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Thailand’s Central Bank Eyes DeFi Use Cases for Its Digital Baht

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Thailand’s central bank is looking at smart contracts and decentralized finance (DeFi) implementations for its national digital currency, the digital baht.

Vijak Sethaput, senior developer for the Bank of Thailand’s (BoT) central bank digital currency project Inthanon, discussed the country’s CBDC progress in an interview hosted by a global think tank for central banking, the Official Monetary and Financial Institutions Forum, on Aug. 13.

Sethaput was joined by Sky Guo, CEO of New York-based enterprise blockchain firm Cypherium, which is focused on global CBDC implementations and interoperability.

In the interview, Guo said that global jurisdictions can borrow from the DeFi model to allow qualified parties to issue digital assets backed by real world assets like real estate and stocks, and using them as collateral to secure loans in CBDCs. According to the executive, such developments could bring tremendous liquidity to the economy.

Sethaput said that the central bank is keeping track of recent developments in the DeFi industry, however, before trying to adopt the new technology to Thailand’s native cryptocurrency, the central bank has to solve two main issues around the DeFi — customer identification and privacy.

In the interview, Sethaput stated that smart contract deployment is a key focus for the next phase of the Inthanon project:

“We have explored functionality of the smart contract like Sky has described. We have mimicked the bond lifecycle, so the bond itself can pay coupons and can exchange between the parties, we have something called repurchase, so you can sell it and then you can get it back in another time and also the trading.”

The BoT’s comments come amid increasing hype around the DeFi industry. DeFi is a new tool that is designed to allow crypto entrepreneurs to recreate traditional financial instruments in a decentralized architecture, outside the control of companies and governments. The DeFi industry has been breaking records in 2020, with companies over the globe increasingly pouring money into the crypto sector.

Currently, the total value locked in the DeFi markets clocks in at $5.24 billion, according to data from major industry website DefiPulse.com.

As reported by Cointelegraph, the Bank of Thailand has already deployed its CBDC for financial transactions with some large businesses earlier this year. Apparently entering a new phase, the BoT is now reportedly planning to roll out the digital currency for transactions with Hong Kong’s central bank.

Source: https://cointelegraph.com/news/thailands-central-bank-eyes-defi-use-cases-for-its-digital-baht

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Abkhazia Facing Energy Crisis, Government Blames Illegal Crypto Mining

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The energy crisis is still a huge problem in the South Caucasus’ de facto state Abkhazia and the government believes this is happening because of the increasing crypto mining activity in the region.

Recently, Jam News published a report stating that in the year 2019, the Abkhazian government imposed the ban on the crypto mining activity but neither the companies followed the government’s decision or the local authorities. And currently, they have been consuming Abkhazia’s energy at a very low cost. 

Abkhazian Government Plans To Lift Ban

Chernomorenergo is the official company of Abkhazia that provides energy and recently, its director of operational and technological management, Ruslan Kvarchia, stated that the mining equipment’s total capacity is around 40-45 megawatts. 

He further stated, “This capacity, subject to round-the-clock consumption throughout the year, is capable of consuming about 400 million kilowatt-hours, which is the majority of the projected shortage of electricity in Abkhazia. The projected deficit for the remaining months of 2020 may amount to 704 million kilowatt-hours.”

It is to be noted that now, instead of taking any further action against the crypto miners, local authorities have decided to use a different solution this time.

The authorities have been planning to lift the ban from the crypto mining activities and allowing the miners to start operating. However, the government has mentioned that the miners would be asked to operate the mining activities in the day-light, in order to improve all parties’ communication with each other. 

Mining Activity Increasing

According to the authorities, after lifting the ban they could closely manage the mining activities in the region, in this way they would be able to save the electricity too. 

Compared to the year 2018, when all the crypto-related activities were legal in Abkhazia, the crypto mining activities in the year 2020, have increased, and as mentioned earlier, in the present time these activities are banned.

The Customs department in the region has mentioned that in the past six months, the mining hardware has crossed the nation’s border.

READ  UK Watchdog Reports $34 Million Lost in Crypto and Forex Scams Last Year

#Abkhazia #Chernomorenergo #Customs department #de facto state #director of operational and technological management #Jam News #mining activities #Ruslan Kvarchia #South Caucasus

Source: https://www.cryptoknowmics.com/news/abkhazia-facing-energy-crisis-government-blames-illegal-crypto-mining

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KuCoin and Poloniex Team Up To Research Crypto Industry

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Two well-known crypto exchanges, KuCoin and Poloniex, have teamed up in order to do proper research of the crypto industry. It is believed that this partnership will take the crypto industry forward. It is revealed that jointly, both these firms will be working towards liquidity sharing, PoS and PoW mining pools, research and development of the technology, and many other things. 

Both KuCoin and Poloniex believe that instead of competing against each other in the same industry, one should work together. The crypto exchanges aim to take the crypto industry further with their partnership. 

Decision of KuCoin For This Partnership Will Help Both Firms

This decision of KuCoin regarding this partnership will prove beneficial for both the firms as both will be using their strengths to lift each other. Johnny Lyu, CEO of KuCoin, has said that a lot of complexities have been going due to which investors are looking for some balance. He added, “Decentralized digital assets that are neither endorsed nor supported by sovereign credit are rapidly becoming one of the world’s most popular quality investing targets.”

Partnership will be seen as remarkable milestone 

Lyu has said that with this partnership, both the firms will be taking advantage of all the opportunities in the crypto and blockchain industry. He believes that in the next five years, this partnership between KuCoin and Poloniex will be seen as a remarkable one in the crypto industry. 

Shelley Wu, Vice President at Poloniex, talked about the competitive nature, which is currently there in the industry. She believes that rather than putting efforts individually, the firms should work together in a partnership when their goals are the same. Through this, the strength and capabilities of different organisations will meet together that will ultimately lead to a better future for the organisations, as well as, the sector in which they are working. 

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#Johnny Lyu #KuCoin #Poloniex #remarkable milestone #Research Crypto Industry #Shelley Wu

Source: https://www.cryptoknowmics.com/news/kucoin-and-poloniex-team-up-to-research-crypto-industry

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VeChain Associates With China Animal Health And Food Safety Alliance (CAFA)

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The VeChain Foundation has become the newest council member of the China Animal Health And Food Safety Alliance (CAFA).

A notification released on September 17, stated that Vechain will offer its services like blockchain technology, technical support, and infrastructure support to all other the members of CAFA.  

130 Companies Allianced With CAFA

As per the report, there are over 130 companies, which include Chinese subsidiaries of Starbucks, McDonald’s and Walmart, that have an alliance with the CAFA. 

The first alliance member of VeChain will reportedly be using its ToolChain. The supply chain tracking project believes that soon it will attract more alliance of players who are utilizing the services of VeChain.

It is to be noted that the public statement released by the company neither includes any further details regarding VeChain’s first partner nor the scale of their partnership. 

Presently, the CAFA has been using the Food Trust Traceability Program. 

In June 2020, the US poultry producer Cargill used QR codes on CAFA to trace down ‘Chicken 2.0’ in China. Cargill wanted to help the consumers by informing them about the hatchery, farm, production and environment data, certification and test reports, therefore, he was tracking ‘Chicken 2.0’

VeChain To Develop New Traceability System

Vechain will develop a ‘from-farm-to-table traceability system’ for CAFA using its ToolChain platform. This system would be developed on the existing Food Trust system across China.

VeChain, in its public statement, has mentioned, “All enterprise members of the alliance will be capable of logging key processes of food products onto the blockchain in an immutable and secured way, bridging trust between consumers and the enterprises.”

It further stated that the members can start tracing from cultivation, processing, packaging and many more things.

Before CAFA, many firms like Walmart China, car manufacturers BMW and BYD Auto, H&M, Haier and many other companies have used the traceability platform of VeChain.

The supply chain racing project has also collaborated with firms like PwC and DNV GL.

READ  BBVA Partners With IMDEA to Explore Zero Knowledge Proofs

#‘Chicken 2.0’ #Cargill #China Animal Health And Food Safety Alliance (CAFA). #Chinese subsidiaries of Starbucks #Food Trust Traceability Program #McDonald’s #QR Codes #US poultry producer #VeChain Foundation #Walmart

Source: https://www.cryptoknowmics.com/news/vechain-associates-with-china-animal-health-and-food-safety-alliance-cafa

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