UK Finance says it’s not too late for the United Kingdom to make up for other jurisdictions’ faster start to securities tokenization, and the country better do it if it wants to remain a global financial leader.
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The theoretical network would help the dollar maintain its status internationally with “game changing” improvements in service.
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Three trial use cases have been completed as part of the project, and the report uses them as a “framework for consideration” of financial market infrastructure.
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Like the IMF’s single ledger proposal released a day earlier, BIS’ unified ledger uses familiar concepts, such as tokenization, without the blockchain.
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A new report from the Global Financial Markets Association says regulators need to take distributed ledger technology more seriously.
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The institution will reportedly train more than 500,000 specialists in distributed ledger technology.
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Argentina’s central bank banned payment providers from offering crypto transactions, adding that it intends to reduce the country’s payment-system exposure to digital assets.
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The White House national strategy listed eight emerging technologies with a focus on building international standards and finding use cases in the economic sector.
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The long-anticipated plans by the Australian Securities Exchange (ASX) to use blockchain to bring its clearing and settlements system into the 21st century have just been canceled.In a Nov. 17 statement, ASX announced it had paused all current activities of its “CHESS replacement project” following an independent review from technology consulting firm Accenture, which identified “significant challenges with the solution design and its ability to meet ASX’s requirements,” stating: “Current activities on the project have been paused while ASX revisits the solution design.”For the last five years, ASX had been working on a Distributed Ledger Technology (DLT) solution that would replace its 25-year-old Clearing House Electronic Subregister System (CHESS) used to record shareholdings and manage transaction settlements.Originally the system was slated for a 2020 launch, but the project was marred by multiple delays over the years with the ASX saying it needed more time for testing, had uncertainty around COVID-19, needed more time for development, capacity overhauls, and even more testing before it went live.Amongst findings in its 47-page report, Accenture said that business workflows are “not tailored for a distributed environment”, the DLT-based system was too complex, and the completion timeline was uncertain regardless of the application software being over 60% complete.ASX chairman Damian Roche apologized for the disruption, adding “there are significant technology, governance, and delivery challenges that must be addressed.” Helen Lofthouse, ASX Managing Director and CEO said “it’s clear we need to revisit the solution design” adding “we have some work to do before updating and consulting with stakeholders more deeply.”Related: Rivals steadfast even as two Aussie crypto ETF providers bailThee announcement has drawn criticism from the Australian Securities Investment Commission (ASIC) and the Reserve Bank of Australia (RBA) — respectively the country’s financial market regulator and central bank — which released a joint statement on the matter. RBA Governor Philip Lowe called the ASX announcement “very disappointing” and ASIC chair Joe Longo said the ASX “failed to demonstrate appropriate control of the program to date, and this has undermined legitimate expectations that the ASX can deliver a world-class, contemporary financial market infrastructure.”The two organizations highlighted their expectations saying the CHESS replacement must be live before the current system no longer meets requirements and that “market and service continuity be secured” by the current system.The ASX must also “uplift its capabilities” and address “the serious deficiencies identified by the independent report” starting by creating a plan to address them.The ASX said the project had racked up a pre-tax charge of between $164.6 million and $171.3 million ($245 to 255 million Australian dollars).
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Royalty enforcing NFTs to be a ‘new asset class’: Magic Eden CEOJack Lu, the CEO of Solana-based nonfungible token (NFT) marketplace Magic Eden has floated the idea of NFTs designed to enforce royalties.Lu said in an address at Solana’s Breakpoint 2022 conference on Nov. 5 that these NFTs could “give rise to a new asset class” as the space grapples with the debate around opt-in royalties.He added that “creators need a sustained revenue model” and while royalties were one of those models there is “no way” to enforce them with the “current design” but added there are “many new innovations that could be made available to them.”Lu noted that over the past months, Magic Eden had spoken to “dozens, if not 100” NFT creators across differing NFT use case and that they found their needs “actually are very, very divergent.”“There is a real opportunity to give rise to a new asset class, and this asset class will have special properties but also have special trade-offs. So it could enforce royalties at a technological high technological level.”Those “trade-offs” would mean NFT creators would have “some level of control” Lu explained but added in the talks Magic Eden had with creators and holders that they were “willing to accept some of these trade-offs” in order to ensure that they could bring their business models to fruition.According to Lu, Magic Eden is set to launch an asset “next week” that can enforce royalties in partnership with Cardinal, a protocol enabling NFT conditional ownership and the privacy-oriented browser Brave.Jack Lu at Solana Breakpoint conference. Source: YouTubeSouth Korea tests buying NFTs with CBDCThe Bank of Korea (BOK) — South Korea’s central bank — has reportedly tested buying NFTs with its Central Bank Digital Currency (CBDC) according to a Nov. 7 report from Yonhap News.The BOK said it had completed a simulation and research project carried out over the past ten months since Aug. 2021, creating a simulated environment for its CBDC using distributed ledger technology (DLT).The project tested the usual functions needed for a digital currency, including issuing, transacting and remittances using the digital won, while the report also noted that “the process of purchasing NFTs with CBDCs was also implemented.”It’s reported that this process was done through the simulated environment and a “digital asset system” built using differing DLT platforms with smart contract functionality, without going into further detail. The BOK also tested the possibility of applying Zero Knowledge Proofs (ZKPs) to strengthen the protection of personal information. ZKP protocols can be used for forms of digital identities with some iterations using NFTs as a digital ID solution, although it’s unknown if the NFTs transacted in the project were related to digital identities.South Korea has stated its plan to allow its citizens access to blockchain-powered digital IDs in 2024 that could be used in finance, healthcare, taxes, and transportation.TinyTap NFTs sell out giving over $100K to teachersAn NFT project by Animoca Brands in conjunction with its subsidiary TinyTap has seen six NFTs featuring a children’s educational course sell at auction for a total of around 138 Ether (ETH) — around $228,000, Animoca said on Nov. 7.The project was created as a way for educators to create content and receive a share of revenues when their course is purchased and used by learners according to Animoca.The six teachers who created the courses were given a 50% cut of thes sale of the NFT, generating them around $111,000 in ETH, while the teachers will also receive a 10% ongoing share of revenue by their course.The teachers, courses, and sale price of the six NFTs sold at auction. Image: Animoca BrandsAnimoca calls the NFTs “Publisher NFTs” with each representing co-publishing rights to a course — which is a bundle of education-based games on a specific subject created by a teacher.The NFT owner is expected to promote their course and share the revenue and is entitled to keep up to 80% of future revenue generated by their own marketing and publishing of the course.Trademark filings show Rolex is timing a Metaverse playRolex isn’t wasting any time gearing up to launch a Web3 play with trademark filings showing the luxury watch brand is ready to tick over into the Metaverse.The United States Patent and Trademark Office (USPTO) filings shared by trademark attorney Mike Kondoudis on Twitter show Rolex is ticking off a list of crypto and NFT-related trademarks to protect its brand across virtual realms.Luxury watchmaker #ROLEX has filed a trademark application claiming plans for:⌚️ NFTs + NFT-backed media + NFT marketplaces⌚️ Crypto keys and transactions⌚️ Virtual goods auctions⌚️ Virtual and cryptocurrency exchange + transfer#NFTs #Metaverse #Crypto #Web3 #Perpetual pic.twitter.com/J8C93Qcybj— Mike Kondoudis (@KondoudisLaw) November 7, 2022The filings suggest Rolex wants to offer NFTs, crypto wallets, crypto transactions and hints at a potential metaverse as it wishes to provide an “online space for buyers and sellers” and hold “virtual interactive auctions” although time will tell what type of online space Rolex may build.More Nifty News:Companies are showing a big appetite for trademark applications as crypto, Web3, and related filings have soared in 2022, reaching 4,708 at the end of October compared to the 3,547 filed in all of 2021.Related: NFTs still in ‘great demand’ as unique traders rise 18% in Oct: DappRadarThe Chinese city of Wuhan, the epicenter of the COVID-19 breakout, has reportedly axed its NFT plans aimed to boost its economy ruined by the pandemic amid increasing regulatory uncertainty on crypto and Web3 technologies in the country.
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Researchers from a Chinese state-run think tank have floated the idea of an Asia-wide digital currency with the aim to reduce its reliance on a United States dollar-based economy. The views of researchers Liu Dongmin, Song Shuang, and Zhou Xuezhi from a unit of the Chinese Academy of Social Sciences (CASS) were published in an issue of the “World Affairs journal” posted online in late September, who said the establishment of an “Asian yuan” token would lower Asia’s reliance on the U.S. dollar.Much like similar existing and trialed Central Bank Digital Currencies (CBDCs), the researchers said distributed ledger technology (DLT) would form the backing of the Asiatoken which would be pegged to a bundle of 13 currencies.The currencies would include those of all 10 of the member nations in the Association of Southeast Asian Nations (ASEAN) along with China’s Yuan, Japan’s Yen, and South Korea’s Won according to the researchers.“More than 20 years of deepened economic integration in East Asia has laid a good foundation for regional currency cooperation. The conditions for setting up the Asian yuan have gradually formed,” the researchers wrote in the journal seen by the South China Morning Post.The journal is affiliated with China’s Foreign Affairs department with the researchers hailing from the “Institute of World Economics and Politics” one of many research units under CASS, a think tank with various ties to the country’s ruling party.The U.S dollar, and more recently cryptocurrencies have become a popular method for those in South East Asia to conduct business, send remittances, and hedge against the inflation of their respective local currencies. Related: China accounts for 84% of all blockchain patent applications, but there’s a catchThe research came a few weeks before a milestone in China’s CBDC pilot, the Bank of China on Oct. 10 said its e-CNY had transacted over 100 billion yuan, around $14 billion in value, with around 5.6 million merchant stores already supporting the digital yuan.The country’s central bank is also partaking in Project Inthanon-LionRock, a DLT-backed cross-border payment CBDC trial also involving the Thai, Hong Kong, and United Arab Emirates central banks.In September the trial saw the “successful” transaction of over $22 million worth of value in a month on its “Multiple CBDC Bridge” platform overseen by the Bank for International Settlements (BIS).
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Cross-chain communication between blockchains is more than just moving data from point A to B, but how it can connect applications and users for enhanced experiences and fewer gas fees in Web3, outlined Sergey Gorbunov, Axelar Network co-founder and CEO, speaking to Cointelegraph’s business editor Sam Bourgi on Sept. 28 at Converge22 in San Francisco. As the crypto industry has developed over the past few years, blockchain interoperability has seen a surge in demand, attracting venture capital and welcoming players, such as Axelar, which reached unicorn status in February. According to Gorbunov, the company, founded in 2020, started with a premise that cross-chain and multichain capabilities would come to define the crypto space. “The idea is not just to talk about how to connect A to B, but how to connect many to many, right? How to connect everybody with everyone else. And that includes applications and includes users,” he explained. Interoperability is a buzzword in the crypto industry that refers to the ability of many blockchains to communicate, share digital assets and data, and work together, thereby sharing economic activity. As an infrastructure, interoperability is crucial for broader adoption of the technology, as Gorbunov explained:”We need an ability for the user to execute one call on one chain, and that transaction actually taking place on other chains without them having to go and get a native token of that chain, pay gas, execute themselves and move it back and forth.”Axelar’s CEO highlighted that, beyond better experiences for users, interoperability also means higher economic outcomes, as interoperable chains can have unified liquidity and thus spend less on gas fees for transactions. “Our Web2 experience is a lot simpler, and we have to get to the same level in Web3 with simpler experiences, and that is what cross-chain enables us to do, to help build those simple experiences.”Related: Circle Product VP: USDC chain expansion part of ‘multichain’ visionAt Converge22, Axelar was announced as one of the networks set to integrate with Circle, the financial technology company behind the USD Coin (USDC) and Euro Coin (EUROC). Circle is launching a new cross-chain transfer protocol to help developers build frictionless experiences for sending and transacting USDC natively across blockchains. Earlier this week, Axelar disclosed a partnership with Mysten Labs, the infrastructure company behind the Sui blockchain, to deliver cross-chain communication for developers through General Message Passing and advance the prospect of a so-called “super DApp.”Writer and editor Sam Bourgi contributed to this story.
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