California DMV taps Tezos blockchain for digital car title transfers

Old Vehicle

The California Department of Motor Vehicles (DMV) is trying to digitise car titles and title transfers on a private Tezos-built blockchain.

The state agency has collaborated with Tezos and blockchain software firm Oxhead Alpha to build a successful proof-of-concept.

The move is part of a wider push to modernise the state’s in-place systems for car titles and increase transparency in title transfers. California’s DMV is responsible for all vehicle registrations and...

Turkish central bank completes first CBDC trials for digital lira

Turkey

Turkey’s central bank has completed the first of its trials for the country’s central bank digital currency (CBDC), the Digital Turkish Lira.

The Central Bank of the Republic of Turkey (CBRT) announced on 29 December that it had successfully completed the “first payment transactions” to use the digital lira.

Limited, closed-circuit pilot tests with key stakeholders will continue into the first quarter of 2023, after which the pilot is expected to integrate...

Putin argues for blockchain-based international payments system

Putin - cryptocurrencies

Russian President Vladimir Putin has criticised the dependency on large banks and third parties in the global financial payments system, calling instead for an independent settlements system using blockchain.

The Russian leader made these attacks during a speaking arrangement at the International AI Journey Conference in Moscow on 24 November

During the event, which was organised by Russia’s largest bank and major government lender Sberbank, Putin...

UK Parliament launches inquiry into risks of NFTs

UK Parliament

A British Parliament committee is planning an inquiry into the benefits and risks of non-fungible tokens (NFTs) and wider blockchain technology as a whole.

The Digital, Culture, Media and Sport (DCMS) Committee will assess whether NFT investment poses a risk to vulnerable speculators.

Julian Knight, Chair of the DCMS Committee, said: “NFTs swept through the digital world so fast that we had no time to stop and consider.”

NFTs broke onto the mainstream last...

Singapore central bank approves Circle and Paxos stablecoins

Singapore

The Singapore central bank (Monetary Authority of Singapore) has approved licences for two stablecoin issuers, Circle and Paxos, to operate in the city-state.

US-based Circle, the issuer behind USD Coin (USDC), was granted approval for a major payments institution licence, meaning it can issue cryptocurrencies and facilitate domestic or cross-border payments.

Also a US firm, Paxos develops the Pax Dollar (USDP) and has received a licence to offer digital payment token...

South Korea to launch blockchain-based digital ID scheme by 2024

ID Card

The South Korean government is working on a blockchain-based digital ID for its citizens that could launch as soon as 2024.

According to Bloomberg reporting, South Korean citizens will soon have access to digital IDs embedded in their mobile phones to function in the place of physical resident registration cards.

The blockchain-based IDs would be fully decentralised so that the government cannot see how or when the ID is being used.

They are planned for a 2024...

China’s digital yuan breaks £12.4bn in transaction volume

Shanghai, China

China’s CBDC project - the digital yuan - has seen more than 360 million transactions completed with a total value of 100 billion yuan (£12.4bn).

Although still in its pilot phase, such stats make the digital yuan, or e-CNY, the most widely adopted CBDC in the world.

The latest figures come from an official WeChat post by the Bank of China on October 10. Almost six million merchants are now supporting the digital yuan as legal tender across 15 provinces participating...

Reserve Bank of India goes in-depth on its CBDC plans

India

The Reserve Bank of India (RBI) has released a 51-page report outlining the proposed features of its in-development central bank digital currency (CBDC).

The report details the pros and cons of a digital rupee for India whilst also trying to raise awareness for the reasoning and objectives behind CBDC development.

Key motivations for issuing a CBDC, according to the report, include the promotion of trust, safety, liquidity, and settlement finality.

Reducing the...

Blockchain Expo: Maturing blockchain industry paves the way for enterprise adoption

A session at this year’s Blockchain Expo Europe highlighted that blockchain is reaching a stage of maturity that paves the way for enterprise adoption.

The session was presented by Pedro Lopez-Belmonte, Senior Manager of Web3 and Technology Innovation at Richemont, on day one of Europe’s leading blockchain conference.

One of the first charts presented during the session was Gartner’s hype cycle, which shows blockchain platforms now leaving the trough of...

Canada’s Conservative Party elects pro-crypto Pierre Poilievre

Canada Symbolism

Pierre Poilievre, a staunch crypto advocate and Ontario Member of Parliament, has won the Conservative Party of Canada’s (CPC) leadership race by a major margin.

The Alberta-born lawmaker, who said he “wants to make Canada the blockchain capital of the world”, garnered 68% of the conservative vote. His closest rival, former Quebec premier Jean Charest, netted a meagre 16% of total votes.

As the new leader of the country’s main opposition party, Poilievre is...