Spot BTC, ETH ETFs to commence trading on April 30 in Hong Kong

India’s RBI Cites Stablecoin Risks With Call for Global RegulationIn its latest Financial Stability Report released on Wednesday, the Reserve Bank of India (RBI) expressed concerns about the potential harm stablecoins could inflict on emerging markets and developing economies (EMDE).Photo by rupixen.com on UnsplashPerennial criticThe RBI has been a consistent critic of cryptocurrencies, but particularly so in the case of stablecoins, from an EMDE perspective. However, the lack of authenticated data and inherent data gaps in the crypto ecosystem hindered a comprehensive assessment of financial stability risks.According to the report, one of the ways stablecoins could pose a threat to an EMDE is through currency substitution. Since the underlying assets of stablecoins are generally denominated in freely convertible foreign currencies, the widespread adoption of stablecoins could lead to currency mismatches on the balance sheets of banks, firms, and households, resulting in an increased risk to the economy.Monetary policy headacheFurthermore, the presence of stablecoins in the economy could create challenges for an EMDE’s central bank in setting domestic interest rates and managing liquidity conditions. The decentralized, borderless, and pseudonymous characteristics of crypto-assets make them potentially attractive instruments for circumventing capital flow management measures.Another concern highlighted by the RBI is that stablecoins could undermine credit risk assessment and interfere with banks’ ability to mobilize money and create credit by offering an alternative to the domestic financial system. Additionally, the report emphasized the difficulty in tracking peer-to-peer transactions, on the basis that they increase the potential for illicit activities.In light of these risks, the RBI reiterated its call for global coordination and regulation. It emphasized the need for a globally coordinated approach to analyze the risks posed to EMDEs compared to advanced economies (AEs). As India holds the G20 presidency, one of its priorities is to establish a framework for the global regulation of unbacked crypto-assets, stablecoins, and decentralized finance (DeFi).Establishing a CBDCWhile the RBI has been cautious about cryptocurrencies, it has shown more enthusiasm for central bank digital currencies (CBDCs). In November, the RBI launched a wholesale digital rupee pilot project. It followed that up in February with a retail digital rupee pilot project. In March, it signed an agreement with the Central Bank of the United Arab Emirates to study a CBDC bridge aimed at facilitating trade and remittances.By calling for global regulation and highlighting the risks associated with stablecoins, the RBI aims to foster a safer and more secure environment for financial transactions while exploring the potential benefits of CBDCs in facilitating trade and remittances.As the discussions around stablecoins and CBDCs continue, we’re likely to see ever greater collaboration between regulators, policymakers, and international organizations with a view towards establishing a comprehensive regulatory framework that addresses the challenges and harnesses the potential of digital assets on a global basis.

NEOPIN and Finschia Foundation to jointly launch Finschia’s first decentralized exchangeCentralized decentralized finance (CeDeFi) protocol NEOPIN and blockchain developer Finschia Foundation have teamed up to launch Finschia Network Swap (FNSwap) — the first automated market maker (AMM) decentralized exchange on Finschia’s public blockchain — in the first quarter of next year, according to an announcement on Finschia’s official website last Friday (KST).Photo by Chris Liverani on UnsplashRevolutionizing DeFiNEOPIN has taken over the development of FNSwap, which will employ a pricing algorithm as an AMM decentralized exchange to set the prices of assets, thus increasing liquidity in liquidity pools. The platform will support crypto deposits, including those made in FNSA and NPT — Finschia and NEOPIN’s respective governance tokens — along with other stablecoins. The list of supported cryptocurrencies will be expanded later on as the mainnet grows, Finschia said.“As Finschia’s first decentralized exchange, Finschia Network Swap is expected to make it more convenient for many users to use crypto services,” said Kim Yong-gi, CEO of NEOPIN. “We plan to actively expand the number of cryptocurrencies supported on the platform in line with the expansion of the Finschia ecosystem.”Ecosystem expansionFNSwap will also be centered around its community of users, providing lucrative DeFi products and incentives like token swapping, staking and rewards, thus establishing a secure and convenient blockchain ecosystem.The two firms committed to exploring other endeavors as well, such as discovering promising Web3 projects through events like hackathons; facilitating interaction between their respective partner firms; and conducting joint promotional campaigns to expand the Finschia ecosystem.“We are pleased to work with NEOPIN to launch the first decentralized exchange of the Finschia ecosystem,” said Ko Young-soo, Chairman of the Finschia Foundation. “We will consistently provide the technical support that NEOPIN needs to successfully launch the Finschia Network Swap.”

Conference in Pohang City attracts young metaverse enthusiastsThe Global Youth Metaverse Conference has commenced at the POSCO International Center in the South Korean port city of Pohang. This two-day event, starting from Nov. 21, gathers over 100 participants from both domestic and international spheres, including young individuals and business officials.The event provides a chance for participants to listen to lectures from scholars around the world, network with youths from various countries, and learn about the potential impacts of the metaverse. The presentations focus on business strategies for the burgeoning metaverse industry, illustrating its development through the convergence with diverse technologies and industries, including AI and blockchain.Photo by Richard Horvath on UnsplashYouth’s role in navigating the ‘Big Blur’The conference focuses on the youth’s leading role in navigating what’s called the “big blur.” This term alludes to the increasing blurring of boundaries between various industries, a phenomenon driven by the rapid and innovative technological advancements associated with the Fourth Industrial Revolution. This revolution encompasses transformative elements such as the Internet of Things (IoT), artificial intelligence (AI), and robotics, all of which are accelerating this convergence.During his keynote speech, Professor Kim Sang-gyun from Kyung Hee University paints a picture of the metaverse shaped by superhuman capabilities, emphasizing the transformative potential of technologies like AI, genetic engineering and nanotechnology in reshaping the future of humanity.Further enriching the dialogue, Daniél Ávila Arias, CEO of BoxMagic, explores the future of coding in everyday language. He delves into how advancements in large language models will revolutionize programming and our interaction with machines. Meanwhile, Lim Jung-hun, Principal at Deloitte Anjin, offers valuable advice to young entrepreneurs eyeing metaverse-related startups, highlighting the importance of customer experience in metaverse business implementations.Moses Im from The Sandbox shares insights into the profound changes expected as Web3 infrastructures and platforms gain more traction.Interactive and cultural activitiesThe conference also features a range of content events designed to spark creative discussions among the youth and enhance their understanding of the metaverse. These include a booth for immersive virtual interactions, an exhibition displaying works from the Creative Metaverse Festival, and a digital photo exhibition promoting cultural tourism in the province.Echoing the event’s themes, Kim Nam-il, Deputy Mayor of Pohang, affirmed the city’s dedication to nurturing the metaverse industry, recognizing it as a new frontier in the digital age. He stated that the city is taking proactive steps to explore and develop this sector and assured that they will provide extensive support and cooperation to foster its growth.