October 12, 2020
- Bank of Japan to Start Digital Currency Proof-of-Concept in 2021
- Online Travel Services Firm, Viator, Partnered with Blockchain firm, ShareRing to Launch Crypto Payment Service
- South Korea’s Digital Won to Begin Distribution Phase in 2021
- Japanese Giant Messaging App, LINE, Launches Crypto Lending Services
Bank of Japan to Start Digital Currency Proof-of-Concept in 2021
In collaboration with a group of seven central banks, the Bank for International Settlements (BIS) published its first joint report into central bank digital currencies (CBDC) on October 09, focusing on its CBDC’s core features and foundational principles.
Bank of Japan (BoJ) released a report stating the plan of several testing phases of the country’s CBDC in 2021, including development of a testing environment. BoJ further conducted experiments of the CBDC as a payment instrument. Given Japan’s geographical location, the country is prone to a wide range of natural disasters, thus BoJ stressed the need for offline availability of the country’s CBDC.
The report states:
“Offline use in times of system and network failures, as well as electrical outages, is also important for Japan, given the frequent occurrence of natural disasters.”
Although BoJ’s report did not specify on how CBDC could work against natural disasters, there are solutions for electrical and network failures for blockchain based cryptocurrencies like Bitcoin (BTC) – including the development of mesh networks based around long-wave radio transmitters as well as Blockstream’s satellite network, which displays BTC transactions.
Source | Cointelegraph
Online Travel Services Firm, Viator, Partnered with Blockchain firm, ShareRing to Launch Crypto Payment Service
Tripadvisor experience, Viator has partnered with Australian-based blockchain firm, ShareRing to launch a payment service to allow customers to pay for 395,000 tourism experiences with a plethora of cryptocurrencies.
Built on Tendermint, ShareRing allows users a wholesome platform that allows users to book and register for Viator’s global activities with local fiat currencies or major cryptocurrencies that include Bitcoin (BTC), Ether (ETH), or its native token, Sharepay, SHRP.
When creating an account with ShareRing, users are essentially setting up an ID on blockchain. To ensure confidence of sensitive personal data, the platform uses ShareRing ID system and contact tracing features to ensure tourism safety.
ShareRing’s CEO Tim Bos states”
“This creates trust between them and the provider, especially where certain experiences might involve higher risk.”
ShareRing will soft launch its range of products available by Christmas this year and estimates to have 100,000 users signing up to the platform by end of 2020. ShareRing aims to its platform globally, though focussing on South-East Asia at initial stage.
Bos further explained,
“We are working with the Thai government to connect our platform with the Thai government’s E-visa on arrival system.”
ShareRing has expanded with $2.5-3 Million worth of fundings from prominent investment funds including 2 Peers Capital Markets, Alphabit, GDA Capital and Alpha Sigma Capital.
Source | Cointelegraph
South Korea’s Digital Won to Begin Distribution Phase in 2021
According to The Korea Times, the South Korean Central Bank will begin the distribution phase of its central bank digital currency (CBDC) in 2021 in a virtual environment.
An official of Bank of Korea (BoK), states:
“The CBDC will be issued and circulated in the virtual world and we are going to test several transaction scenarios under a variety of circumstances.”
BoK earlier launched its 22-month CBDC pilot scheme in March this year and phase one of requirement and design definition was completed in July. The second phase is currently on-going, where focus is on busines analysis and processes. On schedule with the scheme launch roadmap, the distrbution phase will be the third and final phase.
BoK has no confirmed plans to launch a CBDC despire making solid progress on the pilot program as it wishes to be fully equipped and prepared for different global market conditions.
Source | Cointelegraph
Japanese Giant Messaging App, LINE, Launches Crypto Lending Services
Japanese instant communications company, Line Corp, has launched a crypto lending service with five cryptocurrencies along with decentralized applications (DApps).
Like China’s Wechat and South Korean’s Kakao, Line is an instant messaging app launched in 2011. Line further launched a cryptocurrency exchange in 2018 with over 30 cryptocurrencies. As of late, Line has an estimated of 80 million registered users leveraging on its messaging app.
Line introduced its Bitmax wallet, the Line blockchain, and distributed ledger development platform in August this year. The crypto exchange operator of Line, nicknamed “LVC,” announced recently on October 06 that the firm will allow crypto lending with five cryptocurrencies. The new lending service will enable customers to lend major cryptocurrencies to Bitmax’s subsidiary – Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Ethereum (ETH).
Additionally, Line announced a new line up of DApps, marking the start in joining the decentralized finance (DeFi) bandwagon.
“Line will continue striving to provide blockchain services and technologies that can be integrated into users’ daily lives,”
Source | Bitcoin.com