Asia overview The Indian government has given powers to force social networks to remove content.
Revision of National Information Technology Regulations official gazette [PDF] Last Friday, a Complaints Committee (GAC) was authorized to allow citizens to petition when social networks and other online services fail to comply with takedown requests.
Rajeev Chandrasekhar, India’s Minister for Electronics and Information Technology, said the GAC was needed because India’s previous attempt to regulate social media, which required networks to appoint grievance officers, had not materialized. said it was for the sake of
“The accountability structures introduced in the last set of rules were not working properly,” admitted Chandrasekhar.
“Therefore, we have created an Appeals Commission so that citizens dissatisfied with the platform’s grievance mechanism can appeal.”
However, the Internet Freedom Foundation of India Distinctive The Commission has described itself as “a governmental censorship agency for social media that makes bureaucrats our arbiters of free speech online.”
“As GAC will hear appeals against social media platforms’ decisions on whether to remove content, we ask platforms to remove/suppress/label statements that are offensive or politically intimidating to the government. We encourage you,” the foundation said.
indian government with flag Creation of GAC in June 2022.
– Simon Sherwood
Singapore Hiding Crypto Regulations
The Monetary Authority of Singapore has proposed measures to protect consumers involved in cryptocurrency transactions, including stablecoins.
City-states want consumers to avoid retail digital payment tokens (DPTs), but acknowledge that they are unlikely to stop, taking a “if you can’t beat them, regulate” approach. increase.
“Regulation goes hand in hand with innovation in financial services,” argued MAS deputy managing director Ho Hern Shin.
The proposed regulation imposes more responsibility on DPT providers with respect to consumer access, business conduct and risk of technology failure. They require providers to disclose risks, not allow users to trade on credit, mitigate conflicts of interest and segregate assets, and ensure that systems can be easily restored.
However, despite the MAS announcing these regulations, it still wants to hold the public accountable for the losses.
“Despite these regulatory measures, consumers should continue to exercise extreme caution when transacting on the DPT and be responsible for such transactions. It cannot protect consumers from losses arising from its speculative and risky nature,” the regulator said.
MAS too explained Stablecoins “could be a medium of exchange for facilitating transactions in the digital asset ecosystem, if well regulated and securely backed.” We want at least a Single Currency Stablecoin (SCS) with a circulation value greater than S$5 million ($3.5 million).
The proposed measures would require the issuer to hold assets equivalent to reserves in cash, use only certain currencies as the reference fiat currency, clarify redemption rights through published white papers, and, in the case of companies, Requires at least half of annual operating expenses to be on hand. Collapse – or SGD 1 million ($700,000), whichever is higher.
Banks in Singapore will also be able to participate in SCS transactions.
“Singapore banks will also be allowed to issue SCS, with no additional reserve backing, and given the existing stringent capital and liquidity framework that applies to banks, SCS will be a token of bank debt. prudential requirements apply when issued in a char- acterised form.” Organization.
The first step in the proposal is the feedback gathering stage. The passed regulation has a transition period of 6-9 months to allow affected parties to adjust.
China’s Digital Yuan Outperforms Other CBDCs, Pilot Study Finds
China’s digital currency, e-CNY, was the most-used token in the cross-border Central Bank Digital Currency (CBDC) trial, according to a report released by the Bank for International Settlements (BIS).
The six-week pilot used a custom-designed native blockchain platform called the mBridge ledger. Other participating countries include Hong Kong, Thailand and the United Arab Emirates.
Considered the largest cross-border CBDC to date, the pilot culminated in 160 payments and transactions totaling over $22 million. China accounted for his 142 of his 305 deals.
“Project mBridge is an efficient, low-cost, real-time, and scalable cross-border multi-CBDC arrangement that will provide a network of direct connections between central banks and commercial participants to facilitate international trade flows and cross-border business in general.” explained [PDF] Report author.
The project aims to build a “minimum viable product” that will ultimately provide a manufacturable system.
India extends tax filing deadline after portal issue
Indian government last week announced Due to an issue with the portal where citizens upload their data, the deadline for submitting some tax information has been extended by seven days.
Formerly Indian Tax Office Admitted [PDF] Noting “problems faced by taxpayers and other stakeholders in electronically filing various reports,” it extended other filing deadlines by one week.
The expansion is a disgrace to Infosys, which has built much of the digital infrastructure at India’s Income Tax Department. The main portal Infosys built was buggy, unreliable, and slow to deliver.The government blamed the company for its failure. still exist.
Two weeks ago, the GST filing portal built by Infosys experienced a major one-day outage.
– Simon Sherwood
With Imperfect Timing, Kioxia Opens New Memory Fab
Japanese memory maker Kioxia has opened another manufacturing plant.
Located in Yokkaichi, Mie, Japan, Fab7 is capable of manufacturing 6th generation 162-layer flash memory and future advanced 3D flash memory. The factory plans to start shipping products in early 2023.
However, the facility is unlikely to operate at full capacity for some time.Global demand for semiconductors slumps amid softening global economic outlook that sees rival SK hynix report It warns of nasty buyer behavior and a possible resurgence in the months ahead.
Kioxia’s publication “Fab7 capacity will be increased step by step in line with market trends.”
Once fully operational, investment in the facility is expected to exceed ¥1 trillion ($6.7 billion), some of which will come from the Japanese government, which hopes to see the semiconductor market boom again. is.
– Simon Sherwood
in other news
The Registers Regional reports last week showed that India’s four leading IT outsourcing companies clearly Along with strong growth and a healthy pipeline, an economic slowdown is looming.
India and its politicians expressed With Rishi Sunak, the son-in-law of Infosys’ founder, now Prime Minister, we hope to see better relations between the UK and the UK.
SK Hynix reports disappointing quarterly results but expects improvement in 2023 when the company begins mass production 238 layer memory.
Japanese politicians continue to reach out to reluctant residents. sign up For a digital ID called the My Number Card, as the country prepares to phase out national health insurance cards.
IBM India is e-mail A warning to staff advising them to seek approval before engaging in “outside company activities, including non-profit or charitable affiliations.”
Microsoft’s Chinese site surprisingly include A free PC manager, useful but contains a lot of nagware to use the Edge browser.
Combined China’s three largest mobile carriers Occurred The number of 5G service subscriptions has exceeded 1 billion.
Australian health insurance company Medibank clearly All 4 million customers are at risk of having their medical records exposed in a recent data breach.
Competition Commission of India announced Fine Google 936.44 crore ($114 million) for anti-competitive practices related to Play Store. Regulatory bodies also require Play to be able to accept third-party payments.
Samsung’s successor Lee Gye Young appointed Chairman of a conglomerate despite a questionable resume featuring bribery, drug use, and bizarre financial documents. ®