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WeChat Adds Digital Yuan Payment Functionality

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WeChat, China’s leading social networking and payment app, has now integrated the country’s central bank digital currency, the digital yuan, into its payment services, according to local reports. This move comes after Alipay, another leading payment platform, added the same functionality to its platform in December 2022. WeChat’s addition of the digital yuan fast payment function allows users to make payments on certain mini-programs and platforms that support the digital yuan.

The pilot version of the digital yuan application’s “Wallet Quick Payment Management” page currently lists 94 platforms, now including WeChat, that can be accessed. The integration enables WeChat Pay to allow digital yuan payments on certain apps, such as McDonald’s food orders and bill payments. However, users need to authorize the digital yuan wallet operator to sync their WeChat-bound mobile phone number to activate the fast payment function successfully.

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According to Linghao Bao, an analyst at Trivium China, a strategic advisory firm, “Chinese consumers are so locked in WeChat Pay and Alipay, it’s not realistic to convince them to switch to a new mobile payment app. So it makes sense for the central bank to team up with WeChat Pay and Alipay as opposed to doing it on its own.”

The digital yuan, also known as the e-CNY, is being piloted in at least 26 Chinese provinces and cities. The token saw an increase in transaction volumes on Chinese e-commerce platforms during the 2023 Lunar New Year shopping season, helped by e-CNY handouts from authorities.

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Alipay had announced its access to the digital yuan acceptance network in December 2022, enabling users to spend digital yuan consumption on platforms served by Alipay, including Taobao, Shanghai Bus, Ele.me, Youbao, Tmall Supermarket, and Hema.

As the digital yuan’s integration with leading payment platforms like WeChat and Alipay grows, it is expected to become more widely adopted in China, potentially challenging existing payment methods like cash and cards. The central bank’s collaboration with these platforms is likely to help broaden the appeal of the digital yuan among Chinese consumers who are already comfortable with these apps.

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Australian Bankers Association cost of living probe shows bank pressure

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The Australian Banking Association (ABA), which is the trade association for the Australian banking industry, has initiated a cost of living inquiry in order to investigate the impact that the COVID-19 pandemic, global supply chain constraints, geopolitical tensions, and other factors have had on the people of Australia. The purpose of this investigation is to determine how these and other factors have affected the cost of living in Australia. The primary purpose of this inquiry is to determine the degree to which these and other factors, in addition to Australia’s already high cost of living, have contributed to that level of expense.

The recent analysis of the rising inflation and concurrent collapse of three major traditional banks — Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — proved that more than 186 banks in the United States are at risk of a similar shutdown if depositors decide to withdraw all of their funds. These banks were Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank. Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank were the names of these financial institutions. These particular banking establishments went under the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank respectively. These specific financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively, at one point in time. At one point in time, these particular financial institutions were known by the names Silicon Valley Bank (SVB), Silvergate Bank, and Signature Bank, respectively. The Australian Bar Association (ABA) is currently in the process of conducting an investigation with the intention of determining both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. The goal of the investigation is to determine both the response of the fiscal policies of the Australian government as well as the means by which the cost of living in Australia may be lowered. Both the reaction of the Australian government’s fiscal policies and the ways by which the cost of living in Australia may be lowered are the foci of the inquiry, the objective of which is to discover which of these may be determined. The aim of the study is to determine both of these things at the same time as part of its objective.



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US Banking Crisis Fuels Regulation Debate

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In recent years, the banking industry in the United States has been confronted with a number of issues, including the failure of large banks and the necessity of involvement by the federal government to avert an economic meltdown. These problems have made it necessary for the federal government to get involved. As a result of these events, discussions on the most effective ways to shield the economy and fend off any potential crises in the future have been reignited.

One of the most prominent economists in the world, Peter Schiff, is one of the primary voices in this debate. He maintains that there is a possibility that the present economic crisis may become much more severe if the regulations that are put on banks are made more stringent. Schiff makes reference to the global financial crisis that took place in 2008, which was in large part precipitated by the collapse of the housing market. Schiff, on the other hand, contends that “too much government regulation” was the primary factor that led to the disaster.

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The opinion that Schiff is advocating, on the other hand, is not shared by everyone. After conducting a more in-depth investigation of Silicon Valley Bank (SVB) recently, a group of economists came to the conclusion that approximately 190 banks across the United States are in danger of failing as a result of the actions of their depositors. This was the finding that led to this conclusion. They argue that the monetary policies that are written down by central banks might be harmful to long-term assets such as mortgages and government bonds, which would result in losses for financial institutions if they were to invest in these types of assets.

This word of warning calls attention to the problems that the banking industry in the United States is now facing and the need of giving careful consideration to the impact that changes in regulatory and monetary policies will have. As the economy continues to shift and new problems emerge, policymakers will need to work together to devise solutions that will satisfy the concerns of a wide variety of interested parties while also protecting the financial well-being of the banking industry and the economy as a whole.



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DeFi Hack Linked to North Korea

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The DeFi world was rocked when Euler Finance fell victim to the biggest DeFi hack of 2023, with $197 million in funds stolen. Since then, the crypto community has been closely following the on-chain movements of the stolen funds, hoping to track down the attacker. Blockchain investigator Chainalysis recently identified that 100 ETH from the stolen funds was transferred to an address linked to North Korea.

The hacker responsible for the Euler Finance hack also transferred 3,000 ETH to Euler’s deployer account without disclosing their intent. However, no other transfers have been made at the time of writing, leaving many in the crypto community speculating whether the hacker was trolling or if they genuinely considered accepting Euler Finance’s bounty reward of $20 million.

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While Chainalysis has linked the stolen funds to North Korea, it has also highlighted the possibility of misdirection by other hackers. It is unclear whether North Korea is actually involved in the hack or if the hacker was simply using the address to throw investigators off their trail.

The Euler Finance hack has raised questions about the security of DeFi platforms, as Euler Labs CEO Michael Bentley expressed disappointment in the hack, revealing that ten separate audits over two years had assured its security. The fact that the hacker was still able to access and steal the funds has highlighted the need for stronger security measures in DeFi platforms.

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The use of DeFi platforms has skyrocketed in recent years, and the potential rewards have attracted many hackers seeking to exploit vulnerabilities in the system. This has led to an increase in DeFi hacks, with many experts calling for stronger security measures to protect investors’ funds. The Euler Finance hack serves as a reminder that even with multiple security audits, DeFi platforms are not immune to hacks, and investors should exercise caution when investing in these platforms.



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