Philippines to move forward with CBDC without blockchain

India tightens control with 3,000 police officials trained in crypto investigationsAs the crypto sector continues to develop, authorities continue to get to grips with the new crypto innovation, with India’s law enforcement being the latest entity to look to clamp down.Photo by Naveed Ahmed on UnsplashCrypto forensics and investigation trainingAccording to the Ministry of Home Affairs (MHA) annual report, a comprehensive training initiative was undertaken during the financial year 2022–2023. The initiative, spearheaded by the Narcotics Control Bureau and the Indian Cyber Crime Coordination Centre (I4C), equipped over 2,900 officials with essential skills in cryptocurrency forensics and investigation.Under the aegis of the Narcotics Control Bureau, India’s central law enforcement and intelligence agency, 141 officers underwent specialized training in the investigation of darknet activities, cryptocurrencies and other pertinent areas such as digital footprints.The report stated that workshops were set up that covered techniques for gathering intelligence and evidence from open sources and social media platforms, reflecting a commitment to staying ahead in the ever-evolving landscape of cybercrime.There’s clearly a need for this level of expertise, given an uptick in crypto-related scams in India and the broader Asia region as a whole in recent times. Earlier this week, it emerged that the Indian authorities had arrested eight individuals in relation to a $300 million cryptocurrency scam.Raj Kapoor, the founder of the India Blockchain Alliance (IBA), recently called for greater control when it comes to crypto-related illicit financing. Kapoor stated:”It is a kick on the backside for most governments. All regulatory bodies will take a closer look at crypto regulation. Governments will need to start implementing new rules and regulations.”I4C played a pivotal role in training over 2,800 cyber police officials. The training encompassed crypto forensics, investigations and emerging technologies like anonymization networks. The focus extended to addressing the misuse of mobile applications in the cyberspace realm.Ongoing blockchain tech adoptionAs India proactively prepares to combat potential crypto-related crimes amidst increased adoption, the nation is also delving into mainstream blockchain applications. In a recent stride towards digital transformation, Hindustan Petroleum (HPCL), the state-run oil and gas company, partnered with blockchain software firm Zupple Labs. Together, they launched a blockchain system designed to automate the verification of purchase orders (POs).HPCL’s spokesperson outlined the significance of this implementation to Cointelegraph, stating that the integration helps automate the verification of HPCL POs to external parties, utilizing the blockchain system alongside HPCL’s internal e-PO. This generates tamper-evident, verifiable POs, enhancing efficiency and transparency within industry processes.In a separate development, it emerged on Thursday that India’s Central Bureau of Investigation has appointed Singapore-headquartered digital asset market intelligence outfit Liminal to manage seized digital assets.This holistic approach, combining advancements in law enforcement training and embracing blockchain applications, underscores India’s commitment to navigating the evolving landscape of digital technologies while looking to ensure a secure and transparent future.

Japan’s Financial Services Agency (FSA) is moving to close gaps in crypto regulation and support a new bank-led stablecoin pilot, as markets watch for a potential Bank of Japan rate hike. Tougher oversight of crypto lending and IEOsAccording to a CoinPost report, at the fifth meeting of its Digital Asset Working Group held last week, the FSA discussed introducing new requirements to bring crypto lending clearly within the regulatory framework. While firms managing or staking crypto must register as exchanges, some operators have avoided registration by structuring services as borrowing schemes, which are not legally treated as asset management.Photo by Possessed Photography on UnsplashThe FSA flagged that users face both credit and volatility risks, yet operators are not required to segregate customer assets or use cold wallets. Some services offer returns around 10% or tie up funds for several years, with weak risk management and exposure to re-lending defaults and staking slashing. Under the new policy direction, operators will need stronger risk management for re-lending and staking, tighter custody controls, and clearer risk disclosures and advertising. Institutional-only borrowing not offered to the public will remain exempt. Some members questioned whether the new requirements would be practical to implement for off-chain operators, noting that staking is fundamentally on-chain. The group also examined initial exchange offerings (IEOs) lacking financial audits, particularly those aimed at retail investors. Members discussed limits similar to equity crowdfunding: investments over 500,000 yen ($3,000) capped at 5% of annual income or net assets, up to 2 million yen ($13,000). Most past domestic IEOs were under 500,000 yen ($3,200). Some warned such caps could be bypassed through secondary trading, where tokens are immediately tradable. Major banks pilot stablecoinAlongside stricter rules, the FSA will support a stablecoin pilot led by MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank. CoinDesk Japan noted the project, the first under the Payment Innovation Project, will include three additional participants. Mitsubishi Corporation will oversee operations, while Progmat and Mitsubishi UFJ Trust and Banking will handle issuance and custody. The pilot, launching this month with implementation targeted within the year, will test whether a joint stablecoin by major banks can navigate regulatory and operational challenges. Rate hike speculation mountsJapan’s calibrated digital asset push comes as speculation grows over a possible Bank of Japan (BOJ) rate hike next month. Minutes from the BOJ’s October meeting, cited by South Korean outlet Edaily, show one board member saying most conditions for a hike have been met and that financial conditions would stay easy even after an increase. The BOJ kept its rate at 0.5% at that meeting. A rate hike was described as likely if firms are seen committing to wage increases ahead of next spring’s labor talks and if no major global shocks emerge. Markets, however, remain cautious, citing uncertainty over U.S. tariff effects and whether newly elected Prime Minister Sanae Takaichi will endorse such a hawkish stance. 

Korean health management app leverages blockchain for iris-based solutionsIRIS, a blockchain foundation focused on healthcare, announced on Wednesday (local time) the launch of a health management app developed in collaboration with Hongbog, a South Korean provider of iris-based biometric systems. This app offers services customized to each user’s health status and lifestyle.Photo by Kalea Jerielle on UnsplashIridology-based health analysisUnlike other healthcare platforms that primarily focus on exercises, IRIS’ app offers long-term and periodic health trend analysis reports through iris photography. This approach is based on “iridology,” a concept used in traditional Korean medicine, and the app also recommends visits to specialized healthcare providers based on its findings.The app instantly analyzes a user’s biometric information through artificial intelligence once a picture of their eyes is captured with a smartphone camera. Within 15 seconds, users can view their results, based on which the app recommends personalized exercises and nutrients.This platform serves both personal disease management and prevention, and can also be utilized by public health centers for monitoring the health of local residents. Presently, it provides five health ratings for cholesterol, stress levels, and four specific organs: the brain, lungs, liver and kidneys. Future updates will optionally include information on an additional 15 organs, such as the heart, bronchi, pancreas and stomach.Blockchain-powered privacy protectionA representative from IRIS conveyed that their goal in an aging society is to assist customers in preventing serious illnesses and promoting longer, healthier lives. They emphasized that the app enables regular measurement of health indicators, aiding in disease prevention and management. The representative also mentioned that by storing sensitive healthcare information on the blockchain, the service eliminates the risk of personal data leaks.