🌐Ripple's CBDC Launch, 💎Jia Raises $4.3M, 🥵Crypto Fever In Latin America

Your 5 minute emerging markets web3 weekly update

In This Issue

Asia
🔸Ripple to Unveil New CBDC Platform for Digital Hong Kong Dollar Pilot
🔸Chinese State-Owned Giant Greenland Holdings Eyes Virtual Asset Trading License in Hong Kong

Africa
🔸DeFi Lending Startup Jia Raises $4.3M to Empower Businesses in Emerging Markets
🔸Yuki Partners with Aladdin Digital to Bring Crypto Solutions to African Fintech

Eastern Europe
🔸Crypto Industry Regulation in Russia Could Fall Under Tax Department, Reveals Deputy Finance Minister
🔸Gazprom Neft's Smart Fuel Blockchain Platform Reduces Refueling Payment Time to 15 Seconds

Latin America and the Caribbean
🔸Crypto Fever in Latin America: 23% of Consumers Invest in Cryptocurrencies, According to Visa
🔸Bermuda Emerges as a Crypto Paradise and Superior Regulatory Haven for US Crypto Firms

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Asia

Photo Credit: Miloslav Hamrik Via Pixabay

Ripple will participate in Hong Kong Monetary Authority's (HKMA) central bank digital currency (CBDC) pilot program by showcasing a real estate asset tokenization solution, alongside the unveiling of its new CBDC platform. The partnership with Fubon Bank aims to demonstrate equity release using a retail version of the digital Hong Kong dollar (e-HKD) CBDC, leveraging tokenized assets to streamline the process. The pilot project will utilize Ripple's CBDC platform, leveraging XRP Ledger technology and enhanced functionality for offline transactions and non-smartphone use.

Greenland Holdings, the largest developer in Shanghai, plans to apply for a virtual asset trading license in Hong Kong, becoming the first state-owned enterprise to enter the city's digital trading industry. The move comes as the Hong Kong government promotes the city as a trading hub for virtual assets, with new rules for retail participation in cryptocurrency trading set to take effect on June 1. Greenland Financial Technology Group, a subsidiary of Greenland Holdings, will establish a new company focused on virtual asset trading, subject to approval by the Securities and Futures Commission (SFC) and compliance with Hong Kong regulations.

Africa

Photo Credit: Giorgio Trovato via Unsplash

DeFi lending startup Jia has secured $4.3 million in seed funding led by TCG Crypto, along with participation from BlockTower, Hashed Emergent, Saison Capital, and Global Coin Research. The funding will support Jia's expansion plans in Kenya and the Philippines, as well as its exploration of new markets in West Africa, Latin America, and Asia. Jia aims to provide affordable financing to micro and small businesses in emerging markets through its lending protocol, offering loans of up to $5,000 with competitive interest rates.

Yuki, a Nigerian fintech company, partners with Aladdin Digital, a neobank, to bring digital assets to the forefront of the African market. Yuki offers a crypto robo-advisor toolkit that simplifies digital assets for Web2 fintech firms, providing APIs to create unique crypto solutions without the need for complex coding or compliance concerns. The partnership aims to take digital assets mainstream and empower more users in Nigeria to access the benefits of decentralized finance through Aladdin's digital banking platform.

Eastern Europe

Image Credit: Romi Lado via Pixabay

The Russian Federal Tax Service is set to play a central role in regulating the cryptocurrency industry, according to Deputy Finance Minister Alexei Moiseev. The tax department will become an "interface" for crypto-related activities, accepting declarations on crypto wallets and transactions, similar to foreign accounts. Moiseev also mentioned that legal entities and individuals in Russia can mine and sell cryptocurrencies, but restrictions are in place for buying and using them, emphasizing the need to declare wallets and pay taxes on crypto income.

Sheremetyevo Airport, one of the major airports in Moscow, has integrated with the Gazprom Neft Smart Fuel blockchain platform for instant aircraft refueling payment. The private blockchain platform allows seamless payment and interaction between pilots and tanker drivers using tablets. With 18 Russian airports already connected, the platform has significantly reduced payment time from four to five days to 15 seconds and streamlined inter-flight maintenance processes.

Latin America and the Caribbean

Image Credit: Nicholas Green via Unsplash

Cryptocurrencies are gaining popularity as an investment option among consumers in Latin America, with 23% of respondents in eight countries stating that they invest in this segment, according to a study by Visa. The study also highlights the role of cryptocurrencies in introducing Gen Z to the financial world, with 15% of those who are gamers considering using crypto for in-game purchases. While traditional investments like mutual funds and fixed income products remain popular, the region's economic instability has led many Latin Americans to turn to cryptocurrencies for investment opportunities.

As US crypto companies face a challenging regulatory landscape, Bermuda is emerging as a favorable alternative with its crypto-friendly framework. Coinbase's recent acquisition of a monetary license in Bermuda has sparked interest, with industry experts predicting it could become the new hotspot for relocations. Bermuda has been actively developing its digital asset framework and has granted licenses to prominent crypto firms such as Block and Circle, positioning itself as a superior regulatory environment for the industry, according to Bermuda Premier E. David Burt.

Thanks for reading and have a great week ahead!

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Written by Jon Lira. Connect with him on LinkedIn.

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