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25/06/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. Alibaba’s AlipayHK Launches Blockchain Cross-border Settlement Service

E-commerce site Alibaba’s affiliate Ant Financial has created a blockchain-backed cross-border settlement service. According to the initial announcement, users will be able to transfer funds between the Philippines and Hong Kong. The project is being conducted in collaboration with Filipino mobile payment service GCash. This will turn AlipayHK into a substitute and will remove the need for intermediaries. Banking services company Standard Chartered is also part of the project. However, this is not its first experience with blockchain. In fact, Standard Chartered has also worked with Thai banks. Although an expansion to other countries is on the cards, Thailand was the country of choice due to the 200,000 Filipino helpers currently residing in Hong Kong (3% of the city’s population).

2. China’s Crypto Rating For June Is Out

We reported back in May on the Chinese government’s first Global Public Chain Assessment Index. The ratings for June have now been announced at the Shanghai Science Hall. Bitcoin (BTC) fall from the 13th position, in May, to 17th in June. EOS came 1st and Ethereum (ETH) 2nd. The list was made of 30 cryptocurrencies. EOS gained its position due to its “outstanding technical advantages in transaction confirmation efficiency, network throughput, and transaction costs”. This comes following many blockchain initiatives by the Chinese government.

3. Central Bank Digital Currencies (CBDC) Have The Attention Of The Bahamas

The central bank of the Bahamas is looking into issuing a central bank digital currency (CBDC). A pilot project was announced by Deputy Prime Minister and Minister of Finance K. Peter Turnquest during “The Bahamas Blockchain and Cryptocurrency Conference” as well as on the government’s official website. One of the reasons for this decision is the expensive and inefficient transportation system in the country. People would no longer need to travel to access banking services. Furthermore, they are also considering the possibility of employing blockchain technology to improve the storage of certificates and help people manage their data more efficiently.

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