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China is Building a Blockchain-powered Governance System

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September 14, 2020

  1. Mastercard Launches Central Bank Digital Currency Testing Platforms
  2. UK Digital Bank Launches P2P Payments for BTC & BCH
  3. Bangladesh to get its First Blockchain Remittance Service
  4. Blockchain Firm Partners China to Build Blockchain-Based Governance System

Mastercard Launches Central Bank Digital Currency Testing Platforms

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As the cryptocurrency market continues to mature, Mastercard drives the market further by launching digital currency testing platforms for central banks to evaluate use-cases for their digital currencies (Central Bank Digital Currency – CBDC).

The testing platforms’ functionalities include simulating issuance and exchange of CBDCs between consumers, banks, and financial service providers. Mastercard has invited central banks, commercial banks, tech & advisory firms in partnership to assess its CBDC tech designs and use-cases validation with existing payment rails. 

A research done by the Bank of International Settlement (BIS) has revealed that an astounding 80% of central banks are researching CBDCs, with half of the banks presently already at the experimental stage. Mastercard acknowledges the modernization of the payments ecosystem with an accelerated exploration of digital currencies by central banks, thus launching the new testing platforms for CBDCs. 

To help central banks better understand the exploration of the capabilities of CBDCS, Sheila Warren, Head of Blockchain, Digital Assets and Data Policy at the World Economic Forum, believes that public and private sectors have collaborations,

Source | Bitcoin.com

UK Digital Bank Launches P2P Payments for BTC & BCH

Photo by Anthony Rosset on Unsplash

London based Digital Bank, Ziglu, has been licensed by U.K.’s Financial Conduct Authority to operate as an Electronic Money Institution (EMI) and have immediately launched P2P payment for crypto and fiat currencies. Ziglu raised £5.25 million since its launch in June this year, and its total assets are insured against cyber attacks up to £50,000 with commission fees of 1.25% on all trading activities.

There has been an increasing number of banks entering into the crypto radar in recent years. Mark Hipperson, Founder and CEO of Ziglu believes that payments should be instant and fuss-free. Thus the launch of the P2P payment aims to counter the pain points of inconvenience that consumers face. Ziglu currently supports the British pound and four other major cryptocurrencies – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).

As Hipperson states,

“Paying people should be instant, free, and easy regardless of their location or the currency, whether that is splitting the cost of your Airbnb or sending a bitcoin birthday present,”.

Source | Bitcoin.com

Bangladesh to get its First Blockchain Remittance Service

Photo by Md. Golam Murshed on Unsplash

Standard Chartered Bank (SCB) has launched the first remittance service in Bangladesh to allow Malaysia-based Bangladeshi expats to transfer wage remittances back home instantly.

SCB has collaborated with Bangladesh-based mobile banking platform, bKash, and Malaysian remittance provider, Valyou, to launch the remittance service based on blockchain technology provided by Ant Group – The financial arm of Chinese Tech Giant, Alibaba.

Bangladeshi wage earners in Malaysia will be allowed to transfer funds via Valyou to bKash wallet holders in Bangladesh upon final commercial testing by SCB, with SCB acting as the fund settlement bank and regulatory approval holder for the remittance service. 

The launch of the remittance service in Bangladesh aims to drive the Bangladesh economy and support millions of families by making the money-transfer process more convenient for remitters. 

Source | Cointelegraph

Blockchain Firm Partners China to Build Blockchain-Based Governance System

Photo by Clay Banks on Unsplash

Singapore-based blockchain firm, CyberVein is partnering with the Chinese government to build a blockchain-powered governance system for its aerospace ‘smart city.’ Cybervein is one of China’s 12 participating firms’s Hainan Wenchang International Aerospace City.

China’s Hainan Wenchang International Aerospace City, the country’s first aerospace super-computing center, will be a development hub for aerospace products with support services for future Chinese use spacecraft and satellite launch missions. This is part of Hainan’s “Free Trade Port” development initiative to turn the island into a major worldwide free-trade port by 2050.

Further, Cybervein will partner with Huawei alongside other major Chinese firms to leverage its blockchain technology and AI to support the development of a Smart Brain Planning and Design Institute to support the Smart City initiative. 

Source | Cointelegraph

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