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China Passes New Law to Protect User Data
As reported by the state media, China’s new privacy law, Personal Information Protection Law, was passed by the legislature on Friday.
With effect from November 1, 2021, the new rules will apply to the Chinese tech firms for handling the user’s personal information.
The law aims at protecting the personal data of users by enforcing companies to get consent before collecting personal data. Additionally, the companies must protect user’s data when transferred outside of the country.
The companies handling personal data need to have a clear and reasonable purpose for doing so. Furthermore, they must hire a designated person to oversee its protection and conduct regular audits to ensure compliance.
Blockchain Startup XREX Raises $17M To Enable Faster Transactions
With products like a crypto-fiat exchange platform and a payment escrow service, blockchain startup XREX was launched to help cross-border businesses perform faster transactions.
Recently, Taipei-headquartered XREX raised $17 million from CDIB Capital Group, along with SBI Investment (a subsidiary of SBI Holdings), Global Founders Capital, ThreeD Capital, E.Sun Venture Capital, Systex Corporation, MetaPlanet Holdings, AppWorks, BlackMarble, New Economy Ventures, and Seraph Group in pre-Series A funding.
XREX plans to expand to new markets after successfully raising $17 million in its pre-Series A funding.
The blockchain startup intends to apply for financial licenses in Singapore, Hong Kong, and South Africa and partner with banks and financial institutions using part of their newly invested funding round.
Pilot Testing Of CBDC to Initially Focus on Salary Payments of Ministry Employees in Ukraine
The president of Ukraine has signed a bill allowing the central bank to issue a digital currency, and just three weeks later, Ukraine is prepared to introduce a central bank digital currency (CBDC).
The Ministry of Digital Transformation will conduct the pilot testing of CDBC for salary payments of the ministry employees in digital hryvnia.
The Minister of Digital Transformation and Deputy Prime Minister, Mikhail Fedorov, was confident about the smooth implementation of CBDC in an interview with a Ukrainian TV channel.
However, Federov did not make any predictions about the impact of CBDC on the financial, economic, and regulatory environment of the country.
After Facing Criticism, Facebook Release Report on Most-Viewed Posts For The First Quarter Of 2021
Facebook released the internal report on most-viewed Facebook posts in Q1–2021 after facing intense criticism.
One of the headlines in Facebook’s report on most-viewed posts was “A ‘healthy’ doctor died two weeks after getting a COVID-19 vaccine; CDC is investigating why.”
The New York Times published a report stating that Facebook’s report “had a headline that could promote COVID vaccine hesitancy.”
The article was posted by The South Florida Sun-Sentinel and later shared by The Chicago Tribune.
The report led to an intense debate among Facebook executives and finally, they initially decided to not publish the report however ended up publishing it despite the negative attention it received.
Andy Stone, the social media giant’s policy communications manager tweeted regarding the late release of their internal report.
Justifying the late release, Andy tweeted, “On the question of the unreleased report from earlier this year and why we held it. We ended up holding it because there were key fixes to the system we wanted to make.”
Interestingly, Facebook will also share quarterly ‘Widely Viewed Content Reports’ with more extensive detail of what people in the US and globally see on the platform.
Around The Web
🚘 Mobility Startup Plentywaka Raises $1.2M In Seed Round: Lagos and Toronto-based mobility startup Plentywaka has over 900 vehicles ranging from cars to vans to buses and provides intrastate and interstate travel for its users via a mobile application. The company has acquired over 80,000 users and completed up to half a million rides since 2019. To fuel its growth plans, Plentywaka raised $1.2 million from the VC firm The Xchange, SOSV, and Shock Ventures.
🇬🇧 Paypal Rolls out Crypto Services for its Customers in the United Kingdom: The global payments provider, Paypal, announced on Sunday that its verified Paypal customers in the UK would soon have access to Bitcoin, Ether, Litecoin, and Bitcoin Cash through its website and mobile app. A senior executive of the crypto division at Paypal has recognized the digitization of money during the pandemic as one of the primary motivations for entering the crypto industry.