Chinese satellite Tai’an Star Era 16 has made history by becoming the first satellite in the world to carry a blockchain imaging and screening system into orbit. Developed by NationStar Aerospace Technology, the satellite features a visual blockchain on-orbit certificate storage system called ADAChain. It has the ability to perform functions such as on-orbit visual blockchain multi-signature authentication, on-orbit video visual broadcasting, and on-orbit visual remote sensing data storage certificate confirmation. The satellite’s mission is to obtain spectral information on the surface of the target area for applications in precision agriculture, water resources management, mineral resource investigation, environmental monitoring, and emergency safety. Using blockchain technology will enhance the satellite’s imaging capabilities by enabling high spatial resolution, high spectral resolution, and high temporal resolution.
In other news, the Bank of China’s Hong Kong subsidiary has allowed individuals in the Special Administrative Region (SAR) to 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 from shoppers from Mainland China. However, the e-CNY CBDC is currently not available to Hong Kong users. Advocates in Hong Kong have called for the 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 emphasized the importance of CBDCs for settling international trade in local currencies.
Terraform Labs, the company behind the Terra Luna (LUNC) ecosystem, is struggling to regain its footing after the collapse of its algorithmic stablecoin TerraUSD (USTC). The interim CEO of Terraform Labs, Chris Amani, revealed that the arrest of the company’s co-founder and former CEO Do Kwon in Montenegro has severely affected their progress. Despite the setback, the company plans to launch nine projects in the next few months. Amani also warned that the projects face strong competition from other layer-one projects due to the absence of financial support from a Luna Foundation Guard or protocol treasury.
Delio, a South Korean crypto lender, has halted all interest payments to users and paused normal operations after all of its assets were seized by prosecutors during a raid. The company has been under investigation by South Korea’s Financial Services Commission on allegations of fraud, embezzlement, and breach of trust. Delio is one of the largest crypto lenders in South Korea, with around $1.5 billion in customer deposits. Another South Korean crypto lender, Haru Invest, is also facing bankruptcy proceedings after suspending all transfers due to issues with a “consignment operator.”
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Indonesia has launched a national cryptocurrency exchange operated by the government, which will be the only legal venue for trading crypto assets in the country. The exchange, regulated by the Commodity Futures Trading Supervisory Agency, is currently open for spot trading and plans to expand to offer cryptocurrency futures and derivatives in the future. All cryptocurrency exchanges registered in Indonesia have the option to join the national exchange, which serves as a clearing house to ensure compliance with regulations. However, the use of cryptocurrency has been deemed forbidden by some Islamic organizations in Indonesia, although there is no consensus among Islamic scholars on the matter.
In a more lighthearted story, McDonald’s Hong Kong is partnering with Sandbox to launch a metaverse called “McNuggets Land” to celebrate the 40th anniversary of the introduction of chicken McNuggets. The metaverse will allow users to interact with McNuggets-themed gaming characters and avatars. To mark the occasion, a reward pool of 100,000 SAND tokens and 10,000 vouchers for McNugget perks will be distributed to participants. McDonald’s has been operating in Hong Kong for 48 years and currently has 250 restaurants serving over 1 million customers per day.
Overall, these developments in China, Hong Kong, South Korea, Indonesia, and the metaverse show the growing adoption and integration of blockchain technology and cryptocurrencies in various sectors and industries. As more countries and companies explore the potential of blockchain, its applications and benefits continue to expand.
