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Hugh Harsono
Hugh Harsono writes regularly for multiple publications about cyberspace, economics, foreign affairs and technology.
New legal guidelines that classify cryptocurrency transactions as money laundering put digital assets used in popular games in a grey area.
Chinese consumer mentality is shifting, propelled by patriotism and won over by innovative local phones offering better value and reliability.
While Japan may have no plan to launch a CBDC, its moves to study it in conjunction with digital assets belie a deep interest in Web 3.0 and the metaverse. A digital yen could boost digital payments by offering a widely accessible, zero-fee solution, even as Web 3.0 generates more interest in cashless payments
Cryptocurrencies’ decentralised nature makes the large-scale transactions needed to evade sanctions unfeasible. A central bank digital currency could offer an alternative, but Russia’s digital rouble lacks the scale required, and China is very unlikely to allow the digital yuan to be used for this purpose.
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Government regulation to curb cryptocurrencies and, by extension, regulate art NFTs will prove fruitless given the internet’s ability to reach any determined consumer. Instead, we need a system of decentralised governance working in tandem with private entities to prevent predatory trades.
Samsung’s move could have significant implications for US competitiveness as well as the whole global semiconductor supply chain. This could set the stage for a revamped American manufacturing presence while showcasing US efforts to harness other emerging technologies.
There is great potential for blockchain to modernise Pakistan’s core industries of textiles, agriculture and sharia finance. This, plus its young population and high mobile internet penetration rate, can change the course of Pakistan’s future.
The explosion of the art NFT market and growing popularity of digital currencies have raised concerns that they could become tools for money laundering. But rather than banning such emerging technologies, regulators must fine-tune legislation and policies to counter the threat.
Given the increasing popularity of the use of internet-based SCADA systems to monitor industrial processes, companies are vulnerable to cyberattacks. A blockchain framework could help prevent such attacks, especially if it encompasses internet-of-things, 5G and other emerging technologies.
Non-fungible tokens as bonds are a new concept but could help establish central bank digital currencies, offering cheaper and safer transactions. It could also help central banks access alternative forms of financing and digitise traditional asset vehicles.
Indonesia’s fast-growing manufacturing sector also presents opportunities for medtech innovation as well as research and development.
Healthy implementation of a digital yuan should encourage smaller players and ongoing innovation.
