Today we report on a statement released by Jamaican central bank stating that the pilot testing of its central bank digital money was successful and South Korea's presidential candidate Lee Jae-Myung's announcement on his plan to issue NFTs to campaign donors.
We also report on how Wall.app, a discovery platform for Web3, has secured over $1 million worth of funding from a series of investors.
According to a statement by the Jamaican central bank, the pilot testing of its central bank digital money was successful. However, as per the report, only one payment service provider took part in the test. The claim by the BOJ follows the completion of an eight-month test run that commenced in May 2021.
"The scope of the CBDC pilot was limited to wallet providers who indicated their readiness to participate within the scheduled timeframe. National Commercial Bank [NCB] based on the extent of their experience in the Sandbox came onboard with BOJ to test the range of services to be offered using the CBDC solution."
Three activities were accomplished during the pilot phase. Over 57 customers conducted person-to-person, cash-in and cash-out transactions via "37 accounts and completed transactions with small merchants (local craft jewellers, footwear designers, and fashion and garment boutiques)."
Meanwhile, the CBDC's national rollout is now set to begin in the first quarter of 2022. During this time, NCB will "continue onboarding existing clients and new customers," as it is the only authorised payment service provider participating in the test phase. Two more wallet providers will order CBDC from BOJ and simultaneously distribute it to their consumers.
During this time, tests will be conducted to determine the interoperability of transactions between consumers of various participating wallet providers.
Lee Jae-Myung, the ruling Democratic Party's presidential candidate in 2022, will issue NFTs to campaign donors. Despite earlier fears that such fundraises would contradict the Political Funds Act or the Public Official Election Act, the news comes as a surprise.
The donations for the marketing campaign can be given in crypto or cash. All the donors will receive NFTs. These NFTs will contain the candidate's photograph and his pledges.
"BECAUSE THE YOUNGER ERA OF THEIR 20S AND 30S ARE SERIOUS ABOUT RISING APPLIED SCIENCES, TOGETHER WITH DIGITAL PROPERTY, NFTS AND THE METAVERSE, THIS SORT OF FUNDRAISING MIGHT ENCHANTMENT TO THEM."
The South Korean Monetary Companies Fee (FSC) said in November that it would not regulate NFTs. Nonetheless, the agency reversed its earlier decision only a few weeks later, claiming that NFTs might be taxable as early as January 2022. More than 60 bitcoin exchanges in South Korea have notified users that trading services have been suspended partially or entirely.
Taxing and regulating NFTs has also been a contentious debate among South Korean officials.
While Lee's NFT crowdfunding is the first of its sort, the crypto sector has been increasingly involved in campaign financing in recent months. Melania Trump, the former first lady of the United States, recently launched an NFT platform in the United States. The Democratic Party in the United States recently ran an experiment to raise awareness and funds via an NFT drop.
Wall.app, a discovery platform for Web3, has secured over $1 million worth of funding from a series of investors, including Woodstock Fund, Arcanum capital, lancer capital, Lumos Labs in its new funding round. Wall.app is a platform where people can look for the top NFT trading opportunities and interact with others across various communities. Tushar Agarwal of Persistence, Aniket Jindal of Biconomy, and Prabhakar Reddy of Falcon X have also contributed significantly to the funding round.
The company has stated that it will use the new infusion of funds to expand its business, not just in terms of technology but also in marketing. In addition, the company wants to onboard more customers to help it grow.
"Web3 is an incredible opportunity for everyone on the internet. Web3 is about financializing the information layer. First you could send a picture online, now that picture has value. The same is going to happen with a lot of things and people can realize this value by being part of this, as coder, contributors, creators and even consumers. Imagine what would it be to get paid for watching YouTube, that's the potential Web3 has for the internet and we have just started. Excited for what's to come in the next five years," said the co-founder of Wall.app, Anuj Kodam.
"NFTs are one such prominent alternative digital asset that will really come to light in 2021. 2022 looks promising for the creator economy and followers to participate in this new era of the internet - Web3 towards financial independence," he added.
Wall.app will allow users to converge cross-chain activity through their wallets to their profile, which other users can then follow. The company is soon opening its private alpha, a fully digital financial technology company.
For those who want to sign up for special early access, you can hop over to discord.