Headlines
▌CertiK reached a partnership with Alibaba Cloud to introduce blockchain security into the cloud platform
Blockchain security agency CertiK and Alibaba Cloud announced the signing of a partnership to provide blockchain security services for cloud-based Web3 projects. Web3 developers can now use CertiK's end-to-end security solutions and Alibaba Cloud's scalable, efficient, and secure infrastructure to accelerate their development process and secure their applications and smart contracts.
Policies
▌G7 finance ministers discussed the regulation of encrypted assets and promised to abide by the recommendations and norms of FSB and IMF
The Group of Seven (G7) intergovernmental political forum has said it is committed to implementing the Financial Stability Board’s (FSB) forthcoming crypto asset regulatory norms and the International Monetary Fund’s (IMF) recommendations on central bank digital currencies. G7 finance ministers and central bank governors announced that they had discussed crypto asset regulation at a meeting in Niigata, Japan, on Saturday ahead of next week's G7 summit. Japanese Prime Minister Fumio Kishida, the host of this year's summit, said the G7 leaders would jointly declare support for stricter encryption rules. India, which holds the G20 presidency, has been pushing for globally harmonised encryption rules. In February, the group said that upcoming global encryption norms would be based on a new comprehensive report jointly prepared by the IMF and FSB. The G7 said it would follow the standards set by the FSB. The announcement stated, “We look forward to the FSB finalising its high-level recommendations by July 2023. We are committed to implementing effective regulatory and supervisory frameworks for crypto asset activities and markets, as well as stablecoin initiatives, that are consistent with the FSB recommendations and standards and the SSB (guidelines developed by standard-setting bodies).”
Blockchain Application
▌World Bank explores tokenisation of infrastructure projects
The World Bank released a report exploring the use of blockchain in infrastructure projects such as roads, power plants, and renewable energy projects. The Center for Global Infrastructure estimates that the financing gap for infrastructure projects will reach $15 trillion between 2018 and 2040. Spending on infrastructure is about $3-4 trillion a year, most of which is borne by governments. Blockchain can help infrastructure projects in two distinct ways. One is to help fill the funding gap by tokenising infrastructure securities, whether debt or equity. Using a blockchain could potentially reduce issuance costs, although a special purpose vehicle would still be required. The second application is the use of blockchain transparency for infrastructure project management at the budget level. This includes sharing data on purchase orders and invoices between subcontractors and contractors to reduce potential disputes. It suggested that the World Bank should consider launching a proof-of-concept to help drive changes in financial regulation and take a leadership role in blockchain technology. Additionally, it will gain experience interacting with the "crypto ecosystem".
Cryptocurrency
▌Vortex Brands plans to launch an AI robot for Bitcoin trading and mining
Vortex Brands plans to launch an AI robot for Bitcoin trading and mining. The AI bot is currently in development and Vortex Brands plans to use ChatGPT as the AI backbone for the bot. With ChatGPT's expertise in natural language processing, AI bots are expected to provide users with high-quality products to help them succeed in Bitcoin trading and mining.
▌Report: Japan accounts for 30% of global losses due to North Korean encryption hacking
Japan leads the world in losses due to North Korean cryptocurrency hacking, accounting for 30 percent of the total, according to a study by blockchain analytics firm Elliptic. Based on an estimated loss of $640 million in cryptocurrencies in 2022, Japan suffered $721 million in losses from these attacks, or 30 percent of the $2.3 billion global total. According to the report, Vietnam was the second most attacked country, losing $540 million during the period. The US was third with losses of $497 million, and Hong Kong was fourth with losses of $281 million.