China’s Ecommerce Giant, JD.com Partners with People’s Bank of China for CBDC Project

Photo by Ling Tang on Unsplash

September 28, 2020

  1. The Bahamas to Release Central Bank Digital Currency
  2. Blockchain Reduces Deforestation Impact in Brazil
  3. Russian Government Puts Blockchain Development as Priority
  4. China’s Ecommerce Giant Partners with People’s Bank of China for CBDC Project

The Bahamas to Release Central Bank Digital Currency

Photo by Fernando Jorge on Unsplash

The Central Bank of the Bahamas announced on Twitter that it would gradually release its ‘Sand Dollar” digital currency, the world’s first retail Central Bank Digital Currency (CBDC). 

Private-sector players such as banks and credit unions will prepare their systems for know-your-customer (KYC) and compliance checks in the first phase of launch. The second phase will focus on preparing essential infrastructure services in both government and private sectors.

A growing number of financial and payment institutions have already begun to invest in building out mobile wallets for the Sand Dollar and have onboarded their users for the rollout. The wallets will be safeguarded with multi-factor authentication functions. Although there will not be like cash-like anonymity, users can be assured that the wallets will be encrypted to promise confidentiality. Cybersecurity assessments will be further carried out to overcome fears from the public in making payments with digital currenceis.

Source | Coindesk

Blockchain Reduces Deforestation Impact in Brazil

Photo by Agustín Diaz on Unsplash

JBS has announced plans to use blockchain to create a traceability system for its meat supply chain by 2025. By doing this, JBS ensures that the company does not purchase livestock from firms that illegally cuts down trees. 

The decision to launch the blockchain tracing platform came after allegations that it has contributed to the Amazon rainforest’s illegal deforestation.

JBS reportedly will be the first meat processing company to monitor indirect suppliers with blockchain technology, starting in the Brazil state, Mato Grosso, that reportedly been accounted for 31% of the Amazon deforestation in the last 20 years.

Similar tracing apps have been developed by JBS before to provide data on its meat supply chain for offshore subsidiaries. JBS Australia has partered with Sydney-based startup, Lumachainto creates a “Paddock to plate” system for its King Island Beef brand.

Source | Cointelegraph

Russian Government Puts Blockchain Development as Priority

Photo by Serge Kutuzov on Unsplash

Addressing the higher chamber of the Russian parliament last Wednesday, Russian First Deputy Prime Minister, Andrey Belousov, has stated blockchain development to be of the nation’s priority in the future.

Prioritizing blockchain technology development will support technologies that facilitate interactions between large corporations and the state. Other than blockchain, key technologies such as artificial intelligence, quantum computing, new materials, quantum sensing, microelectronics, Internet of Things, 5G, quantum communications and energy will also be further developed by the Russian government. 

 Belousov states:

“The task before us is to practically recreate a system of venture financing that attracts private capital and public-private partnership. Relevant proposals from the industry have already come in.”

Source | Cointelegraph

China’s Ecommerce Giant Partners with People’s Bank of China for CBDC Project

Photo by Kido Dong on Unsplash

JD Digital Technology, subsidiary of Chinese Ecommerce giant, JD.com, will partner with the Digital Currency Research Institute of People’s Bank of China (PBoC) to assist in developing apps to support the country’s Central Bank Digital Currency (CBDC), digital renminbi.

In line with PBoC’s forthcoming CBDC, JD Digital Technology and the Digital Currency Research Institute will promote mobile apps and blockchain platforms. The applications will also be integrated with JD’s Group existing platforms and services.

Major Chinese companies such as DiDi Chuxing, Bilibili and Meituan Dianping are existing partners of PBoC to conduct pilots for the launch of the CBDC.

Vice-chair of PBoC’s Na­tional Coun­cil for So­cial Se­cu­rity Fund, Wang Zhong­min, announced that the central bank had completed the backend architecture development of its digital currency. 

China’s Commerce Ministry has also reported plans to expand the CBDC trials to Beijing, Tianjib, and Hebei provinces. Also, CBDC pilot trials were already implemented in the Hong Kong Greater Bay area, including major cities like Guangzhou, Shenzhen, Hong Kong and Macau.

Source | Cointelegraph

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