Yunfeng Financial buys 10K ETH as Hong Kong firms deepen push into digital assets

LG Group Hosts Super Start Day to Promote Innovation and Collaboration in Blockchain and MoreSouth Korean conglomerate LG Group recently hosted its open innovation festival at LG Science Park in Seoul from Thursday to Friday. The festival, dubbed Super Start Day, is an annual event dedicated to discovering and supporting promising startups. Since its inception in 2018, it has welcomed more than 260 startups from 26 countries and over 20,000 participants.Photo by Johannes Plenio on UnsplashForging novel technologiesThis year, 40 startups from various fields, including artificial intelligence (AI), biotechnology, clean technology, and lifestyle, as well as small and medium-sized enterprises (SMEs), showcased their technologies and services while seeking out opportunities for collaboration. Among the participants were companies like Zkrypto, which developed a public blockchain voting system that prevents fraudulent voting; Basgen Bio, which created a drug development platform based on genomic data; and Netspa, which possesses the technology to extract recycled materials from fishing nets.Nine startups supported by LG Group also shared their joint achievements from over the past year. Some noteworthy examples include Ujura Company, which is developing technology to detect and predict the development of diseases in domestic pets based on behavioral data, and We Meet Mobility, which offers AI-based solutions for optimal logistics operations and transportation.Additionally, speakers like Ahn Ikkjin, CEO of Moloco, the first unicorn company in Silicon Valley founded by a Korean, and Kim Dong-Su, CEO of LG Technology Ventures, LG’s corporate venture capital arm in Silicon Valley, shared their insights on global expansion strategies and investment trends.Month-long celebration of innovationLG is set to host more events this month at LG Science Park, including the LG Software Developer Conference from September 14 to 15, aimed at sharing achievements in research and development, as well as Culture Week from September 20 to 22, where LG employees, families, local residents, and industrial experts can interact. These events, along with Super Start Day, are collectively referred to as LG SPARK, which is dedicated to promoting innovation and collaboration across diverse sectors.

Busan Introduces Blockchain-Powered Cards for Multi-Children Families to Offer Social BenefitsBusan Metropolitan City, home to South Korea’s largest port, announced on October 20 (local time) a revision in its criteria for “multi-children families” who enjoy social welfare benefits and the launch of new blockchain-powered cards for these families. The city will reduce the requisite number of children in these families from three to two to extend benefits and encourage a higher fertility rate. To qualify for these benefits, at least one child in the family must be under the age of 19.Photo by Minku Kang on UnsplashBlockchain integrationStarting October 31, eligible families can access these benefits through “family love cards,” which will be available on BPASS, a mobile identification card app developed with blockchain technology. Some of these family love cards will be issued in collaboration with credit card company Shinhan Card.Diverse benefitsThe benefits include discounts at public facilities, restaurants, cram schools (commonly referred to as hagwons), and daycare centers. Specifically, public parking lots and sports facilities will offer services at half the usual rate. Meanwhile, other establishments targeting adolescents and women will either waive their fees entirely or provide reductions.On November 1, Busan will host the 16th annual Multi-Children Family Day ceremony at the City Hall’s international conference center. Having started this event in 2008, Busan stands out as the only metropolitan municipality to celebrate this occasion each year.Efforts to boost fertility rateThis year’s ceremony will highlight Busan’s initiatives to enhance support for multi-child families. The event will honor outstanding families and a childbirth-friendly organization, as well as districts and counties that have been exceptional in implementing childbirth promotion policies. Additionally, the occasion will be marked by special commemorative performances.Busan Mayor Park Heong-joon affirmed the city’s dedication to nurturing children alongside their families. He added that Busan will persistently refine and improve its childbirth policies to offer full support.

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.