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Changshu Civil Servants to Receive Digital Yuan as Payment

by Blockchain NewsApril 23, 2023

Changshu, a city located in the Jiangsu Province of China, has issued a notice stating that all civil servants in its jurisdiction will be paid their full salaries in digital RMB or digital yuan from May 2023. This means that civil servants, including public service personnel, public institution personnel, and personnel of state-owned units at all levels in the city, will receive their salaries in digital yuan payment.

The notice was issued jointly by the Changshu Local Financial Supervision Bureau and the Changshu Municipal Bureau of Finance. In addition to civil servants, an on-site staff member of a local hospital confirmed that the workforce would also receive payments in digital yuan starting next month. Moreover, employees can opt for digital yuan settlements through self-service terminals.

This move is part of China’s pilot program to establish an efficient and convenient digital RMB operation and management system by 2025. The province of Jiangsu, where Changshu is located, has initiated this pilot program for digital RMB in Q1 2023.

China has been pushing for the adoption of its central bank digital currency (CBDC) or digital yuan in recent years. In fact, several Chinese city governments gave away over 180 million yuan ($26.5 million) worth of the CBDC during the Lunar New Year period in February 2023 to boost adoption.

However, the government’s push for CBDC adoption has not been well-received by residents of Hong Kong. In the first four days of the digital yuan hard wallet launch, only 625 Hong Kong residents had signed up, despite a 20% discount on purchases from 1,400 local vendors, subsidized for CBDC owners by the government.

The lack of adoption in Hong Kong is due to various factors, including concerns about the potential loss of privacy and autonomy, as well as uncertainty about the long-term stability of the digital yuan. Despite this, China is pushing ahead with its CBDC adoption plans, and Changshu’s decision to pay its civil servants in digital yuan is just one example of this ongoing effort.

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Zipmex Misses Buyout Payment

by Blockchain NewsMarch 24, 2023

According to recent reports, the Singapore-based cryptocurrency exchange known as Zipmex has failed to make a payment totaling $1.25 million as required by the terms of its buyout agreement with V Venture. V Venture is a venture capital firm that is owned by the Thai shipping company known as Thoresen Thai Agencies. Zipmex warned V Venture in a letter that if the money was not received, it was possible that the company would have to begin the process of liquidating its Zipmex Technologies segment and halt wages. The activities in Thailand, Singapore, Indonesia, and Australia will be impacted as a result of this.

This is the fourth time that V Venture has failed to make a payment, and the delay may result in an inquiry being launched by the Thai Securities and Exchange Commission. When an agreement with Coinbase to acquire it fell through in July 2022, Zipmex temporarily halted the processing of withdrawal requests. Due to the exchange’s exposure to Babel Finance, which purportedly owed Zipmex $48 million and froze withdrawals in June, the exchange was having problems maintaining enough liquidity. Moreover, Zipmex has an exposure to Celsius of 5 million dollars.

In August of 2022, Zipmex was given protection from its creditors for a period of three months. But, since V Venture did not make their payment on time, the exchange may be forced to take extreme actions in order to maintain their financial stability. According to CoinMarketCap, the Zipmex token has dropped from its all-time high of $0.1029 on March 23 to its current price of $0.057 at the time of this writing. The Zipmex token is listed on multiple cryptocurrency exchanges, some of which include Binance and BitForex.

The last year has been a difficult one for Zipmex, with many unsuccessful takeover bids, problems with cash, and the need for creditor protection. The failure to make a payment by V Venture may prove to be the death knell for the faltering exchange, which may be forced to sell off one of its components in order to continue operating. The failure to make timely payments can potentially result in an inquiry by regulatory authorities, which would further compound the exchange’s problems.

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Tagged : Buyout / Liquidation / News / Payment / V VENTURE / Zipmex

Visa Files Trademark Applications for Crypto Products, Including NFTs

by Blockchain NewsOctober 30, 2022

Payment giant Visa has filed two trademark applications to the United States Patent and Trademark Office (USPTO) concerning cryptocurrency wallets, non-fungible tokens (NFT), and the Metaverse.

This was initially revealed when Mike Kondoudis, a USPTO-licensed trademark attorney, tweeted about it on Thursday.

Filed on October 22, 2022, the application applies for trademarks related to managing digital, virtual, and cryptocurrency transactions, including digital currency and cryptocurrency wallets.

The application also applied to providing temporary use of non-downloadable software for users to view, access, store, monitor, manage, trade, send, receive, transmit, and exchange digital currency, virtual currency, cryptocurrency, digital and blockchain assets, and NFTs.

Other sections of the applications relate to non-downloadable virtual goods as well as a collectible series of non-fungible tokens and also providing virtual environments where users can interact with each other for recreational, relaxation, or entertainment purposes available and accessible in the virtual world.

As a result of the rapid growth of the web3 industry as a whole, filing trademark crypto product applications is now a thing most companies have been actively doing these past years. As reported by Blockchain.News last month, the Web3.0 and Metaverse trademark-related applications for this year have already surpassed the total recorded in 2021.

According to data uploaded by Mike Kondoudis, roughly 4,200 US trademark applications were filed for metaverse, virtual, and web3 goods and services within the first 8 months of this year. In addition, the NFT-specific trademarks have outpaced that of last year, with crypto-hinged trademarks also hitting massive figures.

Furthermore, Juniper Research has reported that NFT transactions are expected to rise from 24 million in 2022 to $40 million by 2027 as the metaverse trend continues to gain steam. The report stated, this projection is based on its medium scenario for adoption, with brands leveraging the metaverse to boost digital growth.

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Tagged : Bitcoin / Blockchain / Cryptocurrency / Metaverse / News / Nfts / Payment / Visa

Global Crypto Payment App Industry Value to Hit $2.15 Billion by 2030

by Blockchain NewsOctober 7, 2022

The surging adoption of blockchain technology is expected to enhance the market size of the global cryptocurrency payments app sector to a value of $2.15 billion by 2030, according to a report by ReseachAndMarkets.com.

With a compound annual growth rate (CAGR) of 16.6%, the figure is anticipated to reach between 2022 and 2030.

Per the report:

“The growing acceptance of cryptocurrency as an alternative to fiat currencies is anticipated to propel the market’s expansion during the forecast period. For instance, in August 2022, Gucci with the integration of BitPay, became the first prominent brand to accept payments via ApeCoin.”

Crypto users are gaining more flexibility based on the convenience of merging traditional bank-based payments with Bitcoin. Therefore, such innovations are speculated to boost the market growth.

On the other hand, Covid-19 induced solutions are expected to trigger the crypto payments app market’s growth significantly. The report noted:

“The rising emphasis on digitalization and the growing popularity of contactless payments since the outbreak is anticipated to provide new opportunities for the growth of the market.”

Moreover, the urge for flexibility when choosing different payment methods and faster checkouts at physical payment terminals will accelerate the market’s growth.

Meanwhile, ReportLinker recently revealed that the global blockchain technology market in the banking, financial services, and insurance (BFSI) sector was expected to hit $4.02 billion by 2026, thanks to a surge in FinTech spending.

Furthermore, the application of artificial intelligence (AI) and the growth of blockchain as a service and quantum computing are anticipated to be key drivers of the blockchain technology market in the BFSI sector.

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Tagged : Blockchain / Cryptocurrency / Industry / Payment

Binance Rolls Out Crypto Tourism

by Blockchain NewsSeptember 28, 2022

Binance, one of the leading global crypto exchanges, has launched an inaugural crypto-sponsored vacation dubbed crypto tourism meant to illustrate simple, secure, and efficient travel in Web 3.0.

Per the announcement:

“To demonstrate what is possible when you forgo traditional currency and globetrot exclusively using crypto, Binance has teamed up with leading travel influencers, Lauren Bullen and Jack Morris.”

Binance’s campaign intends to show that crypto-backed travel is no longer complicated during exploring the world. Shortlised participants will have the chance to walk away with $50,000 in Binance Coin (BNB).

Furthermore, it seeks to revamp the travel industry as it continues getting on its feet based on challenges, such as geopolitical conflict, market volatility, and the Covid-19 pandemic.

James Rothwell, Binance’s global vice president of marketing, pointed out:

“Crypto tourism makes global travel easier and more secure for everyone. It’s also an economical choice, since there are zero fees, full transaction transparency and no country-by-country exchange rate issues.”

He added:

“The ease of using crypto while traveling is a testament to the incredible mainstream global adoption we are starting to see.”

Crypto travel seeks to offer a whole new experience when it comes to traversing the world, especially for people who like exploration, according to Bullen.

Meanwhile, Thailand considered opening crypto payments for Russian and Ukrainian tourists as international sanctions continued to bite earlier this year. This was after Visa and Mastercard suspended Russian credit cards, Blockchain.News reported.

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Tagged : Binance / Bnb / Crypto / Industry / Payment / Tourism / Travel / Web3

Colorado Becomes First US State to Accept Crypto as Tax Payments

by Blockchain NewsSeptember 21, 2022

Colorado has set the ball rolling as the first U.S. state to offer residents the option of paying taxes using cryptocurrencies.

Governor Jared Polis made the announcement, noting that it was a stepping stone toward making Colorado a digital innovation hub.

“As of right now, the state of Colorado is officially accepting cryptocurrencies as a payment option for all taxes. We’ve been talking about this for a while, and we said we would deliver by the end of the summer — we have,” Polis said.

The Colorado Department of Revenue highlighted that payments would be remitted through personal PayPal accounts, which support Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).

The governor pointed out that the state would collect the crypto payments and deposit the converted value in dollars into the state treasury. He added:

“Taxpayers can now select cryptocurrency as a payment option, just showing again from a customer-service perspective how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”

To foster bold ideas in the state, Polis believes taking the crypto payment route is the way to go.

“As a state, we’re on the forefront of digital innovation, whether it’s applying blockchain and shared-ledger technology as a new model for funding, or whether it’s simply being consumer-friendly and making sure that we allow for the kind of innovation that will disrupt legacy business practices and government practices to make them more efficient,” Polis highlighted.

Earlier this year, the Colorado governor disclosed that the state was in high gear to permit crypto tax payments as early as this summer, Blockchain.News reported.

Polis’s crypto advocacy has not gone unnoticed, given that he was one of the initiators of the Congressional Blockchain Caucus back in 2016. He was also among the first politicians to accept crypto donations for his campaigns.

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Tagged : Bitcoin / Colorado / Cryptocurrency / Cryptoeconomics / Ethereum / JARED POLIS / Litecoin / Payment / Tax

Colorado Emerges as First U.S. State to Accept Crypto as Tax Payments

by Blockchain NewsSeptember 21, 2022

Colorado has set the ball rolling as the first U.S. state to offer residents the option of paying taxes using cryptocurrencies.

Governor Jared Polis made the announcement, noting that it was a stepping stone toward making Colorado a digital innovation hub.

The governor pointed out that the state would collect the crypto payments and deposit the converted value in dollars into the state treasury. He added:

“Taxpayers can now select cryptocurrency as a payment option, just showing again from a customer-service perspective how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”

To foster bold ideas in the state, Polis believes taking the crypto payment route is the way to go.

Earlier this year, the Colorado governor disclosed that the state was in high gear to permit crypto tax payments as early as this summer, Blockchain.News reported.

Image source: Shutterstock

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Tagged : Bitcoin / Colorado / Cryptocurrency / Cryptoeconomics / Ethereum / JARED POLIS / Litecoin / Payment / Tax

Colorado Emerges as First U.S. State to Accept Crypto as Tax Payments

by Blockchain NewsSeptember 21, 2022

Colorado has set the ball rolling as the first U.S. state to offer residents the option of paying taxes using cryptocurrencies.

Governor Jared Polis made the announcement, noting that it was a stepping stone toward making Colorado a digital innovation hub.

The governor pointed out that the state would collect the crypto payments and deposit the converted value in dollars into the state treasury. He added:

“Taxpayers can now select cryptocurrency as a payment option, just showing again from a customer-service perspective how Colorado is tech-forward in meeting the ever-changing needs of businesses and residents.”

To foster bold ideas in the state, Polis believes taking the crypto payment route is the way to go.

Earlier this year, the Colorado governor disclosed that the state was in high gear to permit crypto tax payments as early as this summer, Blockchain.News reported.

Image source: Shutterstock

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Tagged : Bitcoin / Colorado / Cryptocurrency / Cryptoeconomics / Ethereum / JARED POLIS / Litecoin / Payment / Tax

UK Consumers Need Better Education on BNPL & Crypto Payments: Research

by Blockchain NewsAugust 1, 2022

A recent research study published by ECOMMPAY, an international payment service provider and direct acquirer of bank cards, on Sunday, July 31, shows that although 75% of U.K. consumers consider themselves financially savvy regarding their understanding of the impacts of using Buy Now, Pay Later (BNPL) payments, 24% still require a better understanding of such methods.

Besides that, the study highlighted that more than half of business leaders (54%) still experience several challenges in supporting online financial education for their customers and partners.

ECOMMPAY research also disclosed that 64% of consumers feel financially literate concerning opening up banking and understanding the impacts of payment options. Only 14% of consumers fully understood open banking compared to the previous year.

In terms of cryptocurrencies, the research showed that more than half of the respondents felt they were financially savvy about using crypto assets for payment. However, 46% said they do not understand cryptocurrency or know what it is.

Almost 50% of business leaders surveyed felt it was the responsibility of banks to educate consumers about online financial education, followed by governments (41%) and payment providers (40%).

Paul Marcantonio, ECOMMPAY UK & Western Europe CEO, commented about the development: “Our research has shown that consumers rely heavily on their financial education and are generally smarter when it comes to using the latest financial tools.”

“However, further education and support is still required to ensure that all new payment options can be used responsibly and that consumers are not left in the dark about the implications of trading cryptocurrencies or accepting BNPL schemes. As businesses work to recover and consumers navigate the cost of living crisis, financial education must be a constant to harness the potential of these innovative payment options,” the executive elaborated.

Leadership Taking Charge

While the benefits of crypto lending are clear, consumers must be aware of risks and ways to protect themselves as they navigate the growing new industry.

The recent market crash that has seriously hit several crypto lending firms and their customers warrants importance to consumer education.

With the recent growth of cryptocurrency lending, more consumers are realizing a new way of financial freedom. Thanks to the benefits of decentralized financial protocols and blockchain technology.

Customers who cannot get a traditional loan because of a bank’s minimum deposit requirement, fees, or a low credit score now have options available to them through crypto lending.

In the U.S., a new non-profit organization, the Digital Asset Advocacy Group (DAAG), was launched in April to educate consumers on the opportunities and risks associated with cryptocurrency lending.

In March, the Treasury Department ordered the Financial Literacy and Education Commission (FLEC) to form a new digital asset financial education subgroup to create consumer-friendly, trustworthy and consistent educational materials, tools and outreach to help consumers make informed choices about digital assets.

During that time, the U.S. Under Secretary of the Treasury for Domestic Finance, Nellie Liang, said that history has shown that, without sufficient safeguards, forms of private money have the potential to pose risks to the financial system and consumers.

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Tagged : Consumer / Crypto / ECOMMPAY / Education / Payment / Research / Survey

Web3 Payments Company Fuse Launched the Payment API Platform Fuse Charge

by Blockchain NewsJuly 10, 2022

Web3 payments revolution startup Fuse has officially launched the blockchain payment API platform Fuse Charge.

On May 10, Fuse Labs announced a $5 million investment from Israeli-listed digital asset company Tectona, which will be used to advance the development of Fuse Charge, a Fuse SaaS product that enables developers to rapidly build applications that can process payments at scale.

In July, the Fuse Charge was officially unveiled to the masses. The blockchain service platform enables engineers who are just entering the blockchain industry as well as enterprises to use the Ethereum Virtual Machine (EVM) compatible Fuse Network blockchain.

Fuse said that Fuse Charge will solve the problems of high transaction fees in the current payment system, the need for middlemen, and the inconsistency of jumping between different platforms due to different regions.

Fuse Charge combines transfer finality, open access, and peer-to-peer architecture for blockchain-powered payments.

Beta testers of the platform will get the Admin API for setting up token and blockchain accounts, the Wallet API for developing mobile wallet applications, and the Trade API for merging tokens for trading on decentralized exchanges.

According to a survey by Big Four audit firm Deloitte, 87 percent of merchants believe that crypto payments will keep them at the top of the industry based on the competitive advantage it brings.

Binance cryptocurrency exchange, the world’s largest crypto exchange platform by trading volume announced a partnership with Brazilian payments platform Latam Gateway to restore deposits in Brazilian reals in the region several days ago.

Last month, Fintech giant Paypal Holdings also upgraded its crypto wallet capabilities. Users of the app can now send supported digital assets to other wallets.

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Tagged : Bitcoin / Blockchain / Fuse / News / Payment