BSN Foundation launches in Singapore with five global members

China Launches Digital Yuan ATMs in Hainan Resort City of SanyaThe latest in a long list of initiatives to bring about further use of China’s digital yuan has seen the introduction of e-CNY ATM machines within the resort city of Sanya on Hainan Island. That’s according to a recent report published by the South China Morning Post (SCMP).Photo by Monstera on PexelsInternational currency exchangeThe introduction of e-CNY foreign exchange machines aims to provide visitors with easy access to digital payments and enhance their experience in the local mobile payments ecosystem. Resembling traditional ATMs, these machines allow tourists to deposit 20 different currencies, including US dollars and euros, and receive a physical card loaded with e-CNY in return.The card can be used for seamless payments at participating merchants with a simple tap. Travelers can also use the machines to top up their e-CNY balance, check transaction records, and manage their funds.This initiative addresses the needs of tourists who often face challenges setting up Chinese mobile wallets, which have become essential for retail, dining, transportation, and shopping. These mobile wallets typically require real-name verification and a local bank account, posing difficulties for foreign visitors.While limited prepaid options have been available in recent years, the e-CNY card now offers a convenient digital payment solution without the need to download a separate app. The machines are currently available in two cities, with the Bank of China (BOC), one of 11 authorized banks for e-CNY, leading the development of these innovative devices.Earlier this year, BOC launched a similar foreign exchange machine at Yiwu International Trade City in Zhejiang province, emphasizing China’s efforts to promote digital currency and facilitate financial accessibility. Both Zhejiang and Hainan have been striving to become attractive destinations for foreign tourists and merchants. In May, administrators within the local government in Jiangsu Province confirmed that they would be launching an initiative to promote use of the digital currency within the local education system.The introduction of these machines aligns with Beijing’s mission to develop and promote its sovereign digital currency, known as the Digital Currency Electronic Payment (DCEP). The project, which began trials in 2019, aimed to enhance financial inclusion and digital finance accessibility for unbanked individuals.Digital yuan internationalizationChina has been actively pursuing the internationalization of the digital yuan, seeking to facilitate yuan-denominated trade and investment, while reducing reliance on the existing global financial system. In May, the BOC entered into a partnership with French financial services firm BNP Paribas that will see the company promote e-CNY to its corporate clients.China’s efforts to promote cross-border use of e-CNY extend to regions like Hong Kong, a key offshore yuan center. A trial of the e-CNY for cross-border payments took place last year, facilitating more than 150 million yuan ($22 million) of cross-border e-CNY transfers in 160 payments, involving 20 commercial banks in Hong Kong, Thailand, and the United Arab Emirates (UAE).As China continues to make inroads where adoption and use of the e-CNY are concerned, these developments signal a significant shift in the way we can expect sovereign currencies to be made available globally.

Subreddit Token Price Slide Following SurgeReddit’s subreddit community tokens, Moon and Brick, having experienced a remarkable surge in prices last week fueled by a significant increase in trading volume, have taken a downward trajectory, plummeting in price.Photo by Mike Petrucci on UnsplashCrypto.com token listingThe Moon token, associated with Reddit’s r/CryptoCurrency community boasting over 6.5 million members, shot up from approximately $0.09 to nearly $0.58 on July 19, just after Singapore trading platform Crypto.com listed the token.Concurrently, trading volume spiked to around $3 million on Wednesday, marking an impressive boost.Similarly, the Fortnite subreddit community token, Brick, which Crypto.com distributes as a reward to contributors of r/Fortnite, also witnessed a substantial price surge. The token’s value surged from $0.01 on July 17 to approximately $0.10 on July 19, according to data from CoinGecko.Surge acknowledgedIn response to the sudden price surges, Crypto.com released a note early on Monday, acknowledging the surge both tokens had experienced recently. However, in a swift turn of events, both tokens experienced a significant downturn in the past 24 hours, with their prices plummeting by over 20%.As of midday (ET) on Monday, Moon was trading at $0.33, while Brick was valued just under $0.05, as reported by CoinGecko data. Moreover, trading volumes for both tokens have significantly contracted during this period of volatility. Moon’s volume shrank from over $1 million on July 23 to approximately $200,000 on Monday. On the other hand, Brick’s volume saw an even more drastic decrease, falling from approximately $210,000 on July 23 to a mere $26,000 on Monday.Terms of service changeMarket analysts speculate that the recent change in Reddit’s Terms of Service might have been the catalyst for the initial price increases. Reddit’s alteration of its Terms of Service on July 16 to permit users to trade community tokens and avatars potentially triggered the surge in token prices. It appears that Web2 centralized virtual goods such as coins and awards are making way for tradable Web3 community points.Speculating on the token price surge, Bobby Ong, the Co-Founder and COO of Malaysia-headquartered cryptocurrency data aggregator CoinGecko, wrote via Twitter last week: “Both tokens increased at the speculation of the changes coming at Reddit. No one knows exactly what is happening but Reddit deprecating Web2 Coins & Awards while allowing trading of their Web3 CPs could be something to monitor in the coming months.”Despite the recent downturn, the overall crypto space remains highly dynamic and unpredictable. Events such as the listing of tokens on prominent trading platforms can cause rapid price fluctuations. As always, that scenario makes it essential for investors to approach these assets with caution.While Moon and Brick may have encountered a sharp decline, the cryptocurrency market, in general, has proven its resilience and ability to rebound with Bitcoin currently holding a unit price of $29,125. As the market continues to evolve and gain wider acceptance, investors will need to continue to exercise caution and consider the volatility inherent in digital assets.

Kyrgyzstan and Malaysia are advancing separate stablecoin initiatives, signaling a regional shift toward digital assets backed by tangible state reserves. While the projects differ in their underlying assets, gold in Kyrgyzstan and sovereign debt in Malaysia, both employ a hybrid model that combines public-sector oversight with private operational management.Photo by Zlaťáky.cz on UnsplashKyrgyzstan introduces gold-backed stablecoinOn Dec. 9, the Kyrgyz Republic’s state-owned OJSC Virtual Asset Issuer launched USDKG, a stablecoin pegged 1:1 to the U.S. dollar, according to a press release. The initial issuance comprises 50 million tokens, which the issuer says are fully backed by physical gold reserves. The project structure separates regulatory authority from asset management. While the issuer operates under the Ministry of Finance, management of the gold reserves has been contracted to a private company registered in the Central Asian nation. Officials say this arrangement distinguishes USDKG from a central bank digital currency (CBDC) and that the stablecoin is intended to operate alongside the national monetary system rather than compete with it. According to the statement, the token is currently issued on the Tron blockchain, with future support planned for Ethereum. The project cites an audit by ConsenSys Diligence and says it complies with Financial Action Task Force (FATF) standards, including identity verification for redemptions. The private operator aims to raise the reserves to $500 million in the next phase and later to $2 billion. Malaysia develops bond-backed tokenIn a parallel development, a Malaysian infrastructure firm with ties to the monarchy is preparing a ringgit-pegged stablecoin. According to Bloomberg, Bullish Aim is introducing the RMJDT token, which will be backed by Malaysian ringgit deposits and short-term government bonds. The company is owned by Ismail Ibrahim, son of Malaysia’s king. The token is designed to operate on Zetrix, a layer-1 blockchain developed by Malaysian firm Zetrix AI Bhd. The network currently supports the Malaysian Blockchain Infrastructure, a government-endorsed platform for digital public services and part of the country’s National Blockchain Roadmap. This places the stablecoin on the same technical foundation used for state-level digital identification and trade facilitation. Bullish Aim also intends to establish a digital-asset treasury (DAT), beginning with an investment of 500 million ringgit ($121 million) in Zetrix tokens. A DAT is a type of company that purchases and holds cryptocurrencies on its balance sheet. The initiatives in Kyrgyzstan and Malaysia suggest that stablecoin development in Asia may continue to evolve through state-anchored, asset-backed models. As each country tests its own approach to reserve management, issuance, and compliance, the next phases of both projects will offer early indications of how such frameworks perform in practice.