Hong Kong digital yuan pilot lacks P2P capabilities

Korean Financial Authority Installs Report Center to Counter Crypto ScamsThe Korean Financial Supervisory Service (FSS) announced today that it has installed a dedicated report center aimed at combating investment fraud related to virtual assets. From June 1 through to the end of this year, the report center will run a reporting campaign.Photo by Katrin Hauf on UnsplashSurge in crypto fraud casesWhile the National Assembly is working on the legislation of the Virtual Asset User Protection Bill, there has been a surge in fraudulent activities exploiting regulatory loopholes. According to the FSS, the number of reported cases of crypto fraudulent activities in Korea surged by 67.2% last year, reaching 199, compared to the previous year’s 119.In a proactive response to this rising concern, the FSS has set up a report center, designed to staunch the escalating tide of fraud.Coordinated efforts against financial fraudUnder the guidance of the Anti-Financial Fraud Office, the report center will operate collaboratively with other relevant departments, such as the Consumer Finance Department and the Asset Management Examination Department. Reports can be filed either via landline or through the FSS website.Swift actions on detected fraudAs part of its policy, the FSS will swiftly inform investigative agencies, like the prosecutors’ office, if an issue raised via the report center is deemed severe or contains specific facts that necessitate further scrutiny.The financial watchdog emphasized its commitment to issuing financial consumer warnings whenever potential fraud is detected and poses a risk to investors. This strategy is designed to safeguard investors and impede the spread of damages.

India’s NPCI Looks to Recruit Blockchain TalentIndia’s National Payments Corporation of India (NPCI), a collaborative initiative led by the Reserve Bank of India (RBI) in partnership with 247 Indian financial services companies, is actively seeking an experienced blockchain technologist to spearhead efforts in exploring the potential applications of blockchain technology within contemporary payment systems.The NPCI, responsible for operating India’s Unified Payments Interface (UPI), a domestically developed instant payment system, plays a pivotal role in facilitating inter-bank peer-to-peer and person-to-merchant transactions across the country. The organization has recently posted a job listing for a Head of Blockchain on LinkedIn, demonstrating its interest in harnessing the power of blockchain technology.Photo by Siddharth K Rao on UnsplashIdentifying blockchain use casesThe ideal candidate for this critical role should be a seasoned technologist with a minimum of six years of hands-on experience in the development and implementation of blockchain solutions. Their primary responsibility will be to identify and evaluate potential use cases for blockchain-driven solutions within the payments ecosystem.Additionally, the senior leadership position demands a profound technical grasp of various blockchain platforms and a track record of involvement in at least two pilot blockchain projects.UPI has been a remarkable success in bolstering India’s payment infrastructure, so much so that other countries such as Singapore, Malaysia, the United Arab Emirates (UAE), France, Nepal, and the UK have expressed interest in adopting the UPI payment system to varying degrees.Potential blockchain integrationDespite UPI's runaway success, it’s likely that the NCPI foresees more change coming down the tracks with a need to respond appropriately. Recently, Indian billionaire businessman Mukesh Ambani suggested that his company, multinational conglomerate Reliance Industries (RIL), would delve further into the use of blockchain technology, particularly where central bank digital currency (CBDC) is concerned.V Subramanian, Managing Director of one of Ambani’s companies, Reliance Retail, stated that India’s digital rupee CBDC would eventually outperform UPI. Incorporating blockchain elements into UPI could potentially introduce blockchain technology to millions of users, instantly validating its transformative capabilities.The NPCI’s job posting for a blockchain leader has already garnered significant attention, with over 600 applicants expressing their interest at the time of publication. It is anticipated that the NPCI’s recruitment drive for blockchain expertise will expand in the near future as promising blockchain use cases are uncovered and developed.The NPCI has been paying attention to the development of blockchain technology over a number of years already. In 2020, it launched a project to build a blockchain-based payments platform called Vajra, albeit that it looked to implement a permissioned blockchain model to ensure that only authorized parties could access the network. Truly decentralized networks can’t control who chooses to use such networks.The blockchain is designed such that the NPCI acts as a Clearing House Node, with overall admin rights over the network. Its Notary Node level features Aadhaar authentication, with a view to securing the network. Participant Nodes feature authorized banks and payment services providers, who have the requisite permissions to read and write transactions on the blockchain.

LINE Xenesis Introduces AVA, an Entertainment NFT PlatformLINE Xenesis, a blockchain affiliate of Tokyo-based messaging app provider LINE Corp, announced on Wednesday the launch of AVA, an entertainment non-fungible token (NFT) platform aimed at both Japanese and international users.Photo by Choong Deng Xiang on UnsplashDOSI servicesFollowing the integration of LINE BITMAX Wallet into DOSI Wallet in March, LINE Xenesis has been striving to provide DOSI services for its users in Japan. DOSI Wallet enables users to manage a range of digital assets, including NFTs. As of April, the company has rolled out two new services: DOSI Citizen, a membership program, and AlphaCrewz, an app allowing users to create 3D avatars utilizing NFTs.NFTs known as CrystalsLaunched on May 9, AVA is the third service designed to engage LINE Xenesis users in Japan. The platform employs NFTs, known as Crystals, to connect artists and fans, which are divided into three categories: normal, rare, and unique, each offering different benefits.TREASUREBefore AVA’s debut, a March 27 airdrop event featuring the world-renowned South Korean boy band TREASURE attracted over 7,000 participants. With the launch of AVA, 7,000 TREASURE Crystals have been made available for purchase.TREASURE Crystal holders can enjoy four perks: storing exclusive videos in Crystals, receiving autographed trading cards and polaroid pictures, earning a portion of Crystal revenues for promoting TREASURE locally and on buses, and having the opportunity to submit inquiries and requests directly to the group. For the last benefit, TREASURE will respond to the most popular questions, as decided by user votes, with voting influence determined by the type of Crystal held.ATEEZThe second NFT collection on AVA will highlight another K-pop boy group ATEEZ, with ATEEZ Crystals available for purchase from May 16 to 31. An airdrop event with registration open until May 15 will precede the sales, giving users who complete missions a chance to win one of 600 normal ATEEZ Crystals. AVA will also host an event where ATEEZ members will answer eight selected questions submitted by fans.This fall, AVA will introduce a virtual space called Playground, enabling users to trade Crystals with each other and interact with artists through various activities.Additionally, participants in the ATEEZ airdrop event who fulfill tasks on social media will have a chance to enter a lucky draw for one of 30 exclusive ATEEZ photo card sets.