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The digital currency research division of People’s Bank of China (PBoC) has interlinked its CBDC platform with Hong Kong’s Fast Payment System (FPS), to expedite cross-border digital yuan transactions and enhance system compatibility with international payment networks. However, this convergence of global currency networks may risk homogenizing diverse economic systems.

Wirex’s new service, W-Pay, introduces a non-custodial crypto debit card service leveraging Zero-Knowledge (ZK) proofs-based technology. This service offers a new way of interacting with cryptocurrencies daily, promising swift, secure transactions, and sole control over funds. However, ongoing challenges with partnership dependencies may pose questions about the technology’s reliability.

HKEX has introduced Synapse, an equities settlement acceleration platform utilizing smart contracts to enhance post-trade activities and operational efficiency. Planned to be incorporated into Stock Connect, it aims to support investment in over 1,000 mainland Chinese stocks and streamline cross-border transactions. Concerns persist, however, following a major Ponzi scheme within Hong Kong’s crypto sphere. Despite challenges, the push towards a secure and efficient digital financial world continues.

The South Korean central bank, BOK, is advancing towards a Central Bank Digital Currency (CBDC) pilot, scheduled for late 2024. By testing a wholesale CBDC model first, it aims to streamline inter-bank settlements while preparing for retail use. The bank collaborates with domestic institutions and international bodies like the BIS, though it remains undecided on fully endorsing a digital won.

“Decentralized social media application, Stars Arena, a clone of Friend.tech, significantly boosted Avalanche’s network activity, spurring daily transactions by over 186% in two days. However, despite over 10,000 active wallets and $3.26 million trading volume, it falls short compared to Friend.tech’s $44.27 million Total Value Locked, raising questions about its potential.”

The Hong Kong Stock Exchange (HKEX) is integrating blockchain technology via a new platform, “Synapse,” using smart contracts to enhance operational efficiency in financial markets. However, the growing adoption of blockchain also highlights the urgent need for robust security measures and stronger oversight due to risks such as fraud.

LinkedIn is incorporating AI into its operations to help recruiters and learners, despite skepticism about loss of human touch in such processes. Advocates argue that AI provides time-saving benefits and tailors content, with 74% LinkedIn users noting time savings after the introduction of AI-assisted messages when recruiting. The ongoing debate about AI’s pros and cons continues, but its growing incorporation into various industries is undeniable.

Samsung partners with Canadian startup Tenstorrent to develop AI chips, using advanced Samsung manufacturing processes. This innovation, fuelled by a successful funding round, has the potential to create high-performance computing solutions for global customers. However, challenges remain in a fluctuating AI chip market and evolving geopolitical dynamics.

“Visa plans to invest $100 million in generative AI ventures, a technology that can generate various content forms and add dynamism to the industry. The firm’s AI-based solutions have been effective in fraud prevention, highlighting AI’s critical role in enhancing payment systems. However, successful AI implementation requires a robust regulatory framework.”

Blockchain advocate JW Verret perceives ZCash, a privacy-centred cryptocurrency, as a remarkable innovation set to revolutionize daily payments. However, he acknowledges that despite their potential to surpass traditional monetary systems, cryptocurrencies can be exploited for illegal activities. His work sparks discussions around privacy, legality, and the need for better tracing regulation in the cryptocurrency realm.

Brazil plans to incorporate a blockchain-based system for identity verification across three states, with potential to combat crime, streamline services, and protect individual data. However, concerns remain regarding the balance of enhanced security and potential misuse risks.

“The recent rise of Bitcoin Ordinals, a data inscription system, has raised concerns about network clogging and its impact on higher-value transactions. Contrary to this belief, a report by Glassnode found that inscriptions only occupy a fifth of Bitcoin’s transaction fees, indicating efficient blockspace use rather than significant displacement. However, Bitcoin Ordinals have amplified the demand for blockspace and operation costs for miners, potentially challenging miners’ profitability.”

Stablecoin issuer Circle has introduced a new version of its euro-backed stablecoin, EURC, now available on the Stellar network. This innovation offers users the ability to handle business via blockchain networks in local currencies. However, converting blockchain transactions into local currencies remains complicated, highlighting the integration challenges that the blockchain community faces.