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A Report shows that stablecoins will be crucial for advancing Hong Kong’s position as a leading Web3 hub. Regulations are the key to mass adoption.

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HONG KONG, Nov. 27, 2024 /PRNewswire/ — Quinlan & Associates and IDA Finance Hong Kong Limited (“IDA”) have co-published a thought leadership report that explores the potential for regulated stablecoins to evolve into trusted legal tender, gaining widespread acceptance for real-world applications, especially local and cross-border payments.

Report link: https://www.quinlanandassociates.com/from-digital-currency-to-legal-tender/ 

The report, titled, From Digital Currency to Legal Tender: The Role of Regulated Stablecoins in Driving Real-world Payments, examines the current stablecoin landscape, where usage remains largely within the Web3 ecosystem. The report also presents a forward-looking vision for a model stablecoin to be widely adopted in everyday real-world applications. A regulated and non-captive stablecoin is expected to offer robust user protection and foster trust, moving beyond the confines of the Web3 space into mainstream financial systems.

In today’s digital asset environment, stablecoins have gained immense popularity for their ability to maintain a stable representation of fiat currency values. “Paired with blockchain-enabled favourable features such as programmability, stablecoins can offer cost efficiency, enhanced transparency, 24/7 availability, and faster processing that traditional financial systems simply can’t match,” said Lawrence Chu, Co-Founder and CEO of IDA. “Due to these features, we see tremendous potential for stablecoins to play a pivotal role in the real-world financial economy.”

To capitalise on this potential, an increasing number of non-Web3 companies have begun issuing their own stablecoins. PayPal, a leading global online payment provider, has launched PYUSD, while Sony Bank is preparing to release a yen-backed stablecoin on the Polygon blockchain. Despite the growing supply, widespread adoption among merchants and consumers in the real economy remains limited.

“Although paying for goods online with digital currencies can be cheaper than using typical payment methods like e-wallets or credit cards, many users hesitate,” explained Benjamin Quinlan, CEO and Managing Partner of Quinlan & Associates. “This reluctance is largely driven by regulatory uncertainty, with 81% of merchants citing it as the primary barrier to accepting digital assets like stablecoin as a mainstream payment option.”

As a result, real-world applications of stablecoins exhibit limited utility.

“While prominent consumer brands such as Tag Heuer and Adidas have begun accepting crypto payments, they typically convert these transactions into fiat currency through third-party processors. This practice diminishes the potential advantages of using stablecoins, as merchants ultimately receive fiat rather than realising the benefits of digital assets,” continued Mr. Quinlan. “On top of this, the stablecoins issued by many financial institutions tend to remain confined within their own ecosystems, otherwise referred to as ‘walled gardens’.”

The report states the case for a trusted regulated, non-captive stablecoin to unlock wider real-world applications, starting from payments. The introduction of stablecoins has the potential to revolutionise Hong Kong’s domestic payment landscape, which currently faces high fees, inflexible options for users, and slow settlement times for merchants.

“Aligned with Hong Kong’s digital economy agenda, as outlined in the policy address, and push for regulated stablecoins, we believe their adoption can accelerate progress in this area,” stated Sean Lee, Co-Founder and Chief Strategy Officer of IDA, “We are planning to launch an HKD-based stablecoin product and are actively working to widen our partnership network to integrate stablecoins into existing financial infrastructure, ultimately striving to reinforce Hong Kong’s leadership in the global digital asset landscape.”

“We see a significant opportunity for a non-USD pegged stablecoin, as 83% of countries worldwide do not use the USD as their official or secondary currency for transactions. This means residents and visiting tourists primarily transact in their local currencies,” Mr. Lee added, “An HKD-based stablecoin could provide practical utility for a wide array of applications across various sectors, including retail and commercial payments, and contribute to an increasingly interconnected global economy.”

About Quinlan & Associates

Quinlan & Associates is one of Asia’s leading independent strategy consultancies. We are the first firm to offer end-to-end strategy consulting services. From strategy formulation to execution to ongoing reporting, communications, and training, we translate cutting-edge advice into commercially executable solutions. With our team of top-tier financial service and strategy consulting professionals and our global network of alliance partners, we give our clients the most up-to-date industry insights from around the world, putting them an essential step ahead of their competitors.

For more information, please visit www.quinlanandassociates.com.

About IDA

IDA is the premier digital asset technology company to spearhead the widespread adoption of blockchain finance and to empower businesses to seamlessly integrate between Web2 and Web3.

IDA will launch a stablecoin product which is designed to drive enhanced connectivity of digital currency for seamless commerce and payments between Hong Kong and global markets, 24/7/365. To maintain the highest level of security and stability, all circulating stablecoins will always be fully backed by at least 100% reserve assets in regulated Hong Kong based authorized institutions.

To maximize the network effect of the stablecoin project for domestic and cross-border usage, IDA is partnering with key industry players to facilitate the minting, redemption and widespread acceptance of stablecoins as a payment and settlement digital currency.

For more information, please visit www.idafi.xyz.

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SOURCE IDA

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5G in maritime environments: VTT and partners push the boundaries of connectivity at sea

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ESPOO, Finland, Nov. 27, 2024 /PRNewswire/ — In an EU-funded project, VTT Technical Research Centre of Finland and partners have successfully demonstrated an innovative solution to improve the coverage and capacity of high-speed, low-latency 5G services beyond coastal areas. This is a groundbreaking step toward comprehensive maritime connectivity, enhancing communication, safety and passenger experience at sea.

5G technology has transformed communication on land, providing high-speed data transfer and minimal latency. However, delivering these benefits at sea has remained challenging, and connectivity has traditionally been limited to urban coastal regions. To address this challenge, VTT, in collaboration with partners in the 5G-ROUTES project, successfully trialed a so-called multi-hop 5G solution near Turku, Finland, extending 5G coverage up to 10 kilometers offshore.

“This was a groundbreaking multi-hop test of 5G networks in a maritime environment. The project aims to solve the coverage and capacity challenges for data transmission at sea, to allow the creation of new solutions for the passengers and the whole maritime industry,” says Anne Lönnqvist, Research Manager from VTT.

VTT led this demonstration with Vediafi, Cumucore and Airbus, with support from Ericsson, Nokia, Digita, DNA, Telia and Goodmill Systems.

“These maritime tests were an excellent opportunity to develop new 5G applications and services for the sea cluster. It was great to see that the technology is ready-the next step is to find a commercial implementation model. The recognition and reporting of satellite positioning disturbances and interference were successfully piloted using the 5G test network. The new multi-hop solution also offered a 5G coverage extension for logistics use,” states Lasse Nykänen, Project Director at Vediafi.

Multi-hop setup proved as a critical breakthrough for vessel connectivity

Reliable, high-capacity 5G can greatly enhance vessel operations, increase automation and enrich the onboard passenger experience. The 5G-ROUTES team has combined multiple communication technologies-public 5G networks, ship-to-ship private 5G and satellite communications-into a cohesive system that seamlessly connects vessels even as they move farther from the coastline.

The demonstrated system enables mid-frequency, high-bandwidth 5G connectivity through a multi-hop setup between vessels. The setup utilizes public 5G NSA networks for coastal connectivity, private 5G SA networks for vessel-based communication and satellite connections as a backup for high availability.

“The higher bandwidth allows for more versatile types of data services. However, the solution is still in a proof-of-concept phase. The main constraints lie in national regulation, the density and pattern of vessel traffic and access to the public 5G network in areas where the capacity may be limited,” says Kati Kõrbe, 5G-ROUTES project manager from Ericsson Estonia.

New commercial opportunities for the marine industry

The system was rigorously tested on two vessels in the TurkuStockholm maritime corridor, with one vessel closer to the coast acting as a hub, providing connectivity to the second vessel located further offshore. This configuration enabled continuous data transfer and reliable internet access for various applications, from real-time video transmission between vessels to VR collaboration tools and multiplayer gaming.

“This solution represents a significant advancement in maritime connectivity by ensuring redundancy in communication even when satellite coverage is unavailable,” says Mika Skarp, Senior Business Development Manager at Cumucore. 

“The multi-hop 5G approach lifts the reliability and bandwidth of maritime networks to a whole new level worldwide. The vessels near the shore gain enhanced data capacity and resilience, ensuring robust connectivity. Cumucore’s scalable and flexible 5G solution offers maritime clients a cost-effective way to improve operational efficiency and enhance passenger experience. This will unlock new commercial opportunities at sea,” Skarp says.

The 5G-ROUTES project, funded by the EU’s Horizon 2020 program, aims to demonstrate innovative 5G applications for cross-border mobility in road and maritime sectors. The results open exciting possibilities for the European marine industry, particularly in cross-border corridors such as LatviaEstoniaFinland. Beyond practical communication improvements, the findings offer invaluable insights into multi-hop 5G connectivity dynamics and public-private network interactions in a maritime setting.

Media materials: https://vtt.contenthub.fi/ui/shares/w18171798/00W7NZjJcL/en/ Photo credits: Andrea Gentili

Additional information
Johan Scholliers
Principal Scientist, VTT
Johan.Scholliers@vtt.fi, +358 20 7223 642

Further information on VTT:
Pepita Wakkola
Manager, Communications
+358 50 360 7242, pepita.wakkola@vtt.fi
www.vtt.fi

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/vtt-info/r/5g-in-maritime-environments–vtt-and-partners-push-the-boundaries-of-connectivity-at-sea,c4071748

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SOURCE VTT Info

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Taiwan’s Products for Modern Households Focus on Customization, Health, and Wellbeing

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TAIPEI, Nov. 27, 2024 /PRNewswire/ — Taiwan’s household products industry is focusing on solutions that are adaptable to diverse lifestyles while promoting health and wellbeing. As the focus on mental health and the environment grows, Taiwan External Trade Development Council (TAITRA) is highlighting several innovative solutions that enhance sleep and maintain clean household environments with customizable experiences.

For assistance finding and collaborating with Taiwan’s leading innovators, please visit: https://en.innovation.taitra.org.tw/suppliers?cat=homeware

Or email: IndustryMarketingTeam@taitra.org.tw

Mattresses customizable to modern sleepers

As the world increasingly prioritizes mental health, sleep quality, which is crucial to managing stress and promoting wellbeing, has also come into focus. According to the Sleep Foundation, 46% of people with below-average sleep consider their mental health as ‘poor’. The right mattress can make all the difference, particularly a mattress specially suited to a sleeper. PANBOR, the largest mattress manufacturer in Taiwan, offers the perfect solution. Its TENLiS Mattress Series with premium materials and advanced ergonomics is designed around the wellbeing of the modern sleeper and can be individually adjusted.

PANBOR has over 30 years of experience researching and innovating mattress designs with extensive R&D capabilities and customization. The company has a significant production volume — 12,000 mattresses per month — and the company is certified according to ISO9001 international standards for quality assurance and ISO14001 standards for environmental management systems.

Clean indoor environments for every household

As diverse as households worldwide are, clean indoor environments and drinking water are uniform needs. Smart home devices and technologies are increasingly used for this purpose, including digitally monitoring water and the air quality. As a one-stop shop for smart capabilities and the most advanced technologies in water and air purification, Fluxtek has pioneered nanotechnology in filter systems, and its filters are fully customizable to any modern household. Fluxtek’s dedicated R&D team is constantly improving efficiency of water and air filters and improving energy efficiency, and it has over 40 international patents and certifications.

To facilitate air flow while preserving an indoor environment, Hiss specializes in tool-less, easy-to-install door and window screens that are customizable to all different types of openings. Its screens are made of eco-friendly mesh material and can be tailored to any space as an alternative for permanent metal screens.

A key partner worldwide

Across its industries, Taiwan’s business community has several advantages to offer:  

Technological capabilities: Robust R&D and patented, proprietary technologiesTrustworthy and reliable: Highly sensitive to and diligent about protecting partner intellectual propertyCustomer-centric: Flexibility and customization for specific needsCompatible with friendshoring efforts: With operations and networks worldwide for business continuity

Helping international buyers access the best of Taiwan 

When searching for a supplier or partner overseas, companies often struggle with finding a suitable company that is trustworthy and reliable, and then communication can pose additional challenges. To accelerate this process and foster impactful synergies, TAITRA serves as a resource and facilitates collaborating with the island’s most unique, forward-looking startups and enterprises.  

The organization solves the pain points of international buyers with the following services: 

Consultations on needs and matching services: https://en.innovation.taitra.org.tw/contact-usExtensive list of companies available online for free: https://en.innovation.taitra.org.tw/suppliers?cat=homewarePre-vetting and screening companies as reliable and trustworthyFacilitating communication and ensuring successful contact is made 

To ensure buyers collaborate with high-integrity businesses, TAITRA has established real-time, borderless services through a comprehensive trade network of over 60 overseas offices in more than 40 countries worldwide, and the organization holds cooperation agreements with over 500 international trade-related sister organizations. 

Photo – https://mma.prnewswire.com/media/2568244/Taiwan_s_household_products_industry_boasts_extensive_OEMODM_experience__offering_highly_customizabl.jpg

View original content:https://www.prnewswire.co.uk/news-releases/taiwans-products-for-modern-households-focus-on-customization-health-and-wellbeing-302317196.html

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China’s first new type of precise phase-controlled fast vacuum circuit breaker for cutting was successfully put into operation

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SHIZUISHAN, China, Nov. 27, 2024 /PRNewswire/ — Recently, the No. 5 capacitor 31322 circuit breaker of Taole 220 kV substation in the Shizuishan area was successfully closed, marking the successful operation of China’s first new type of precise phase-controlled fast vacuum circuit breaker for cutting.

As the only 220 kV substation in Taole Town and the surrounding area, Taole 220 kV substation undertakes important power transmission and distribution tasks. In recent years, with the rapid development of the regional economy and the continuous improvement of residents’ living standards, the demand for electricity has increased sharply, increasing the load of the substation. In particular, the significant increase in the cutting frequency of capacitors puts forward higher requirements for the performance of circuit breakers.

In order to ensure the smooth operation of the equipment, the relevant person in charge from the State Grid Shizuishan Power Supply Company oversaw the entire process on site, controlled all the details of the maintenance work, and comprehensively improved the quality of maintenance according to regulatory standards, as well as guided by experience and technology. In response to the need for the use of cranes and other equipment for construction, the company carefully arranged and deployed, organized relevant personnel to conduct on-site surveys many times, planned the crane driving route and determined the crane load-bearing landing points, and explained to all personnel regarding the on-site construction danger points, nearby charged objects, and pre-control measures prior to the start of construction. At the same time, the operation team strictly implements the work requirements and formulates standardized construction processes. The operators perform their respective duties and strictly abide by safety operation procedures, and conscientiously implement various safety measures to ensure the smooth progress of the transformation.

In the next step, State Grid Shizuishan Power Supply Company will seriously carry out the monitoring and evaluation of the status of new equipment, improve the quality and effectiveness of scientific and technological innovation practice, continuously promote technological innovation to improve core competitiveness, and make every effort to promote the high-quality development of the power grid.

View original content:https://www.prnewswire.com/apac/news-releases/chinas-first-new-type-of-precise-phase-controlled-fast-vacuum-circuit-breaker-for-cutting-was-successfully-put-into-operation-302317199.html

SOURCE State grid Shizuishan power supply Company

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