Kazakhstan pilots tenge-backed stablecoin with Solana and Mastercard

Shinhan Card’s Membership NFTs Offer Discounts at Emart24 Convenience StoresShinhan Card, a major South Korean credit card company, announced on October 10 (local time) that it is launching membership non-fungible tokens (NFTs) in collaboration with convenience store chain Emart24 and Kakao’s blockchain subsidiary Ground X.Photo by Andrey Metelev on UnsplashNFT and loyalty pointsOwners of the membership NFTs can make purchases of KRW 5,000 ($3.71) or more at Emart24’s brick-and-mortar stores using the Shinhan Card mobile app, known as Shinhan pLay, to earn KRW 1,000 worth of My Shinhan Points. This benefit can be claimed up to three times a month.Moreover, upon purchasing the NFT, buyers will be gifted a KRW 2,000 off Emart24 coupon. Every month, they’ll be treated to a KRW 1,000 off coupon, a 10% off coupon on alcoholic beverages (with savings of up to KRW 3,000), and another 10% off coupon (with savings of up to KRW 1,500).NFT holders also get a KRW 2,000 discount coupon for the card company’s shopping platform, Allthat. Furthermore, every month, when they spend over KRW 10,000 in the food and nutrition category, they can use a 20% discount coupon, saving up to KRW 10,000 on their purchase.Valid for three monthsThese benefits will remain valid for three months starting from the date of issuance of the NFT. A total of 1,000 membership NFTs will be offered for sale at KRW 9,900 each on the Allthat platform until October 16.Purchased NFTs can be received via Ground X’s Klip Wallet, which is accessible through the Emart24 app and the Shinhan pLay app.This initiative stems from an NFT alliance established in July of last year, comprising Shinhan Card, Emart24, and Ground X. The alliance, known as GRID, has set its sights on promoting the widespread adoption of NFTs across diverse sectors, including finance, commerce, and entertainment. Commencing with this effort, Shinhan will engage in collaborative efforts with fellow GRID members to explore additional avenues for expanding its services through its pLay app.

South Korean Job Seekers to Benefit from Digital Badges for License CredentialsSouth Korean job seekers will soon be able to enjoy the convenience of proving their license credentials with digital badges based on non-fungible tokens (NFTs).The South Korean Ministry of Employment and Labor has announced that its affiliate, the Human Resources Development Service of Korea (HRDK), plans to create a mobile application that supports virtual asset wallets. These wallets will allow citizens to conveniently store their HRDK-issued licenses in the form of digital badges.Photo by Gül Işık on PexelsNFT-based digital badgesThese digital badges, which are based on NFTs, will also serve as proof of certification for HRDK’s education and training courses. Decentralized identifiers (DIDs) based on blockchain technology will prevent forgery and counterfeiting and improve personal information protection. The incorporation of gaming elements within NFTs is expected to motivate citizens to engage in continuous learning.Chosen as this year’s state-led blockchain initiative last December, the digital badge project is supported by the Ministry of Science and ICT (MSIT) and the Korea Internet and Security Agency (KISA). HRDK aims to complete the transformation of its 18.5 million issued licenses into digital badges by the end of this year. The project also involves digitizing vocational training certificates issued by the Korea Employment Information Services (KEIS), which has an average annual issuance of 3.6 million certificates. Access to these badges will also be facilitated through not only state-managed mobile ID wallets but also private platform wallets.In the context of employment and career management, individuals have traditionally received paper certificates and had to deliver them to relevant organizations. This process often involved inconvenience, as it required in-person visits, mailing, or scanning. Moreover, individuals faced the hassle of repeatedly obtaining the same certificate due to expiration dates and storage concerns.Seamless certificate managementWith the introduction of the digital badge service, users will be able to download a mobile application on their smart devices. This app will enable them to access their national certificates, allowing them to view their qualification and training completion information at any time. Additionally, users will gain the convenience of instantly submitting or verifying their certificates remotely through their mobile devices whenever necessary.HRDK will further enhance its services through strategic partnerships with credentialing organizations from both the public and private sectors.Kim Young-joong, the Acting President of HRDK, emphasized the significance of national licenses and training certificates as objective measures of individuals’ performance and skills, underscoring their importance in the employment landscape. He further expressed HRDK’s commitment to ensuring customer satisfaction by leveraging cutting-edge technology and efficient data management practices to drive innovation in public services.

Bhutan Launches Blockchain-Based National ID SystemBhutan, the Buddhist kingdom nestled along the eastern edge of the Himalayas, has introduced a blockchain-based National Digital Identity (NDI) system.Photo by Aaron Santelices on UnsplashDisrupting the delivery of government servicesThe blockchain-based cryptographic identity platform has the potential to revolutionize the way Bhutanese citizens access government services and conduct digital transactions. According to local Bhutanese media source BBS, the system was launched last week, giving Bhutanese citizens the opportunity to download the Bhutan NDI application directly to their mobile devices.The user-friendly application promises a seamless experience, marked by a straightforward login process. Once registered, citizens will gain access to an array of government services. These will include construction approvals, land taxes, passport services, birth and death registration certificates, as well as Royal University of Bhutan degree certificates and various business-related services, all within the confines of their digital wallets.Digital wallet alongside digital identityNotably, the development could have major implications where the future use of digital currency in Bhutan is concerned. The NDI is not just a digital identity but a digital wallet.That means that users have the option to link their bank accounts to the NDI app, facilitating financial transactions without the need to switch between multiple apps. As of now, the Bank of Bhutan is the first financial institution to integrate with the NDI app.The Royal Monetary Authority of Bhutan (RMA) entered into a collaboration with enterprise blockchain firm Ripple Labs in September 2021 to develop and trial central bank digital currency (CBDC).Streamlining service deliveryThe GovTech Agency, the driving force behind the NDI project, envisions that this digital innovation will streamline and simplify the often arduous process of interacting with government agencies. Jigme Tenzing, the Acting Secretary of the GovTech Agency, explained the transformative potential, stating:“So, essentially what this enables for Bhutan is the ability to take almost all services and make them available online. This can virtually transform how services are provided in Bhutan. This is regarded as not only services that the government provides to citizens, but it can extend to even the private sector.”Some concerns have been raised with regard to this consolidation of personal information within a single platform. The GovTech Agency has responded by emphasizing the incorporation of biometric data, including fingerprint and facial recognition, to enhance identity verification and authentication. It feels that these measures are sufficient to safeguard data privacy.Crypto investmentThere had been little in the way of news emerging from the South Asian country where decentralized technology was concerned until earlier this year when it became known that the kingdom had been an investor on the failed crypto lender platforms of Celsius and BlockFi.It had done so through Druk Holdings and Investments (DHI), the commercial arm of the Royal Government of Bhutan. In May it emerged that DHI had entered into a partnership with Singapore-based Bitcoin mining firm Bitdeer, with the intention of developing green digital asset mining operations within the country.The National Digital Identity Act of Bhutan 2023 received Royal Assent in July, solidifying Bhutan’s status as the first sovereign nation to implement a comprehensive decentralized identity framework.