The cryptocurrency market remains range-bound, with Bitcoin (BTC) continuing to trade between $30,000 and $35,000. While writing this article, Bitcoin was trading at $33,232, down 3% in the last 24 hours. Ether (ETH) has lost 5.3% to trade at $2,039. Likewise, XRP has lost 1.7% to trade at $0.6330.
Major altcoins, which have lost ground in the past 24 hours includes Binance Coin (BNB-$317.02, -2.9%), Cosmos (ATOM, $13.37, -4%), Tezos (XTZ-2.82, -3.30%), Tron (TRX-$0.0607, -2.70%), ChainLink (LINK-$17.68, -4.30%), EOS (EOS-$4.15, -3.60%), Cardano (ADA-$1.31, -3.30%), Polkadot (DOT-$14.97, -3.40%), Dash (DASH-$126.96, -3.0%), Bitcoin SV (BSV-$139.37, -0.50%), Bitcoin Cash (BCH-$483.19, -4%) and Stellar (XLM-$0.2398, -4.50%)
Government level initiatives
Two new digital yuan trials
China has rolled out two fresh trials for its digital yuan in Xiong’an and Chengdu. The total value of digital yuan used in the trial is 15 million RMB (~$2.30 million).
The trial concentrates on encouraging green travel using the CBDC (digital yuan) backed by Beijing. Notably, Chengdu is presently the only city to offer digital yuan throughout the entire public transportation network, which includes the metro, bicycles, and buses. The country trusts that these digital yuan trials will foster green travel, assist in energy conservation, and minimize carbon emissions.
During the two-day (July 3 to July 5) event in Chengdu, citizens can register and participate in a lottery for 10,000 digital yuan public transportation bundles that include coupons. Winners will be able to retain their coupons in a digital yuan wallet and may use it for the purchase of tickets through a smartphone app.
In order to encourage continued use of the digital yuan, China is incentivizing by publishing the list of low-carbon travel rankings of digital yuan users on a daily basis. Finally, the top 20,000 users will low carbon-travel rank will be rewarded with additional ride coupons in their digital wallets.
A comparable health-focused CBDC trial is being carried out in Xiong’an. The major difference is the digital yuan rewarded in Xiong’an can also be used at pre-determined retail vendors.
Vietnam government want’s digital dong developed
The government of Vietnam has directed the country’s central bank, the State Bank of Vietnam, to develop and trial a digital dong (central bank digital currency). One of the reputed media outlets, Thani Nien, includes the opinion of Th.S. Huynh Phuoc Nghia, from the Ho Chi Minh City University of Economics.
Nghia’s statement reads as follows “Currently, the traditional currencies of the US, Euro, Japan … have had a great influence in the world currency basket and international trade. But in the race to develop new technology, some believe that many small countries like Vietnam may also have the opportunity to rise up and have an influence on the global financial system instead of traditional currencies.”
The rationale for a digital variant of the Vietnamese dong was not explained. The central bank of Vietnam has been given two years (2023) for the development and trial of the digital dong.
Private sector initiatives
Banque de France completes another CBDC trial
The Banque de France revealed the successful completion of yet another wholesale central bank digital currency (CBDC) trial. Notably, securities settlement was carried out this time in partnership with an association created by Liquidshare, a blockchain-focused securities firm.
Under the trial, issuance of unlisted securities in digitized form was made, and settlement was done using the wholesale digital euro (CBDC) using a private ledger. Additionally, settlement of listed securities was also carried out.
The need for on-chain payments in blockchain-based post-trade systems and end-to-end security token platforms gave rise to the creation of wholesale CBDC by financial institutions.
The partakers in the Liquidshare consortium were Axa Investment Managers, Euroclear, BNP Paribas Securities Services, Crédit Agricole Titres, CACEIS Bank, CIC Market Solutions, Euronext, Kriptown, La Banque Postale, ODDO BHF AM, Caisse des Dépôts, ODDO BHF and OFI AM.
SMX finalizes development of blockchain-powered conveyer belt detector
Security Matters (SMX), the blockchain digital twin company, stated that it had finished developing its blockchain-powered conveyor belt detector. This was structured mainly for the plastics sector to pinpoint objects for recycling through the use of its invisible chemical market.
The revelation has come two months after the firm received A$4.70 million in funding. SMX had set aside A$1 million to develop conveyor readers for the sorting and recycling process.
Tracking has been a crucial problem for the plastics industry. Producers and buyers have a need to monitor and track plastic packaging via all levels of the value chain in a transparent method, specifically in the sorting and mechanical recycling phases.
The platform can identify the percentage of recycled content, the nature of polymer utilized, and the number of times the polymer has undergone recycling. The company’s advanced technology enables users to permanently mark on any item (solid, liquid, or gas), thereby facilitating the identification, tracking, and proof of authenticity.
The selected item is marked via a hidden chemical-based ‘barcode’ or fingerprint, which can be read utilizing the company’s distinct reader, which validates the data by matching with the info stored on the blockchain.
The conveyor belt system can be integrated with any recycling facility. SMX has started a discussion on a commercial basis with its business partners.
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