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With the Chinese autonomous territory of Hong Kong having introduced its new Stablecoins Ordinance on August 1 and local taxi operators required to facilitate two forms of digital payment from April 1, 2026, a case is being made that this eventuality lends itself to an ideal test case for stablecoin payments.Photo by The Transport Enthusiast DC on UnsplashA perfect test caseIn an opinion piece published by Bloomberg on Aug. 3, columnist Andy Mukherjee asserted that Hong Kong taxis would be “a perfect stablecoin test case,” suggesting that the timing is ideal for stablecoins, given that a new licensing regime has come into effect via the city’s Stablecoins Ordinance.  In an interview, Franz Bergmueller, CEO of Switzerland-headquartered crypto bank AMINA Bank, said that “stablecoins for me are a killer use case.” On social media, AMINA Bank claimed that it would be “a major step in the right direction” if Hong Kong taxis start to accept stablecoin payments from customers. It emerged last December that the city’s taxi drivers would be required to install both electronic payment facilities and navigation systems, based on a filing made to Hong Kong’s Legislative Council. The filing outlined that while some taxi drivers currently offer electronic payment options, many insist on cash payment. The city’s Transport and Logistics Bureau suggested that “drivers offer at least two electronic payment options, including both QR code and non-QR code methods.” Stablecoin payments overseasThere has been some limited use of stablecoins as a payment method by taxi services in places with unstable currencies such as Argentina and Venezuela. The world’s most popular ride-hailing service, Uber, is understood to be studying the feasibility of offering stablecoin-based payments. In 2024, Asian rival Grab commenced accepting crypto, including the USDT and USDC stablecoins, as a means of payment for ride-sharing and food delivery services in Singapore. Last month, it extended that facility to its platform users in the Philippines.In June it emerged that Tawasul Transport, a taxi service in Abu Dhabi in the United Arab Emirates (UAE), had partnered with Al Maryah Community Bank (Mbank) and Abu Dhabi’s Department of Municipalities and Transport to launch a pilot program implicating the use of AE Coin, a UAE dirham-pegged stablecoin, as a means of payment. Bloomberg’s Mukherjee suggests that for entities now applying for stablecoin licensing, this new digital payment requirement for Hong Kong’s taxi services could provide an immediate segue to onboard users and make a new stablecoin product popular. Mukherjee places specific emphasis in this regard on what actions Ant Group may take. It emerged recently that Ant Group, an affiliate of the Alibaba Group, intends to apply for stablecoin licensing across Asian markets, including Hong Kong. The company is already a leader in Asia in digital payments through Alipay, which serves 1.3 billion users.Although Ant Group is based in mainland China, Hong Kong would offer the company the opportunity to test the establishment of a stablecoin for retail payments.

Haru Invest Considers Server Suspension as Troubles PersistIn the wake of halting withdrawals in June, Haru Invest, a Singapore-headquartered cryptocurrency platform, is contemplating the suspension of its server. This decision is part of the firm’s ongoing efforts to streamline operations and reduce maintenance costs.Photo by David Guenther on UnsplashCost reductionCEO Hugo Lee made the announcement on Monday, underscoring the significant burden of server maintenance costs on the company’s finances. He acknowledged that this cost represents a substantial portion of their fixed expenses and is thus a top priority for the firm.Lee disclosed:“We plan to suspend the service in a few weeks, backing up all member information.”However, he also noted that the company is yet to finalize a concrete plan for the server suspension.The move to shut down the server aligns with Haru Invest’s broader strategy to lower all costs associated with its services. Lee explained:“Some of the current fixed expenditures include the upkeep of Haru Invest services, the cost of workspace like the office, and the cost of communication with our members.”The company is actively seeking ways to reduce these expenses and preserve its assets.Asset distributionAdditionally, Lee assured users that the assets conserved thus far would be included in the distribution to those who have had their funds locked on the platform since June, offering a glimmer of hope to impacted users.Nevertheless, the announcement of the server suspension has raised concerns within the Haru Invest community. Some users have expressed skepticism about the purported high costs of server maintenance, believing the firm’s claim to be exaggerated.One user, voicing this discontent, commented on Haru Invest’s Telegram channel, “Server costs cost nothing.” Another remarked: “Servers are gone soon guys, huge costs, 200 USD a month.” According to industry standards, the maintenance costs for running a server for a small to medium-sized business typically range between $35 to $500 per month.Unhappy platform usersLee’s statement regarding the impending server suspension follows the platform’s earlier decision to terminate deposits and withdrawals in June. This decision was coupled with the closure of Haru Invest’s offices and the dismissal of numerous employees, as reported by local news agencies.Haru Invest attributed these issues to the fraudulent activities of the consignment operator B&S Holdings, formerly known as Aventus. While some investors accused the firm of orchestrating a “rug pull,” Haru Invest denied these allegations and maintained its innocence. One user posted the following claim on X (formerly Twitter) last week: “Rugpull. If justice is served, the scammers will be behind bars.”In a bid to address concerns over its corporate rehabilitation application, Lee appeared in court in September, emphasizing that Haru Invest was actively cooperating with investigating agencies. However, the company has yet to provide a timeline for the recovery of users’ assets as of early October.Lee also addressed the matter in Monday’s statement: “We are also responding to the rehabilitation proceedings that some of our members have filed with the court as mentioned in our previous announcement, in addition to actively cooperating with other authorities’ investigations. ”Haru Invest is reportedly facing a class-action lawsuit with disgruntled investors alleging fraud.

CPLABS and Protocol Capital to collaborate on blockchain-enhanced autonomous driving in QatarKorean blockchain development firm CPLABS (formerly known as Coinplug) announced on Wednesday (local time) that it has signed a memorandum of understanding (MOU) with Qatar-based company Protocol Capital to collaborate on blockchain-driven ventures in the Middle Eastern country.Protocol Capital is known for partnering with institutional clients and delivering bespoke solutions to investors in sectors such as real estate, energy, construction, and manufacturing.Photo by Lucca Belliboni on UnsplashBlockchain and autonomous drivingThrough this agreement, the two companies aim to execute projects that leverage and champion blockchain technology, with initiatives including an autonomous driving pilot project. They also plan to register with Qatar’s Tasmu Digital Valley, established by the Ministry of Transport and Communications (MoTC) and the Qatar Free Zones Authority (QFZA), as part of their collaborative efforts towards Qatar’s National Vision 2030.CPLABS plans to integrate its blockchain platform and upcoming 2024 Web3 portal into the autonomous driving pilot project. This move will grant the Korean firm an avenue to offer identity verification and payment services, further broadening its footprint in the finance and information communications technology (ICT) sectors.”As a dedicated Web3 tech firm, CPLABS possesses around 320 blockchain patents both domestically and internationally. Its projects encompass areas such as decentralized identifiers (DIDs), decentralized finance (DeFi), security token offerings (STOs), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs).Commenting on this joint effort, Uhr Joon-sun, CEO of CPLABS, stated that the company aims to deliver Web3 platforms that connect Korea with the global community.