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Japan launches digital yen pilot project after second successful POC

The Bank of Japan has released the results of the second phase of its central bank digital currency proof-of-concept experiment and confirmed that its CBDC pilot project launched on schedule in April.

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The Bank of Japan has released the results of the second phase of its central bank digital currency proof-of-concept experiment and confirmed that its CBDC pilot project launched on schedule in April.

The second-phase PoC ran for a year, from April 2022 to March 2023, and considered functions to complement the basic ledger functions tested in the first yearlong experiment. 

According to the BOJ report, the second phase tested technology to implement upper limits on CBDC holdings, which it described as “safeguards ensuring the stability of the financial system” in case of a sudden shift from bank accounts to the CBDC. That included cases where a single user had multiple accounts with multiple intermediaries. User convenience in initiating and scheduling payments was also examined.

In the backend, experiments were made with the database language and ledger design, and a flexible-value token model was trialed. An orchestration system was implemented to handle multiple transactions with the same account more quickly.

The experiment assumed 100,000 users with five intermediaries and looked at loads of 500 and 3,000 transactions per second, with a discussion of increasing scalability. Privacy was considered throughout but not discussed at length. Offline payments were discussed in the context of fraud prevention and preservation of privacy.

The PoCs were declared successful in achieving their desired results, and the report confirmed that the BOJ had moved on to its scheduled CBDC pilot project. The pilot will examine “end-to-end process flow” and further connections with external systems.

A CBDC Forum will be created to gain insight from private businesses. The BOJ has stated that it will make a final decision on the issuance of a CBDC by 2026.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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