Crypto Round-up: Worldcoin Unveils Secure ID System for Companies and Govts; India Proposes Crypto Roadmap for G20

Worldcoin Unveils ID System for Companies and Governments

Sam Altman, the CEO of OpenAI, has revealed that his Worldcoin platform will have an ID system that would let businesses and governments use iris-scanning and identity-verifying technology in an effort to sign up more users.

The system aims to provide a secure and decentralized identity solution, enhancing privacy and data security for users. According to the report, Ricardo Macieira, the GM for Europe at Tools For Humanity, that is behind the Worldcoin project said that the company is on a mission of “building the biggest financial and identity community” possible.

By offering companies and governments the option to leverage its ID system, Worldcoin seeks to establish itself as a key player in the digital identity space, even though Worldcoin’s data collection methods have already been under scrutiny from regulators around the world.

India Presents Crypto Roadmap Proposals for G20 Consideration

India, the current president of the Group of Twenty (G20), has released its presidency note on crypto in an effort to have its advice included in the framing of global crypto rules.

India presented suggestions for the G20’s crypto roadmap, focusing on regulatory approaches and risk mitigation. The proposals emphasise the need for a balanced regulatory framework that fosters innovation while addressing concerns related to consumer protection and financial stability.

The note assumes importance because it represents India’s official suggestions before the Financial Stability Board (FSB) and International Monetary Fund (IMF) collaborate to frame new international crypto laws.

South Korea Chooses 3 Potential Cities for CBDC Pilot Project

The Bank of Korea has narrowed down three regions for the piloting of its pilot Central Bank Digital Currency (CBDC) project. The selected city will play a key role in testing the feasibility and effectiveness of the country’s CBDC initiative.

The Bank of Korea has chosen Jeju, Busan and Incheon as its candidates for the “private target CBDC test bed.”

The pilot project is part of South Korea’s efforts to explore the potential benefits of CBDCs and assess their impact on the financial system. The Bank of Korea said that the regional closed tests of the CBDC will be similar to the issuance and distribution of the current local currency scheme in place in various regions of South Korea.

Google Cloud Joins Celo Network as Validator for Ethereum Layer 2 Migration

Google Cloud recently partnered with Celo Network to act as a validator for the Ethereum Layer 2 migration. A validator participates in verifying new transactions and helps maintain the security of a blockchain.

The move aims to enhance scalability and reduce transaction costs on the Ethereum blockchain. In line with the agreement with Celo, Google Cloud’s solutions will also support the project’s planned transition from an independent blockchain to a layer 2 network built on top of Ethereum.

By becoming a Celo validator, Google Cloud joins existing validators such as Animoca Brands, Deutsche Telekom, and others.

Hong Kong Opens Retail Crypto Trading

Hong Kong took a significant step towards crypto adoption with the debut of retail crypto trading on the HashKey Exchange and OSL Digital Securities Ltd. The move aims to offer easy access to crypto assets for everyday users and investors in the region.

HashKey Exchange, a unit of digital asset financial services firm HashKey Group, has obtained all necessary licensing to expand its business from serving professional investors to taking on retail users. OSL, also announced that it received an uplift to its existing license to offer crypto trading to retail investors immediately.

The two entities already had licenses from Hong Kong’s previous opt-in licensing regime for crypto asset service providers, which may have helped expedite the new approvals.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!