Digital Rupee to Expand as Yes Bank Joins UPI Integration

India's digital rupee is poised for wider adoption following its integration into the Unified Payments Interface (UPI) through Yes Bank.

The UPI is a national payment portal operated by the National Payments Corporation of India (NPCI), a division of the RBI.

Yes Bank account holders can now make transactions with the digital rupee by scanning UPI QR codes. The Yes Bank app marks the first integration of the UPI with the central bank digital currency (CBDC). 

The integration is set to accelerate the acceptance of India's central bank digital currency (CBDC) and foster faster and more secure digital transactions across the nation.

China Court Declares Virtual Assets as Legal Properties

A People's Court in China has released a report delving into the legal aspects of virtual assets, examining the criminal law characteristics associated with these assets.

Even though Beijing imposed a total ban on crypto assets in 2021, numerous Chinese courts over the years have stated that virtual asset holders have property rights.

The declaration was published in a news report from the People’s Court in China. This is expected to provide a more secure legal framework for individuals and entities involved in virtual asset transactions and investments within China.

The People’s Courts of the People’s Republic of China exercise judicial power independently and are not subject to interference by an administrative or public organization. 

Reliance to Dive into Blockchain and CBDC Exploration

Mukesh Ambani's conglomerate, Reliance Industries, is embarking on a journey into the realms of blockchain technology and central bank digital currencies (CBDCs). 

Ambani's Reliance ventured into the financial sector through its new financial services entity, Jio Financial Services (JFS), launched earlier this month. 

Apart from dabbling in innovative technologies, Ambani told stakeholders that the new subsidiary will offer clients legacy financial services with a solid adherence to existing banking rules.

Lufthansa Takes Flight in the NFT Space with Polygon Partnership

European airline Lufthansa ventures into the world of non-fungible tokens (NFTs) by launching an NFT-based loyalty program on Polygon.

Passengers will now have the opportunity to earn and redeem NFT-based rewards as part of their loyalty program benefits. This will allow passengers to turn their trips into NFTs that can unlock rewards, such as miles and business lounge vouchers.

Airline passengers can scan their boarding passes using the app and exchange them for NFT trading cards. Users must also connect their crypto wallets to mint and transfer their Uptrip NFTs. Once passengers complete specific NFT collections, they will be eligible for rewards, such as flight upgrades, airport lounge access, frequent flyer status or award miles. 

Ethereum's Matter Labs Founder Proposes Innovative On-Chain Dispute Resolution

Alex Gluchowski, the founder of Matter Labs, has proposed an Ethereum court system resembling a hierarchical court system similar to the real world.

This concept aims to provide a decentralized and efficient mechanism for resolving disputes that may arise on the Ethereum network. According to Gluchowski’s concept, disputes and emergency upgrades would be handled by a hierarchical system of on-chain courts. 

Gluchowski said that in this system, every protocol would have its own governance with normal and emergency upgrade mechanisms, and would also designate a special contract which can trigger an appeal.

That’s all for this edition of our crypto newsletter. Stay tuned for more exciting news and updates from the world of blockchain and crypto!