The cryptocurrency market remains range-bound with a slight bullish bias. Bitcoin (BTC) continues to hover around $50,000. While writing this article, Bitcoin was trading at $49,120, down 1.4% in the past 24 hours. Ether (ETH) was trading at $3,304, an increase of 1.3% in the last 24 hours. XRP has lost 1.2% to trade at $1.23.
Major altcoins, which have gained ground in the past 24 hours, are Dash (DASH-$268.15, 0.40%), Tron (TRX-$0.0889, 0.1%), EOS (EOS-$5.48, 0.60%), Cardano (ADA-$2.88, 2.70%), Tezos (XTZ-4.20, 10.60%), ChainLink (LINK-$28.28, 0.50%) and Bitcoin Cash (BCH-$671.32, -1.4%). Major altcoins, which have lost ground in the past 24 hours, are Cosmos (ATOM, $21.10, -5.50%), Stellar (XLM-$0.3727, -1%), Bitcoin SV (BSV-$166.32, -0.70%) and IOTA (IOTA-$1.1300, -2.50%).
Government level initiatives
Bank of Ghana launching trial of e-Cedi
The Bank of Ghana intends to start the trial of its retail CBDC (Central Bank Digital Currency), named e-Cedi. In this regard, the central bank has inked a contract with Germany’s Giesecke+Devrient (G+D) Currency Technology.
The country’s CBDC initiative, which comprises of three stages, namely design, pilot and implementation phase, is in the advanced stage as per details revealed by the Bank of Ghana’s Governor Dr. Ernest Addison.
The implementation stage is where G+D will start tailoring its CBDC to suit the needs of the country. The digital currency will be trialed across a varied user group to assess its capability.
Dr.Addison said, “CBDC presents a great opportunity to build a robust, inclusive, competitive and sustainable financial sector, led by the Central Bank. This project is a significant step towards positioning Ghana to take full advantage of this emerging concept.”
The CBDC will utilize G+D’s Filia platform, which includes the ability to carry out offline payments, a flexible balance between openness and privacy, and the chance of integrating Filia into the overall payment network. Furthermore, the central bank intends to achieve financial inclusion with the launch of CBDC as it will avoid the requirement of a bank account. Only a smartphone or a gadget with a digital wallet is necessary.
National Bank of Cambodia and Maybank in Malaysia join forces
The National Bank of Cambodia (NBC) and Malaysia’s Maybank have joined together to unveil a mobile cross-border remittance facility. Cambodia’s payment platform, Bakong, is based on a quasi-CBDC (Central Bank Digital Currency) and can handle a maximum of $2,500 from customers of Maybank (Malaysia) via MAE app on a real-time basis and at a considerably lower cost. As the payments are not in domestic Riel and the wallets are attached to bank accounts, the digital currency is referred to as quasi-CBDC.
Notably, last year, the aggregate value of worldwide remittances was $702 billion out of which $540 billion was from low and middle-income nations, as per figures from the World Bank. Obviously, the slow process of funds transfer and high transfer charges remains an issue that needs to be addressed. In this regard, the launch of a CBDC platform can substantially minimize costs. The initial stage of the venture only permits payments to be made in the form of Ringgits from Malaysia to US dollars in Cambodia.
Dr. Chea Serey, Assistant Governor of the National Bank of Cambodia (NBC), “One of the main reasons for Bakong is to make usage of the local currency easier for the people, more convenient. And so ultimately what we want to see is direct conversion from (Malaysia’s) Ringgit to (Cambodia’s) Riel.”
Private sector initiatives
Circulor, TotalEnergies, and Recycling Technologies collaborate
Circulor, which provides blockchain technology-based tracking solutions, is collaborating with TotalEnergies and plastic chemical recycler Recycling Technologies to create a platform for tracking Hard to Recycle Plastics (HTRP). The venture is referred to as TrackCycle and has received financing from Innovate UK, the British government’s institution supporting innovation.
As per the US-based Environmental Protection Agency (EPA), in spite of the green movement and the vast number of readily available educational resources on sustainability, only 9% of municipal plastics went through recycling three years ago. This includes domestic products such as food cans, packing foam, and bags used for storing agricultural fertilizer.
Notably, the EU has set an ambitious target of recycling 50% of plastic (used in packaging) by 2025. To support the initiative, the UK government will start taxing plastic packing, in case it contains less than 30% recycled plastic, next year.
The EU will also charge 80 cents per kilogram of plastic packaging waste, which does not go through the process of recycling. TrackCycle’s platform will pave the way for compliance with the latest regulations. The platform also guarantees players in the polymers industry that the plastics utilized in the production come from recycled materials.
In the venture, Circulor will provide blockchain technology for the planned solution. Furthermore, Recycling Technologies and TotalEnergies will study the post-consumer plastic waste utilization in the development of recycled polymers.
IBM Japan and Mitsubishi Heavy Industries create CO2NNEX platform
IBM Japan, in partnership with Mitsubishi Heavy Industries (MHI), has created CO2NNEX platform that utilizes blockchain technology to monitor the capture and re-use of carbon dioxide.
Mitsubishi takes care of the physical infrastructure required to capture the Co2 emission, while IBM will administer the blockchain platform for tracking it. MHI intends to trial a marketplace for buyers and sellers next year.
Even though there are several laws enforced by the government to reduce the quantum of carbon emissions, many companies are struggling to find a solution and achieve carbon neutrality. That led to the creation of carbon markets which allows firms to trade their emission units. Another budding area is Carbon-di-oxide Capture, Utilization and Storage (CCUS).
The CCUS equipment enables capturing of Co2 generated during industrial processes and allows storing underground or re-using it for production (for example, oil and gas extraction, carbonated drinks, etc.). Mitsubishi intends to have a 70% market share in the carbon capture equipment market.
Using the blockchain in a transparent manner, CO2NNEX tracks the collection and distribution of CO2. Ultimately, companies will find it easy to achieve carbon neutrality. The blockchain platform underwent a PoC (Proof-of-Concept) trial in May 2021. Currently, the marketplace and equipment for collecting and storing Co2 are being developed.
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