Chinese Satellite Launches Blockchain Imaging System into Orbit
A Chinese satellite called Tai’an Star Era 16 has successfully launched into orbit, becoming the first satellite in the world to carry a blockchain imaging and screening system. Developed by NationStar Aerospace Technology Co., the satellite features a visual blockchain on-orbit certificate storage system called ADAChain. ADAChain can perform functions such as on-orbit visual blockchain multi-signature authentication, video visual broadcasting, and remote sensing data storage certificate confirmation. The purpose of 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. By incorporating blockchain technology, the satellite aims to achieve high spatial resolution, high spectral resolution, and high temporal resolution in satellite imaging.
Hong Kong Merchants Accept Digital Yuan CBDC
The Bank of China’s Hong Kong subsidiary has enabled 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 the e-CNY CBDC as a means of payment from shoppers originating in Mainland China. However, the e-CNY CBDC is not currently available to Hong Kong users, as the region maintains separate political, economic, and social institutions from Mainland China. Previously, there have been calls for Hong Kong to issue its own CBDC, which could compete with cryptocurrencies like Tether (USDT) and USD Coin (USDC). Chinese President Xi Jinping has also emphasized the importance of CBDCs for settling international trade in local currencies.
Terraform Labs Faces Challenges After Arrest of Co-Founder
Terraform Labs, a blockchain entity, is struggling to regain momentum after the arrest of its co-founder and former CEO, Do Kwon, in Montenegro. The arrest has disrupted the network’s efforts to recover from the collapse of the $40 billion Terra Luna ecosystem, which occurred due to the implosion of its algorithmic stablecoin TerraUSD. Kwon subsequently created the Terra 2.0 ecosystem, which includes three tokens with a combined market cap of $1.3 billion. Amani, Terraform Labs’ interim CEO, stated that nine projects built on the ecosystem are scheduled to launch in the coming months, but they will not issue their own tokens. He also highlighted the challenges the projects face from other layer-one projects due to the lack of financial support from Luna Foundation Guard or protocol treasury.
South Korean Crypto Lender Sees Assets Seized
South Korean crypto lender Delio has announced that all of its company and customers’ assets have been seized following a raid by prosecutors. As a result, the company is unable to continue normal operations and has paused all interest payments to users. Delio had previously suspended withdrawals and deposits on its platform due to exposure to fellow crypto lender Haru Invest, which had suspended all transfers. Haru Invest is currently undergoing bankruptcy proceedings. Delio, one of the largest crypto lenders in South Korea, has around $1.5 billion in customer deposits. It has been under investigation by the country’s Financial Services Commission on allegations of fraud, embezzlement, and breach of trust.
Indonesia Launches National Crypto Exchange
The government of Indonesia has launched a national cryptocurrency exchange, operated by the country’s Commodity Futures Trading Supervisory Agency (Bappebti). The exchange currently offers spot trading and plans to expand to cryptocurrency futures and derivatives in the future. All registered cryptocurrency exchanges within the country can join the national exchange, which serves as a clearinghouse to ensure transactions comply with relevant regulations. However, the use of cryptocurrency remains a contentious issue, with Islamic organizations in Indonesia deeming it forbidden for Muslim users, while there is no consensus among Islamic scholars.