An overview of current news in the crypto space

In our digest, we took a look at some important crypto industry news over the past week:

1. Honda has started accepting cryptocurrencies, including DOGE and PEPE, in partnership with FCF PAY;
2. Central Bank of Georgia tests digital lari with Ripple and other companies involved;
3. Buenos Aires launches blockchain-based digital identity system for citizens;
4. Moscow plans cross-border settlements based on blockchain technology and digital assets;
5. Moscow Exchange issues first CFAs as part of pilot programme;
6. Binance leaves Russia and sells its business to CommEX;
7. HSBC Bank accepts mortgage and loan payments in cryptocurrencies.

Now for more details. Reading time: 6 minutes.

1. Japanese carmaker Honda has started accepting cryptocurrencies, including bitcoin, ether, XRP and meme tokens such as DOGE and PEPE. This was made possible through a partnership with blockchain payment system FCF PAY. Honda has also joined the trend of accepting meme tokens as payment, including Shiba Inu (SHIB) and Floki Inu (FLOKI). FCF PAY previously launched a payment system for airline customers to pay with meme-tokens. This partnership with Honda allows customers to lease or purchase Honda products in digital currencies. This is an important step for the automotive industry, which is beginning to realise the benefits and potential of cryptocurrencies. Along with Honda, other major companies such as Tesla are also accepting cryptocurrencies as payment, confirming the growing importance of the crypto industry in the global economy.
2. The Central Bank of Georgia is preparing to test its digital currency, the lari. In a pilot project that will include 9 companies, including US firm Ripple, the Central Bank of Georgia will select one partner to help the regulator develop the CBDC. The digital lari will have various applications, including insurance in agriculture and automation of real estate transactions. The central bank aims to maintain monetary independence by integrating into the European Union and ensuring compatibility with the digital euro. In May, Ripple launched its own platform for issuing national cryptocurrencies based on the XRP Ledger blockchain. In August, Western Union began using XRP tokens for international transfers. The National Bank of Georgia plans to create a limited-access pilot environment to test the technological capabilities of the digital currency system and identify areas of application. The selected companies, including Ripple, have sufficient experience and technological potential to participate in this project.
3. Buenos Aires becomes the first city in Latin America to implement a blockchain-based digital citizen identification system. The project, based on the QuarkID protocol, was developed by Web3 Extrimian. Using a digital wallet, Buenos Aires residents will be able to access their ID cards, birth and marriage certificates, income certificates and education documents. There are plans to add health data and a payment management feature in the future. QuarkID wallets use the zkSync Era protocol, which ensures the security and confidentiality of transactions. The project was made possible by the Argentine authorities’ desire to harness the potential of blockchain. Last year, the Port of Buenos Aires already used blockchain to optimise cargo transport and customs clearance, and now the city is implementing a digital identification system. This project will become a standard for other countries that also want to use blockchain for the benefit of their citizens.
4. Moscow plans to launch cross-border settlements based on blockchain technology using digital financial assets. According to Russian Prime Minister Mikhail Mishustin, the government, together with the Bank of Russia, is developing a step-by-step plan to create such a system. This solution will open up new opportunities for attracting foreign investment and facilitate capital flows. Within the framework of pilot tests, it is planned to use digital currencies of central banks and tokens issued by Russian companies together with foreign ones. Experiments will begin after adjusting regulatory norms and analysing legal and technical aspects. The implementation of this and other financial initiatives will improve international settlements and attract more investments into the country.
5. Moscow Exchange conducted the first issues of digital financial assets (DFAs) under its pilot programme. One of the issuers was Gazprom Neft, which issued RUB 100 million worth of assets with a maturity of 58 days and an interest rate of 13% per annum. The second issuer was GPB Factoring, which issued assets in the amount of RUB 100 million with a maturity of 1 day and an interest rate of 13 per cent per annum. The National Settlement Depository (NSD), a member of the Moscow Exchange Group, became the platform for issuing CFAs. This is an open opportunity for Russian investors to raise funds and for issuers to develop their business. This move by Moscow Exchange helps to establish the CFA market and increase its attractiveness for participants. Issuers and investors can safely count on the prospects of this market, which is shaping up with interest and promises great prospects for all.
6. The Binance exchange has decided to completely withdraw from Russia and sell its Russian business to CommEX. They stated that operating in Russia is incompatible with Binance’s compliance strategy. The company plans to shut down its exchange services and other business lines in Russia within the next year. Rumours of the withdrawal from Russia came after two top Binance executives announced their departure from the company. The largest crypto exchange is giving its business to CommEX startup, which is registered in Seychelles and has the backing of Kazakhstan’s commodity exchange. A call to CommEX’s tech support leads to Almaty-based Trading Exchange Alan. It is assumed that the buyers of CommEX may be citizens of Kazakhstan, associated with “Eurasian Commodity Exchange”. A mobile app for iOS and Android platforms is expected soon. Binance customers will be able to connect their accounts to the CommEX platform, but in the absence of client data, they will have to go through the verification procedure again.
7. HSBC Bank has started accepting mortgage and loan payments in cryptocurrencies, giving its customers new options. Using the FCF PAY blockchain payment system, customers can repay debts in assets such as BTC, ETH, BNB, XRP, DOGE and SHIB. Although FCF PAY is currently only available in the US, there are plans to expand the service to other regions. HSBC International Bank continues to explore the cryptocurrency space by acquiring virtual plots in the meta universe and providing crypto services in Hong Kong. This move by HSBC demonstrates its willingness to continue working with digital assets following the collapse of cryptocurrency banks in the US. The bank has also added crypto payments for mortgage and loan repayments, giving customers more flexibility in their choice of payment method and the convenience of using cryptocurrency in everyday financial transactions.

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