- Digital Currency Trial From 4 Central Banks
- New Ultimatum From China To Technology Companies
- Apple Loosens App Store Rules
Digital Currency Trial From 4 Central Banks
The central banks of Australia, Malaysia, Singapore, and South Africa will test the use of centralized digital currencies as part of the Bank for International Settlements project.
The Bank for International Settlements (BIS) will test centralized digital currency between central banks of Australia, Malaysia, Singapore, and South Africa.
Many governments and central banks worldwide are exploring the use of CBDCs, which are digital forms of existing currencies. Some, like China, are trialing retail-focused CBDCs designed to replicate cash in circulation, while others are considering using so-called wholesale CBDCs to improve the internal workings of their financial systems.
The project, called the Dunbar Project, aims to develop a common platform for making international payments in digital fiat currency. According to the BIS statement, the system will allow direct transfers between centralized digital currencies, reducing costs and time.
Andrew McCormack, Managing Director of the BIS Innovation Center Singapore, said: “Our work on multiple CBDCs is laying the groundwork for the next phase and establishing global payment connections.”
While cryptocurrencies were rising after four central banks announced that they would test digital money, Ethereum climbed to the top of 4 months; Bitcoin saw $50 thousand again ten days later.
Bitcoin last saw over $50 thousand on August 23, then regressed to $46 thousand. Ethereum also climbed above $3,700 again after a long time.
New Ultimatum From China To Technology Companies
In China, regulators have ordered vehicle services operated by Didi Global Inc., Meituan, and Alibaba Group Holding Ltd to remove instances of misconduct by December. Thus, the inspections on the sector, which employs millions of people, were further increased.
Officials from the Ministry of Transport and other government agencies met with senior officials from 11 companies, including Didi, Meituan, and Alibaba’s car-sharing and navigation unit Amap. They warned these companies that they were acting against fair competition and the interests of drivers and passengers.
Regulators highlighted violations, including the hiring of unlicensed drivers and the requirement to strengthen user data protection. According to the statement, 11 companies are required to conduct their audits by the end of the year, fix these problems and draft their compliance plans.
Meituan shares pared their gains after the notice and were little changed in Hong Kong. Alibaba’s Hong Kong shares rose 2.7%, while Didi’s stock trades in the U.S.
As reported, Didi Global Inc. is helping workers establish their first union, a groundbreaking decision its fellow tech giants may soon follow as China imposes rules to curb excessive work and protect millions of blue-collar workers from exploitation.
Didi drivers — mostly part-time and lacking full employee benefits — will likely be invited to join, one of the people said, requesting anonymity discussing private information. Peers, including food delivery leader Meituan, are also studying the feasibility of internal labor rights organizations, another person said. And employees from Alibaba Group Holding Ltd. have posted calls for the formation of a union on their company forum, a third person said.
Apple Loosens App Store Rules
One of the largest technology companies in the USA, Apple, will loosen the application store rules, allowing companies like Netflix to acquire customers without paying Apple a commission.
The concession was part of a settlement with Japan’s anti-trust regulator, which said the change was enough to close a five-year investigation into Apple that focused on video and music apps but did not consider games.
Apple’s rules, which collect 15% to 30% commissions from the app store or in-app sales, create several barriers, making it difficult for app developers to direct users to non-Apple payment channels.
These rules prevented Apple device users from using non-Apple payment methods to purchase magazines, books, music, or videos.
Apple announced yesterday that it would end this rule starting early next year, following the Japan Fair Trade Commission (JFTC) investigation.
The company announced that it has agreed with the JFTC to allow app developers to share a single link in these apps and direct users to their websites so they can create an account.
The news released yesterday stated that the South Korean parliament approved the bill that prevents major app store operators such as Google and Apple from forcing software developers to use their payment systems. However, the ban will continue in-game apps.