Fingerlabs launches Web3 solution to help partners build membership NFTs

China’s former central bank governor has warned that speculation in stablecoins could threaten financial stability, Bloomberg reported, citing a post from the Beijing-based think tank CF40 Research. His remarks run counter to calls from some economists and industry figures for a yuan-backed stablecoin as the U.S. advances its digital-asset policy agenda. Zhou Xiaochuan, who led the People’s Bank of China (PBOC) from 2002 to 2018, delivered the comments at a closed-door meeting in mid-July. He argued that China’s payment rails—spanning third-party platforms, the central bank digital currency (CBDC), digital wallets, and clearing infrastructure—are already highly efficient, leaving little scope for stablecoins to deliver meaningful cost savings. He also rejected the premise that conventional cross-border payments come at steep costs. Zhou identified price manipulation driven by speculative trading as the chief risk to financial and asset markets, adding that current safeguards in the U.S., Hong Kong, and Singapore remain inadequate.Photo by Mitchell Luo on UnsplashOnshore controls push yuan stablecoins offshoreAny debate over a yuan-linked token must also contend with China’s currency structure. The onshore yuan (CNY) is subject to strict capital controls and limited cross-border convertibility, while the offshore yuan (CNH) trades more freely. As a result, any prospective yuan stablecoin would likely reference the CNH; pegging directly to the CNY would conflict with Beijing’s capital rules. An earlier Reuters report has indicated that Beijing is weighing whether to authorize a yuan-pegged stablecoin to promote international use of the currency. Analysts caution that such a token would almost certainly be confined to offshore markets, even if regulators proceed. U.S. sets federal guardrails for stablecoinsMeanwhile, policy moves in the U.S. are gathering pace. In July, President Donald Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law, creating a federal framework for stablecoins. A White House fact sheet says the law requires issuers to maintain 100% reserves in liquid assets such as U.S. dollars or short-term Treasuries and to publish monthly disclosures on reserve composition. The administration has argued that dollar-backed stablecoins could bolster demand for Treasuries and reinforce the dollar’s reserve-currency role. Hong Kong has emerged as comparatively receptive to digital assets. The special administrative region’s Stablecoins Ordinance entered into force on Aug. 1, establishing a licensing regime to oversee Hong Kong dollar–backed stablecoins. Earlier this month, CMB International Securities, a subsidiary of China Merchants Bank, became the first Chinese bank-affiliated institution to offer trading in Bitcoin, Ethereum, and Tether (USDT). Industry voices are also pressing the case for stablecoins. At the WebX conference in Tokyo on Aug. 25, Binance co-founder Changpeng Zhao (CZ) argued that CBDCs are becoming obsolete, while stablecoins—typically backed by real assets—enable wider transactions and are gaining market traction. He said CBDCs remain rarely implemented due to limited demand and suggested China appears more open to stablecoins after years of tighter oversight, pointing to Hong Kong’s efforts to build an ecosystem. Potential PBOC stimulus may lift cryptoChina remains a consequential force in global crypto markets. A recent report suggested that potential PBOC stimulus could fuel an altcoin rally. With China accounting for 19.5% of global GDP, shifts in its monetary stance are seen as important drivers of worldwide liquidity. Following July data showing a 0.1% month-on-month decline in retail sales, a 0.4% rise in industrial production, and an uptick in unemployment to 5.2%, analysts expect measures to support growth. Any additional liquidity could flow into risk assets, including cryptocurrencies, potentially pushing digital tokens toward new highs. 

Oman’s Crypto Mining Expansion Signals Further Economic DiversificationOman has recently unveiled a state-of-the-art digital asset mining facility, as it continues in its quest to diversify its economy beyond oil exports.$150 million facilityThis cutting-edge mining facility was recently inaugurated, valued at around 135 million Omani rials, approximately $150 million, as a result of collaboration between Exahertz, an Omani company, and Moonwalk Systems, a Dubai-based blockchain solutions firm.Situated within the Salalah Free Zone, a hub that offers tax benefits to corporate entities, the facility is powered by mining hardware provided by leading Chinese mining equipment manufacturer Bitmain Technologies and is primed to house 2,000 machines, making for an 11-megawatt facility.Photo by Anusree Mohan on UnsplashExpansion plansSam Ferdows, the CEO of Moonwalk Systems, hailed the project, emphasizing the company’s dedication to expanding the facility’s capacity. Ferdows shared that plans are already in motion to increase the mining operation’s capacity to accommodate 15,000 miner units by October, with aspirations to expand to multiple cities. Recognizing the importance of corporate social responsibility relative to sustainability, Moonwalk Systems aims to train citizens through dedicated programs, further promoting the growth of the digital asset sector.Engineer Said Hamoud, Oman’s Minister of Transport, Communications, and Information Technology, who led the inauguration of the project, underscored its significance as a pivotal step in the nation’s digital transformation. He expressed confidence that the new mining facility would contribute to Oman’s growing digital economy.Second mining projectThis marks Oman’s second major move into the cryptocurrency mining space within nine months. Back in November 2022, the country inaugurated its first mining facility with a price tag of approximately $389 million. The combined investment in these ventures totals $740 million, which aligns with the broader regional push toward embracing the opportunities presented by blockchain and Web3 technologies.In the Middle East, several governments are actively investing in blockchain-related infrastructure. The United Arab Emirates, a neighbor to Oman, has notably begun to accept applications from Web3-related companies. The Virtual Assets Regulatory Authority (VARA), the local regulator in Dubai, has rolled out comprehensive regulatory directives that govern licensing requirements, company operations, and compliance.Oman, for its part, is not just focusing on infrastructure. It is also addressing regulatory aspects by requiring registered digital asset firms to establish a presence within the country. Evidence of those efforts emerged earlier this month when the Omani regulator, the Capital Market Authority (CMA), invited public feedback on a consultation paper that feeds into the development of a virtual asset regulatory framework in Oman. This versatile approach suggests that the Sultanate is making a conscious commitment to fostering a thriving blockchain ecosystem within the country.As Oman attempts to position itself as a regional blockchain hub, it recognizes the transformative power of cryptocurrencies and blockchain technology in propelling its economy forward. On that basis, the Middle Eastern country is making a resolute pivot from its oil-based past to a blockchain-enabled future.

The Korea Federation of Banks (KFB) Chairman Cho Yong-byoung paid a visit to Poland yesterday to sign a memorandum of understanding (MOU) on financial cooperation between South Korea and Poland, Korean news media The Korea Economic Daily reported. The MOU was signed by Chairman Cho and the Polish Bank Association (ZBP) President, Tadeusz Białek. The partnership aims to strengthen bilateral financial collaboration, which will be backed by holding joint financial conferences, sharing information on financial regulations and training financial experts. Photo by Lukasz Radziejewski on UnsplashJoint seminar on digital finance, blockchain and AI Following the MOU signing ceremony, the two associations conducted a joint seminar on digital finance, economy and the banking industry. The event was attended by Korea's Financial Services Commission (FSC) Chairperson Kim Joo-hyun, representatives of KFB members, President Białek and executives of Polish banks.  Among the mainly discussed topics were Korea's digital financial landscape and its digital banking industry, along with the Polish economy and its banking industry. In particular, the participants focused on innovative changes in the financial industry brought by cutting-edge technology such as blockchain, AI and big data.  During the conference, Chairman Cho expressed his commitment to bolstering the bilateral partnership, stating that the Korean banking industry will support local companies in expanding their businesses in Poland.