Further details emerge on Philippine CBDC project

Hashed CEO Emphasizes South Korea’s Potential to Lead Mass Adoption of Web3 in AsiaSimon Kim, CEO of Asian blockchain investment firm Hashed, highlighted South Korea’s potential to pioneer the mass adoption of Web3 during his keynote speech on Tuesday at Impact, the main conference of Korea Blockchain Week 2023 held at the Shilla Hotel in Seoul.“Korea possesses the strength to lead despite its small size,” he said. “The country will serve as the turning point for Web3.”Photo by Daniel Bernard on UnsplashTech trailblazerKim elaborated on the unique characteristics of Korea’s Web3 ecosystem, citing the so-called “kimchi premium” phenomenon, where cryptocurrencies in Korea are valued higher than other global exchanges, as well as the country’s role in leading altcoin price fluctuations and bull markets.Furthermore, Korea also has one of the world’s fastest and most widespread high-speed Internet networks, with nearly 100% coverage and a smartphone penetration rate exceeding 97%.According to Kim, digital natives are the driving force behind many inventions that have marked the country as a longstanding hub of innovation and digitization. Among these inventions is the world’s first online game, The Kingdom of the Winds, and the world’s first avatar-based social platform Freechal, as well as the pioneering e-sports league StarCraft League and game item trading platform itemBay.In particular, Freechal can be deemed as a forerunner to the current trend of using non-fungible tokens (NFTs) as profile pictures on social media. itemBay also serves as the precursor to both virtual asset and NFT exchanges. These types of early ventures are inextricably linked to the rise of cryptocurrency exchanges.Kim went on to underscore Korea’s prowess in the gaming industry, mentioning popular games like Dungeon Fighter Online, MapleStory, and PlayerUnknown’s Battlegrounds (PUBG). He noted that many local game developers have already established Web3 studios and are actively preparing to transition to the world of Web3 gaming. The K-pop industry has also been incorporating Web3 technology in various projects.Merging hemispheresHashed has been actively investing in projects since 2016, with over 150 projects in its extensive portfolio. Of these projects, approximately 71% of those based in Western countries are related to infrastructure, while 67% of those based in Eastern countries are related to digital content and apps. The company ultimately aims to serve as a bridge connecting the East and West by acting as a network builder to facilitate this exchange, Kim said.

China’s Jiangsu Province Integrates Digital Yuan Into Education SystemChina has taken a raft of measures to try to build momentum in its digital currency, the digital yuan or e-CNY, with the latest step being an expansion into the education system in Jiangsu Province.Photo by Kimberly Farmer on UnsplashChina’s digital yuan is a legal tender fully backed by the People’s Bank of China (PBOC) and pegged to the renminbi. Unlike most cryptocurrencies, it is not decentralized or anonymous but is monitored by the PBOC. While adoption has been slow, China has been first off the blocks in developing a central bank digital currency (CBDC) to the point of some level of active use by comparison with its international peers.Enforcing a payments use caseJiangsu Province will attempt to establish the use of the digital yuan in its education system by the end of 2025, according to the Jiangsu Education Department. By the end of the year, students studying within the province are likely to be paying tuition fees using the digital currency. The pilot plan that Jiangsu administrators within the province’s Education Department have put together also aims to establish a means through which examination registration fees will be paid in digital yuan, while scholarships will be received in the digital currency.Zhou Maohua, a researcher with Beijing-headquartered Everbright Bank, told China Daily that it is imperative that more users are registered and go on to actively use the digital yuan to further its development.“The establishment of infrastructure for the digital yuan should be further accelerated,” said Maohua. “Its software and hardware must be upgraded to improve user experience. The security and reliability of the system must also be strengthened,” he added.Over the course of the past three months, four million digital yuan accounts have been opened by ordinary citizens within Jiangsu Province. Total e-CNY transactions have reached a level in excess of 200 billion yuan ($29 billion).Multiple initiativesIn April, the administrators of the city of Changshu, which is situated within Jiangsu Province, announced that it was gearing up to commence paying state employees within the city in digital yuan. Around the same time, officials within the city of Xuzhou, also located within Jiangsu Province, announced that they were in the process of publishing a pilot scheme which will set out a means for promoting China’s e-CNY digital currency.If that was enough in proving Jiangsu’s commitment to furthering the development of the e-CNY, another Jiangsu Province city, Suzhou, was one of the first locations in China to run a digital yuan pilot scheme in April 2020.Earlier this month, it was revealed that the French international banking group, BNP Paribas, had partnered with the BOC in enabling an initiative to promote the use of the digital yuan among its corporate clients.China is working with other countries on a Multiple CBDC Bridge project to explore the feasibility of cross-border fund transfers among different currencies. Launching its own CBDC for cross-border transfers may allow China to reduce its reliance on the US dollar and increase its influence over global trade and monetary policy.

Indonesia to Launch Blockchain Trials to Enhance Public ServicesIn the wake of its recent government-backed cryptocurrency exchange launch, Indonesia is moving further forward to launch trials that employ blockchain technology within its public services sector.Photo by Bisma Mahendra on UnsplashBlockchain-based land ownership recordsAt the recent Blockchain Economy Summit held in Dubai, Tuhu Nugraha, the Principal of the Indonesia Applied Digital Economy and Regulatory Network (IADERN), told Cointelegraph that these trials will encompass the utilization of blockchain-based digital certificates for land ownership and certificates of competence within the education sector.The executive believes that blockchain’s inherent attributes, which include characteristics such as immutability and transparency, can be harnessed to combat certificate fraud. By anchoring these certificates in blockchain’s secure ledger, the government can efficiently verify the authenticity of various digital certificates, which is a significant leap forward in ensuring the integrity of critical documents.Nugraha is an advisor to the Indonesian government on blockchain and metaverse technologies. He emphasized the government’s collaborative approach to Web3 technology. Additionally, Nugraha revealed that the Indonesian government is working in close partnership with various blockchain-focused associations to conduct experiments and gather insights into the multifaceted implications of blockchain across diverse sectors. Instead of imposing rigid regulations, Nugraha maintains that the Indonesian government is committed to crafting regulations that spur innovation.Cointelegraph also spoke with Grace Sabandar, Co-Founder of the Indonesia Blockchain and Metaverse Center (IBMC). Sabandar, an advocate of blockchain’s potential, emphasized the pivotal role of Indonesia’s youthful demographic on the basis that this dynamic demographic is inherently adaptable to new technology.Youthful demographic to capitalize on Web3Sabandar made the point that this younger Indonesian demographic has already demonstrated itself to be one of the world’s largest user bases for Web2 social media platforms such as Facebook and Instagram. On that basis, she believes Indonesia is poised to lead in the adoption of Web3 technology. She remarked:“We want to be the leader, not only the user of technology, because now, because of decentralization, anybody can do something, anybody can create something.”Furthermore, Sabandar highlighted the crucial educational role played by the IBMC in collaboration with the government, private sector stakeholders, media, and academia. Their mission revolves around enlightening the nation about the manifold benefits of blockchain, emphasizing transparency, the utility of smart contracts in business operations, the essence of decentralization, and other fundamental aspects.Realizing blockchain and Web3 potentialEarlier this week, a report published by South Korean crypto data platform Xangle in conjunction with Web3 consulting firm Tiger Research concluded that Indonesia has significant potential to grow its Web3 sector.Reports in recent days have also demonstrated further instances of the use of blockchain technology in the country, with state-owned ID Food collaborating with Singapore’s D3 Labs to establish a blockchain-based fish trading process. In July, South Korean tech company Milk Partners launched its blockchain-based reward points service in Indonesia.Indonesia’s blockchain development and adoption are being spurred on by the enthusiasm of its tech-savvy youth, collaborative partnerships, and a government dedicated to innovation and transparency. As it paves the way in the Web3 era, Indonesia seeks to leverage blockchain technology to benefit public services, foster trust, and lead by example in the global digital revolution.