September 26, 2023 2:46 am

Cointelegraph Magazine Presents: Asia Express


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Chinese Satellite Launches Blockchain Imaging and Screening System

The Tai’an Star Era 16, a Chinese satellite, has made history by becoming the first satellite in the world to carry a blockchain imaging and screening system into orbit. The satellite, developed by NationStar Aerospace Technology Co., was successfully launched from the China Jiuquan Satellite Launch Center on July 22. The satellite features a visual blockchain on-orbit certificate storage system called ADAChain, which was developed in-house by NationStar.

The ADAChain system offers various functionalities, including on-orbit visual blockchain multi-signature authentication, on-orbit video visual broadcasting, and on-orbit visual remote sensing data storage certificate confirmation. The purpose of the satellite’s voyage is to obtain rich spectral information on the surface of the target area in fields such as precision agriculture, water resources management, mineral resource investigation, environmental monitoring, and emergency safety. The use of blockchain technology will further enhance the satellite’s imaging capabilities, including high spatial resolution, high spectral resolution, and high temporal resolution.

Hong Kong Merchants Accept Digital Yuan CBDC

The Bank of China’s Hong Kong subsidiary has announced that individuals in the Special Administrative Region (SAR) can now use the digital yuan central bank digital currency (e-CNY CBDC) for retail shopping. Over 200 merchants, including shopping centers, pharmacies, convenience stores, and electronic stores, have started accepting e-CNY CBDC as a means of payment. However, the digital currency is currently not available to users in Hong Kong.

Hong Kong, as a separate SAR, has its own political, economic, and social institutions, distinct from mainland China. Some advocates have been calling for the Hong Kong government to issue its own Hong Kong Dollar CBDC to compete with existing stablecoins like Tether and USD Coin. Chinese President Xi Jinping has also expressed the importance of CBDCs for settling international trade in local currencies.

Terraform Labs Faces Challenges to Revive Network

Terraform Labs, the entity behind the Terra Luna ecosystem, is struggling to regain momentum following the arrest of its co-founder and former CEO Do Kwon in Montenegro. Chris Amani, interim CEO of Terraform Labs, stated that every time the network made progress, there would be accusations or incidents that derailed their efforts. In May 2022, the Terra Luna ecosystem faced a collapse due to the implosion of its algorithmic stablecoin TerraUSD. Subsequently, Do Kwon initiated the Terra 2.0 ecosystem.

Amani mentioned that nine projects built on the Terra Luna ecosystem are scheduled to launch in the coming months. However, these projects will not issue their own tokens and will face challenges in competition with other layer-one projects due to the lack of financial support from a Luna Foundation Guard or protocol treasury.

South Korean Crypto Lender Ceases Operations

South Korean crypto lender Delio has announced the suspension of all interest payments to users and the pause of normal operations. The company’s assets, along with its customers’ assets, have been seized in a raid conducted by prosecutors. Delio had previously suspended withdrawals and deposits on its platform due to exposure to fellow South Korean crypto lender Haru Invest, which itself suspended transfers due to issues with a “consignment operator.”

Delio is one of the largest crypto lenders in South Korea, with approximately $1.5 billion in customer deposits. The company has been under investigation by the country’s Financial Services Commission for allegations of fraud, embezzlement, and breach of trust. The withdrawal of users’ assets remains uncertain, as they have been seized as part of the ongoing criminal proceedings.

National Cryptocurrency Exchange Launched in Indonesia

The government of Indonesia has launched a national cryptocurrency exchange, operated by the Commodity Futures Trading Supervisory Agency (Bappebti). The exchange currently facilitates spot trading and plans to expand to offer cryptocurrency futures and derivatives in the future. All registered cryptocurrency exchanges within the country have the option to join the national exchange, which serves as a clearing house to ensure transactions comply with relevant regulations.

Despite official support, some Islamic organizations in Indonesia have deemed cryptocurrency usage as forbidden for Muslim users. However, there is no consensus among Islamic scholars regarding the matter.

McDonald’s Hong Kong Partners with Sandbox for Metaverse Launch

To celebrate the 40th anniversary of chicken McNuggets, McDonald’s Hong Kong has partnered with Sandbox to launch a metaverse called “McNuggets Land.” In this metaverse, users can interact with McNuggets-themed gaming characters and avatars. The CEO of McDonald’s Hong Kong expressed excitement about providing innovative experiences through this collaboration. Participants in McNuggets Land will have the opportunity to receive rewards, including SAND tokens and McNugget perks vouchers.

McDonald’s has been rooted in Hong Kong for 48 years and currently operates 250 restaurants in the city, serving over 1 million customers daily.

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Original Source: Cointelegraph Magazine Presents: Asia Express

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