China’s crypto landscape: How CBDCs drove blockchain adoption in 2020NEW YEAR SPECIAL.

China’s crypto landscape: How CBDCs drove blockchain adoption in 2020 As a developing tech power, China is one of the fastest countries in adopting blockchain technology.

2020 has been a year full of challenges for the world, but for a country like China with such a large population base and rapid development, it has also been a year of opportunities. On Oct. 24, 2019, China officially upgraded its blockchain technology to be a national strategic priority. One year later, the development of China’s blockchain industry has been at the forefront of the world in many ways. The number of China’s disclosed blockchain projects ranks highest According to a research report from Gyro Research, a Chinese blockchain media company, from Oct. 24, 2019 to Sept. 1, 2020, the number of global blockchain projects was on a downward trend. Approximately 345 new blockchain projects around the world were disclosed — a decrease of 163 compared with the same period the previous year. China ranks first with 252 projects, which is about 73% of the world and a 12% increase year-on-year, and its number of use cases far exceeds the United States, which ranks second with 27. Meanwhile, it’s clear that China’s blockchain policy plays a significant role in this area. The increasing number of projects peaked after the release of the policy. Among the 252 projects, 56 were added in November 2019 after the policy was released, and 48 were disclosed in December 2019, after which the number of projects gradually flattened out. From the perspective of regional distribution, Beijing, Shanghai, Shenzhen, Zhejiang and Guangdong are the five major Chinese provinces that actively promote the implementation of blockchain. According to the incomplete statistics from Gyro Research, technology projects are mainly concentrated in the fields of government affairs, public services and finance. In addition local governments, some publicly listed companies — such as Tencent, JD.com, Xiaomi, Huawei, Baidu, etc. — are also actively promoting the design and adoption of blockchain technology. Speaking on the status of blockchain adoption this year and the plan for next year, Claude Jiang, general manager of Xiaomi Digital Fintech, told Cointelegraph: “This year, we have already launched government industry and finance platforms in Tianjin, Chongqing, Guangzhou, Ningbo, etc., and made a variety of innovative industry-side financing products based on blockchain technology. Next year, based on these products, innovative industry support will be provided to the industrial structure to help the industry make use of blockchain and other technical capabilities to complete digital and intelligent upgrades.” Blockchain-based Service Network promotes blockchain adoption in China On April 25, the national-level blockchain platform “Blockchain-based Service Network,” or BSN, was put into worldwide commercial use by the State Information Center, a Chinese government institution. According to its official introduction, the BSN is a cross-cloud, cross-portal, cross-framework global infrastructure network used to deploy and operate all types of blockchain-based decentralized applications. It is going to become the only global infrastructure network that is independently innovated and access-controlled by China. One of the biggest obstacles to the implementation of blockchain technology is the cost to build a platform. There are many blockchain platforms, and in the future, the same data-island problem as is seen with the traditional internet may also arise. Currently, the BSN ecosystem covers the underlying architects, developers, cloud service providers, portal providers, and operation and maintenance parties, and the ultimate goal of the BSN is to become an internet that unifies the fragmented blockchain market. So far, there have been 136 public city nodes deployed on the BSN. Among them, 98 are already-connected Chinese nodes, 30 are under construction and 8 are overseas. In terms of the network’s framework, there are four alliance chains, 12 public chains and two cross-chains. The cloud service providers include China Mobile, China Telecom, China Unicom, Baidu Cloud and Microsoft Azure. Twelve well-known public chains have been integrated, including Ethereum, Tezos, EOS, Solana, Algorand, Polkadot, Nervos, Neo, IRISnet, ShareRing, Bityuan and Oasis. When reviewing the achievements made by the BSN in 2020, Yifan He, CEO of Red Date Technology — the operating entity of the BSN — told Cointelegraph: “Next year, China’s blockchain industry will flourish. However, because blockchain technology is still in its early stage, in addition to vigorously promoting the possible applications, we also hope to see more companies follow and participate in infrastructure and the underlying technology. Next year will be the first year of the central bank’s digital currency, which will be one of the main driving forces in promoting the development of the blockchain industry. I also hope that companies in the industry will pay more attention and have discussions.” China’s DCEP: From theory to practice On Dec. 12, Suzhou, one of the four pilot cities for China’s Digital Currency Electronic Payment, or DCEP — otherwise known as the digital yuan — officially launched the project by giving away digital yuan “red envelopes.” Four payment scenarios have been implemented, including dual offline payment, offline payment, online payment and cash on delivery. It was in 2014, when Zhou Xiaochuan, governor of the People’s Bank of China at the time, proposed the idea of building a digital currency. The central bank also established the world’s first official institution engaged in legal digital currency research and development, the Digital Currency Research Institute. After six years of research and repeated practice, on Aug. 14, the Ministry of Commerce announced that the digital yuan would be piloted in 28 provinces and cities. Because the vast majority of Chinese residents are already accustomed to electronic payments through Alipay and WeChat, the large-scale promotion of the DCEP may be quite easy in the future. However, the introduction of the DCEP is unlikely to cause any interference in China’s current electronic payment system; it will simply allow Chinese residents one more option. The DCEP’s offline payment experience could make Chinese people and companies pay more attention to blockchain technology, promote more corporate research and adoption of blockchain, and accelerate the development of the entire industry. Regarding the development of China’s DCEP in 2021 and in the future, Huobi University president Jianing Yu said: “We can see from the current pilots that the payment function of E-CNY has been relatively complete. It can support both online and offline payment scenarios, and even can finish transactions without internet. But the real meaning of E-CNY is more than that. In the future, the usage of E-CNY will extend to more retail scenarios, and it can embrace the challenges from advanced technology. In the 5G era, driverless cars, Internet of Things equipment, Industrial Internet will be widely used, and the demand for transactions among things will continue to increase, but the current currency and financial system cannot meet those future needs. In this situation, RMB must update to meet those potential demands for trade and finance." He also said: "E-CNY is a kind of currency facing the future. Digital Era is the future, every asset including personal ID will be digitized. The popularization of E-CNY will accelerate the process of identity digitization and asset digitization, which will further expand the field of digital economy. E-CNY will bring a brand new business opportunity and empower for 'New Smart Business' transformation in the future." Strengthened regulation by the Chinese government On Oct. 23, the People’s Bank of China publicly solicited opinions on a revised version of the Law of the People’s Republic of China on the People’s Bank of China. It is worth noting that in the new “draft for comment,” there are some provisions related to digital currency. This may be the first time that China has included relevant provisions related to digital currency in the scope of the law. On the one hand, making it appear in the public eye in the form of a draft for comments affirms the legal status of the DCEP; but on the other hand, it implies that digital currencies in any other shape or form are not legal in China. As the U.S. Department of Justice and the Commodity Futures Trading Commission intensify regulation of the crypto market, global regulation is also strengthened, and China is no exception. For some digital currency exchanges that are registered overseas while having physical operations in China, relevant regulation has been further developed. China is one of the fastest countries when it comes to adopting new technologies. Chinese consumers are more likely to accept new technologies, and this willingness may give China an advantage. The significant population base and “netizens” base, the popularization of mobile internet and payments, a large number of talented developers, and government support for technology adoption are all factors that may contribute to the progress in China’s blockchain industry. Especially in 2020 while the pandemic is going on, government demand for blockchain technology adoption in public services such as medical care, charity, epidemic prevention and traceability is much more urgent, which to a certain extent has promoted the development of China’s blockchain industry

U.S. retail sales decline further as COVID-19, lack of additional fiscal stimulus weigh

U.S. retail sales decline further as COVID-19, lack of additional fiscal stimulus weigh Reuters   By Lucia Mutikani WASHINGTON (Reuters) -U.S. retail sales fell more than expected in November, likely weighed down by raging new COVID-19 infections and decreasing household income, adding to growing signs of a slowdown in the economy's recovery from the pandemic recession. The second straight monthly decline in retail sales reported by the Commerce Department on Wednesday could nudge Congress to agree on another fiscal stimulus package. News of the weak start to the holiday shopping season came as Federal Reserve officials were wrapping up a two-day policy meeting. The U.S. central bank is expected to keep interest rates near zero and deliver a playbook for what might prompt the Fed to pump more money into the economy. Retail sales dropped 1.1% last month, with receipts declining almost across the board. Data for October was revised down to show sales slipping 0.1% instead of rising 0.3% as previously reported, adding a sting to the report. October's dip was the first since April, when stringent measures to control the first wave of coronavirus cases crippled the economy. The plunge in sales last month was led by motor vehicles, with receipts at auto dealerships tumbling 1.7% after being unchanged in October. Receipts at clothing stores plummeted 6.8%. Consumers also cut back on eating and drinking out. Sales at restaurants and bars dropped 4.0%. Sales at electronics and appliance stores fell 3.5% and receipts at furniture stores declined 1.1%. There were also decreases in sales at sporting goods, hobby, musical instrument and book stores. But receipts at food and beverage stores rose as did those at building material stores. Online and mail-order retail sales rose a modest 0.2%. Wall Street opened slightly higher as investors hoped for additional fiscal stimulus and an affirmation of continued easy monetary policy from the Fed. The dollar fell against a basket of currencies. U.S Treasury prices were lower. RECOVERY SLOWING Excluding automobiles, gasoline, building materials and food services, retail sales declined 0.5% last month after a downwardly revised 0.1% fall in October. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product. They were previously estimated to have edged up 0.1% in October. Weak retail sales added to data this month showing the economy, which plunged into recession in February, added the fewest jobs in six months in November. The number of people filing new claims for unemployment benefits jumped to a near three-month high in the first week of December. The United States is struggling with a fresh outbreak of COVID-19 infections, with the death toll from the respiratory illness rising above 300,000 on Monday, according to a Reuters tally of official data. Many state and local governments have imposed new restrictions on businesses, while some consumers are avoiding shopping malls, restaurants and bars. Restaurants moved outdoors over the summer and the arrival of cold weather is also undercutting spending. The situation has been compounded by the loss of a weekly unemployment supplement. More than $3 trillion in government coronavirus relief is almost depleted. At least 9 million unemployed and underemployed Americans will lose government-funded benefits on Dec. 26, with Congress struggling to agree on another rescue package. Though a vaccine for the coronavirus is being rolled out, it could probably take a while for many Americans to be inoculated. The spiraling virus and lack of additional stimulus have cemented expectations for GDP growth well below a 5% annualized rate in the fourth quarter. The economy grew at a 33.1% rate in the third quarter after contracting at 31.4% pace in the April-June quarter, the deepest since the government started keeping records in 1947.

Maldives steps in over burial row, offers to bury COVID-19 victims

Maldives steps in over burial row, offers to bury COVID-19 victims The Maldives Government, last week sent an official communiqué to the Sri Lankan Foreign Ministry, stepping in to bury COVID-19 victims following serious concerns raised by the Muslim community here over the mandatory cremation only policy in Sri Lanka. Dr Hemantha Herath, the Deputy Director-general of Public Health Services told Daily Mirror that following the communiqué received by the Foreign Ministry, the Ministry, in turn, informed the Health Ministry to develop guidelines and see the practicality of such a request since it had been officially communicated by the Maldives Government. The Foreign Ministry had requested the Health Ministry to develop some guidelines and study the matter so that Sri Lanka could reply soon. “The Maldives has stepped in to facilitate this process because they are broken up into islands and do not face the same issue as us.the Maldives Government has offered to bury the dead bodies in one of their islands.the Health Ministry will prepare its guidelines and hand over to the Foreign Ministry so that they can respond officially,” Dr. Herath said. “We do not know how practical this is till the feasibility is conducted.the practical options have not been explored yet. Only then we can tell if this is going to happen or not,” he added. To date, Sri Lanka’s mandatory cremation only policy for all COVID-19 victims has not changed while the Daily Mirror learns that following Prime Minister Mahinda Rajapaksa’s request last week, a team of health experts were on the hunt for a land in the country where the water levels were low. However, a final decision on such a land is yet to be conveyed to the Prime Minister. Meanwhile, a silent protest got underway in Colombo yesterday where white handkerchiefs and cloth were tied outside the Borella cemetery, protesting the mandatory cremation only policy and remembering those victims who were forcefully cremated. Social media users were seen sharing the pictures widely on Twitter and Facebook. (JAMILA HUSAIN)

iPhone 12's missing features: Expandable storage, a telephoto lens and more

The iPhone 12 has hugely impressed in our review and comes with some awesome features like 5G support, a fresh design and support for Apple's new MagSafe chargers. But there are some things missing that in an ideal world we'd like to see. No, they're not deal breakers, and aren't even features we'd find on any iPhone , but they may be worth keeping in mind, particularly if you're thinking of making the switch from Android .

Unity Plaza to become Sim Lim Square of Sri Lanka

Unity Plaza to become Sim Lim Square of Sri Lanka NewsWire 

Plans are underway to convert the Unity Plaza in Colombo similar to that of Singapore’s ‘Sim Lim Square’, which is an imperative part of Singapore’s IT industry. According to the Sunday Morning, Sri Lanka’s Lanka Realty Investments (LRI) looks to replicate that transformation, with the once popular Unity Plaza. LRI made a strategic acquisition cum takeover of On’ally Holdings, the owners of Unity Plaza this week. The deal was struck with the intention of transforming Unity Plaza into a grade A property in the heart of Colombo. LRI aims to capitalise on Unity Plaza’s longstanding and already established brand image to turn it into an attractive space for both consumers and occupants. The real estate’s plan is to convert this space into a hub of technology that will attract consumers for reasons not limited to just purchases, but a holistic experience that goes beyond traditional shopping for IT goods. According LRI’s plan, Unity Plaza will be converted in to Colombo’s most popular IT retail and distribution space, apart from making it a profitable real estate venture. (NewsWire)

Geminid meteor shower peaks tonight

Geminid meteor shower peaks tonight 13 Dec The annual occurrence of the Geminid Meteor shower will peak tonight, Colombo University Astronomy and Space Science Unit said. hey said this meteor shower occurs on the same period between December 4 and 17 every year with peaks during December 13-14, he said. However, due to the absence of moonlight till early in the morning, more meteors could be seen, he said.   "If the sky is clear and dark with no city light illumination, people may be able see about 120 meteors per hour (That is about one or two meteors per minute). "To observe these meteors, look towards east after 9.00 pm on December 13, over the head at midnight, and towards the west before sunrise on December 14. The best time to look is during the dark hours before sunrise on December 14 from around 2.00 am to 4.30 am because that’s when the shower’s radiant point is high in the sky and the peak activity occurs," the Science Unit said. They said no binoculars or telescopes are needed to see these meteors. This meteor shower is spectacular because of its multi-coloured display with tracks of lights seen in several colors such as white, yellow, green, blue and red. These shooting stars appeared to be coming from the direction of the constellation Gemini and therefore it got the name Geminid.  The Geminid meteor shower has a broad peak, so observers should be able to see meteors even on 14th and 15th nights with somewhat lesser in numbers, Prof. Jayaratne added. (Chaturanga Samarawickrama)