The Web3 space is rapidly taking over the crypto world, and it could soon become part of the traditional telecom industry as well. According to the latest DappRadar industry report, Web3 platforms and blockchain-based applications attracted more unique active wallets in 2022, which skyrocketed to 2.37 million from 1.58 million in 2021. This rapid growth in popularity of blockchain-based platforms is also set to enter the telecom industry, with companies already working on innovative projects. So, what are the benefits of a Web3 telecom service? Reaching new audiences One of the main challenges for telecom service providers is managing costs …

Nepal’s telecommunications regulator has ordered the country's internet service providers (ISPs) to block all cryptocurrency trading websites, threatening legal action against those that fail to comply. In a Jan. 8 notice, the Nepal Telecommunication Authority (NTA) ordered ISPs and email service providers to prevent access to “websites, apps or online networks” related to crypto. It stated that virtual currency transactions “are increasing in recent days [translated]” and reiterated that crypto transactions in the country are illegal. Nepal Rastra Bank (NRB), the country’s central bank, declared crypto trading and mining illegal in a Sept. 2021 notice. “Encouraging” others to use crypto …

With crypto adoption moving forward in various parts of the world, Spain continues to encounter major developments in its local blockchain space as its largest telecom services provider dives deeper into Web3 technologies. Telefónica, the multinational telecom company based in Madrid, Spain, has enabled payments with cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), USD Coin (USDC) and many others on its online tech marketplace called Tu. The firm integrated a crypto payment feature provided by the Spanish crypto exchange Bit2Me to receive crypto in exchange for their tech products. The exchange teased the integration during its Telefónica Metaverse Day …

India’s state-owned telecom Bharat Sanchar Nigam Limited (BSNL) has registered 7,477 businesses on its blockchain-based communication platform after authorities imposed new regulations to protect consumers from spam and fraud. The Telecom Regulatory Authority of India (TRAI) established messaging regulations that require scrubbing consumer communication messages to ensure that the receiver of the message has opted in for such interactions. The drive is supported by BSNL DLT, a content verification platform built on ledger-based blockchain protocols. As the SMS regulation is applicable for all industry verticals, the list of 7,477 registrations includes banks, educational institutions and private businesses. TRAI had reportedly …

United States telecom giant T-Mobile is looking into an alleged massive data breach that may have compromised more than 100 million users. According to Vice’s Motherboard, T-Mobile is investigating an alleged data breach claimed by the author of the post on an underground forum. The Sunday report says the hacker claims to have obtained data on more than 100 million customers from T-Mobile servers. The seller is asking for 6 Bitcoin (BTC) — approximately $287,000 at current prices — in exchange for some of the data. Motherboard has seen samples of the data, which include social security numbers, phone numbers, …

Deutsche Telekom, one of the largest telecom providers in Europe, has invested in blockchain payments platform Celo to support the development of decentralized finance. The telecom giant has made a “significant purchase” of Celo’s native token, Celo, through its strategic investment fund, the Telekom Innovation Pool, Celo announced Tuesday. The firms did not specify the size of the investment. In conjunction with the investment, Deutsche Telekom has joined the global Celo Alliance for Prosperity — Celo’s ecosystem and a network of over 130 members, including nonprofits, merchants, payment processors and blockchain firms. According to the announcement, Deutsche Telekom is the …

Major Russian mobile network operators like MegaFon and Beeline are considering how the digital ruble will function on their mobile devices. According to a Feb. 16 report by local news agency Izvestia, Beeline and MegaFon proposed to set up smartphone wallets for Russia’s central bank digital currency. The carriers also suggested additional services like linking a digital wallet to a customer’s phone number. This would allow users to store digital rubles directly on their smartphones as well as transfer and pay with the digital currency using smart devices, a spokesperson for MegaFon said. According to Izvestia, both MegaFon and Beeline …

Telecoms provider T-Mobile has become the latest corporate name to come under fire for its alleged negligence and failure to protect customer information, which indirectly enabled a "SIM swap attack" that led to the successful theft of $450,000, or 15 Bitcoin (BTC). A SIM swap attack — also referred to as a port-out scam — has proved to be a popular tactic with criminals in recent years. Such an attack involves the theft of a victim’s cell phone number, which can then be used to hijack the victim's online financial and social media accounts by intercepting automated messages or phone …

VTB, the second-largest bank in Russia after Sberbank, has piloted a new blockchain-based system to issue bank guarantees. According to an official announcement last Wednesday, VTB provided a blockchain-enabled bank guarantee to the country’s largest mobile cellular network provider, MTS. As part of the development, the bank issued MTS a guarantee for the fulfillment of payment obligations worth 392 million rubles, or $5 million. The commercial operation implemented Masterchain — an Ethereum-based blockchain prototype backed by the Russian central bank. The parties completed the transaction in real time, with VTB issuing a digital guarantee signed with a reinforced qualified signature. …

Japan’s three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen. The group consists of banks, various Japanese brokerages, utility and telecom firms and retailers, according to a Reuters report published on Nov. 19. For the purposes of the experiment, the private banks will be responsible for issuing the currency, although the prospect of other actors becoming involved in issuance has not been ruled out, according to the chair of the new group, Hiromi Yamaoka. Yamaoka is a former executive at Japan’s central bank, which itself …

Verizon has unveiled "a blockchain-based, open-source newsroom product designed to raise the bar for corporate accountability," according to a public statement today. Called Full Transparency, the platform is meant to immutably document the company's own news releases on a public blockchain. Verizon posted its first news story through the platform yesterday, according to comments sent to Cointelegraph by a Verizon representative. Alterations made after the story's initial publication were also recorded. The representative noted, however, that "Only text changes are currently tracked on the blockchain." In recent years, fake news, fact-checking and censorship have caused problems for social media and …

Three global industry leaders in telecommunications — Spain’s Telefónica, Deutsche Telekom, and British provider Vodafone — have jointly finalized a trial blockchain solution for the settlement of roaming discount agreements. Developed by blockchain startup Clear, the solution is expected to reduce capital costs for telcos, support faster revenue recognition, and provide more efficient settlement for their inter-company deals and workflows. Both Telefónica Innovation Ventures and the Telekom Innovation Pool of Deutsche Telekom had participated in a $13 million Series A investment for Clear earlier this year to support the startup in developing its blockchain settlement system. The finalized trial solution …