IEEE to deploy skill certificates on blockchain for Indian members

WEMIX Foundation launches omnichain walletThe WEMIX Foundation, a subsidiary of South Korean blockchain gaming publisher Wemade, has officially launched the una Wallet, according to an official announcement on the company’s website on Thursday (KST). una Wallet is a core application of the Unbound Networking & Accelerating Growth Initiative, or “unagi,” the company’s newest innovative omnichain network and interoperable Web3 gaming platform.Photo by Shubham’s Web3 on UnsplashEasy asset managementThe wallet service offers a solution for users to conveniently earn, manage and trade their digital assets like NFTs and tokens on multiple blockchains — such as WEMIX3.0, Ethereum and Polygon — in one borderless place. The WEMIX Foundation said it would add more supported chains in the future.Effortless access and robust securityIn particular, una Wallet’s convenience and security stem from an easy login procedure utilizing connections to social media accounts and multi-party computation (MPC) technology. MPC is a cryptographic security measure that enables multiple parties to assess a computation without revealing their private information or data. This technology splits private keys, or mnemonic phrases, and allows users to easily recover their wallets through social login even if they lose their keys.The service also provides transaction route recommendations, allowing users to move or trade assets across chains with minimal costs or signature procedures. Subsequently, they can also view their transaction history on each chain and the movement of assets between different chains.WEMIX plans to add various features to make authentication and asset-tracking processes even easier. una Wallet is currently available on Google Play and the Apple App Store.

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.

India’s Upcoming G20 Summit Bullish for CryptoThe upcoming G20 summit in Delhi, India, will mark the first-ever G20 summit hosted in South Asia. The G20 comprises 19 countries and the European Union. While the summit is focused on discussing critical issues related to the global economy, it will also include discussions on cryptocurrencies.©Pexels/Studio Art SmileCrypto policy precursor to mass adoptionRegulations and policy frameworks around crypto will be a significant topic of conversation at the summit, alongside discussions on international financial stability. India’s Finance Minister, Nirmala Sitharaman, confirmed that G20 nations are working towards creating an effective Standard Operating Procedure (SOP) for regulating crypto during the summit.India has been taking a systematic approach to regulate the evolving crypto space, as evidenced by the nation’s evolving stance on cryptocurrencies and the recently launched central bank digital currency (CBDC) pilot. With this in mind, the G20 summit in Delhi is expected to provide a platform for countries to discuss and collaborate on effective crypto regulations and policy frameworks.According to Gracy Chen, Managing Director of the Singapore-based Bitget cryptocurrency exchange, more work on policy relative to crypto in India is bullish for the development of the sector within the South Asian country. “India’s consistent growth in adapting to cryptocurrencies and forming newer policies around it has made it a hub for tech investments. With more development and a policy framework, we can expect higher mass adoption. The G20 summit will be bullish for crypto’s growth in India,” Chen told Indian weekly English-language news magazine, India Today.During the 2022 Budget discussions, the government of India proposed some significant changes to the taxation of cryptocurrencies. As a premium investment product, cryptocurrencies are known for their high volatility, and the government believed that they should be subject to a heavier tax burden. Specifically, they introduced a 30% tax on capital gains earned through the sale of digital assets, as well as a 1% tax on Tax Deducted at Source (TDS) for all crypto transactions.The tax on capital gains applies to all digital assets, and the government intends to track historical records to ensure compliance. Additionally, the 1% TDS is applied to every single transaction, regardless of its size or frequency. These changes were seen by some as a trial framework, and many in the crypto space hoped for greater leniency from the government in the future. However, it remains to be seen whether the government will revise these tax policies in the coming years.CBDC pilot projectsFurthermore, the Reserve Bank of India (RBI) has recently launched two CBDC pilots to test the feasibility of digital currencies in India. The first pilot is a wholesale CBDC, which is being conducted in collaboration with nine banks.The second pilot is a retail CBDC, launched in December, which is being tested in four major cities across India — Mumbai, New Delhi, Bengaluru, and Bhubaneswar. The goal of these pilots is to evaluate the potential of digital currencies in facilitating secure and efficient transactions, as well as to study the possible impact on the traditional banking system.By exploring both wholesale and retail CBDCs, the RBI is taking a comprehensive approach to CBDC development, which may inform future decisions regarding the adoption of digital currencies in India.Chen maintains that “discussions around cryptocurrency policy frameworks accelerate the possibilities of mass adoption in the region.” “With over 750 million internet users, India holds the potential to not just pilot but establish real-life crypto and blockchain use cases for the masses,” she added.