Tencent Launches Digital Yuan Smart Contract Services

Hi NoRamp Community,

Proof of Work Podcast:

NoRamp chatted with Ross Buhrdorf, CEO and Founder of ZenBusiness. He was previously the founding CTO of HomeAway, which sold to Expedia for $3.9B. Check it out:

We’ve also chatted with:

Cameo Founder Steven Galanis

Upfluence Co-CEO Vivien Garnès.

Vercel CTO Malte Ubl

Daily News:

India’s Central Bank Begins CBDC Pilot

Trezor Launches New Hardware Wallets

Tencent Launches Digital Yuan Smart Contract Services

India’s Central Bank CBDC Pilot:

• The Reserve Bank of India (RBI) has initiated testing of its Central Bank Digital Currency (CBDC) in the call money market, where banks engage in borrowing or lending short-term funds, typically for one day, aligning with the timeline previously indicated by RBI Executive Director Ajay Kumar Choudhary.

• This testing phase of India's CBDC commenced in November 2022 with nine banks, which continue to participate in the latest trial, marking India as a prominent player in exploring CBDC systems alongside other countries.

• While India progresses in its CBDC endeavors, China has advanced further, not only conducting tests of its digital yuan with citizens but also incorporating tourists into its trial phases.

Trezor’s New Hardware Wallets:

• Trezor, a hardware wallet provider, has introduced three new products: Trezor Safe 3 hardware wallet, Trezor Keep Metal recovery seed backup, and a limited-edition Trezor Safe 3 Bitcoin-only wallet, focusing on enhancing self-custody of cryptocurrencies amidst a backdrop where only 2% of 420 million global crypto users practice self-custody.

• The Trezor Safe 3 supports Bitcoin, Ethereum, and over 7,000 other cryptocurrencies, integrating with the Trezor Suite desktop app and featuring a secure element to protect against physical attacks, with CEO Matěj Žák emphasizing the need for robust security and user-friendly products for crypto storage, especially considering the anticipated tripling of crypto adoption in the next bullish phase.

• To mark its 10th anniversary, Trezor is also launching a limited edition Trezor Safe 3 that exclusively supports Bitcoin and will contribute €21 from each sale of this limited-edition wallet to the Trezor Academy, which aims to empower individuals in underprivileged and marginalized communities through Bitcoin education.

Tencent Launches Digital Yuan Smart Contract Services:

• Tencent, through its online payments division Tenpay and online banking affiliate WeBank, plans to introduce a "digital yuan smart contract enterprise credit solution" specifically designed for small and medium-sized enterprises (SMEs) and micro-enterprises, offering a secure and compliant way to accurately track loans and other funding using digital yuan smart contracts.

• The utilization of e-CNY smart contracts will enable banks to monitor the allocation of loan funds, ensuring they are not misused in areas like gambling or stock market trading, by safeguarding against record forgery and tampering, thereby potentially allowing banks to offer "preferential interest rates" due to minimized risk.

• This initiative, which aligns with the People’s Bank of China and partner banks' recent promotions of e-CNY smart contracts (especially in green financing and corporate loans), is set to be expanded in the future, forming part of China’s broader move toward integrating the digital yuan and smart contract technology into its financial systems and SME financing.

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