Terraform Labs Accuses Citadel Securities of Stablecoin Sabotage

India Looks to Boost CBDC With 1 Million Users in 3 MonthsThe project team responsible for India’s retail central bank digital currency (CBDC) is aiming to increase its user base to one million users, while also prioritizing the challenge of creating an offline version.©Pexels/Sohel PatelAlthough the Reserve Bank of India (RBI), India’s central bank, publicly stated in March that they were aiming for 500,000 users by July, they are privately looking to double that amount. According to sources familiar with the matter cited by CoinDesk, the architects behind the centralized digital currency are confident that India’s population, being the world’s largest, will enable them to reach one million users easily. Tentatively the project team is aiming to achieve this within three months.Retail and Wholesale CBDCsThe RBI is currently conducting both retail and wholesale CBDC pilot programs. The retail CBDC pilot is active in at least 15 cities, with more than 13 banks participating. The digital rupee pilot began on December 1, 2022, and has seen over 100,000 customers participate in the four months since.India’s digital rupee gained significant attention at a recent meeting of the Group of 20 (G-20), which was hosted by India in Bengaluru, according to RBI Governor Shaktikanta Das. The central bank received positive feedback, with praise received for the design of the CBDC.Multiple challengesThe RBI initiated a Hackathon in 2023 to find solutions to some of the challenges around retail CBDC, including improving scalability, increasing transactions per second, and enabling offline transactions. However, achieving all three technical objectives at once is nearly impossible at present. Experts believe that it is only possible to achieve two out of the three objectives, but the hope is that technological innovation will address this in the future.Offline transactionsFacilitating offline transactions is crucial to improve financial inclusion in emerging economies such as India. The RBI is testing various methods to enable offline transactions, including wearables, debit and credit cards, Bluetooth technology, and smartphones. The central bank is also looking to address the risk of double-spending.More than 50 proposals were submitted to the RBI to solve the problem of offline transactions. The RBI has also been interacting with private companies to consider solutions to improving scalability, even though no partnership has been initiated with any prominent blockchain-related entities.News of India’s ambitious CBDC project fast-tracking has led some to speculate as to what technology lies behind it. Some have suggested Ripple as a possible partner but the suggestion is entirely speculative at this point.The RBI has not announced a timeline for rolling out a full-scale retail CBDC but has indicated previously that it was aiming for the end of the year. The development of a digital rupee has the potential to transform India’s economy by providing greater financial inclusion to its population, which is why the RBI is taking the time to ensure that the CBDC is as robust as possible.

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.

Backpack crypto wallet secures VASP license for crypto exchange in DubaiThe Dubai Virtual Assets Regulatory Authority (VARA) recently granted a Virtual Asset Service Provider (VASP) license to the Backpack crypto wallet project. This development has paved the way for the launch of Backpack Exchange, a crypto trading platform.Details of the licensing approval and exchange launch were provided via a press release published by Backpack on Tuesday. The VASP license obtained by the fledgling startup is specific to crypto exchange services within the Dubai jurisdiction. Although it restricts Backpack from offering other virtual asset products and services, the company is embracing the opportunity via the newly launched exchange.Photo by Wael Hneini on UnsplashBackpack ExchangeThe new exchange, Backpack Exchange, incorporates cutting-edge technologies such as zero-knowledge (ZK) proof-of-reserves, multi-party computation (MPC) for custody and low-latency order execution, among other features. These technologies are poised to enhance the security, privacy and efficiency of the exchange in an effort to set it apart in the competitive crypto market.By all accounts, this will not be the last licensing announcement from Backpack. Over the past five months, Backpack Exchange has been working to secure operational licenses across multiple jurisdictions worldwide. This global expansion showcases the company’s interest in taking its product offering in the form of a secure and transparent trading experience further afield.Fiat-to-dApp bridgeWhile the wallet currently operates without specific regulatory oversight, it serves as a bridge for users to transition seamlessly from fiat to on-chain applications. Armani Ferrante, CEO and Co-Founder of Backpack, expressed his ambition to bring greater transparency to the crypto exchange sphere. He emphasized the importance of trust and verification in a sector often shrouded in opacity.Ferrante believes that leveraging cryptographic techniques such as zk-proofs, MPC, and state machine replication can elevate industry standards. Backpack Exchange aims to set a precedent by providing users with the tools and knowledge to verify transactions, ultimately fostering trust and confidence within the crypto community.Dubai’s VARA regulator has been actively enhancing its crypto-friendly regulatory environment. In February 2023, the regulator issued guidelines for VASPs operating within the emirate, emphasizing the importance of adhering to marketing, advertising, and promotion regulations. Violators may face fines ranging from 20,000 UAE dirhams ($5,500) to 200,000 dirhams, with repeat offenders potentially incurring fines as high as 500,000 dirhams.Solana ecosystem projectBackpack is very much a Solana-centric project. As a lead developer of the layer one blockchain, Ferrante is bullish in terms of future development on the Solana blockchain. His Mad Lads NFT project is the top-rated collection by market cap within the Solana ecosystem.In a podcast earlier this year, he outlined that the prospects for the blockchain are bright going forward. Backpack was first established by crypto infrastructure firm Coral, the creator of Anchor, one of the most popular smart contract developer frameworks for Solana.For existing Backpack and Mad Lads users (Mad Lads is a collection of 9,966 NFTs created by Ferrante), exciting prospects are on the horizon via the new exchange. Initial access to Backpack Exchange will be granted starting in November, with full public availability anticipated in Q1 2024. During this interim period, Backpack plans to introduce various trading functionalities, including derivatives, margin trading and cross-collateralization.