time.”Despite opposition to cryptocurrencies in official circles in India, a report last year produced by Chainalysis found that India is leading the way in Asia in terms of grassroots adoption of cryptocurrencies.