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China’s Blockchain Satellite Soars and Digital Yuan Paves its Way in Hong Kong: An Asian Crypto Chronicle

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  • China launches the world’s first satellite with a blockchain imaging and screening system.
  • Bank of China’s Hong Kong subsidiary permits use of the digital yuan for retail shopping.

China’s Blockchain Satellite Embarks on Maiden Voyage

For the first time in history, a satellite carrying a blockchain-based imaging and screening system has been launched into space. The Tai’an Star Era 16, developed by NationStar Aerospace Technology Co., successfully took off from the China Jiuquan Satellite Launch Center, according to a report by local news outlet Red Star News. The satellite incorporates an innovative visual blockchain on-orbit certificate storage system named ‘ADAChain’ (not connected to Cardano), created by NationStar.

This advanced ADAChain system enables several groundbreaking features such as on-orbit visual blockchain multi-signature authentication, on-orbit video visual broadcasting, and on-orbit visual remote sensing data storage certificate confirmation. The primary objective of this space mission is to gather robust spectral data on target area surfaces, catering to diverse fields like precision agriculture, water management, mineral resource investigation, environmental monitoring, and emergency safety. In these endeavors, blockchain technology aids in achieving high spatial, spectral, and temporal resolution.

Digital Yuan Expands Reach to Hong Kong

The Hong Kong subsidiary of the Bank of China has opened the floodgates for individuals in the Special Administrative Region (SAR) to use the digital yuan for retail shopping. As of a July 20 report, over 200 businesses including shopping centers, pharmacies, and electronic stores have embraced the digital yuan as a viable payment option for shoppers from Mainland China. However, the digital yuan remains inaccessible to Hong Kong users.

Considering Hong Kong’s distinct political, economic, and social structures from Mainland China, advocates have urged the Hong Kong government to issue its own digital currency to rival contenders like Tether (USDT) and USD Coin (USDC). Echoing this sentiment, Chinese President Xi Jinping has underlined the significance of digital currencies as local currency settlement tools for international trade.

Terraform Labs Fights to Rebound

The CEO of Terraform Labs, Chris Amani, recently expressed the company’s struggles to regain its footing amidst a series of setbacks. Amani conveyed that every progress made was undermined by various accusations, severely impacting their momentum. The situation further deteriorated with the arrest of co-founder and former CEO Do Kwon.

In the coming months, Amani shared that nine projects built on the combined Terra Luna ecosystem are set to launch. These projects won’t issue their own tokens and are expected to face stiff competition from other layer-one projects due to the lack of a Luna Foundation Guard or protocol treasury for financial backing.

Several other key developments in the Asian cryptocurrency world include the ongoing criminal proceedings against South Korean crypto lender Delio, the launch of Indonesia’s national cryptocurrency exchange, and the debut of the McNuggets-themed Metaverse in Hong Kong in collaboration with McDonald’s and Sandbox to mark the 40th anniversary of chicken McNuggets.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628