This piece was originally published on July 1, 2024. At the far corner of the pediatric unit at Karachi Burns Center, a woman desperately tries to latch her daughter for feeding. The infant, covered in gauze, fails to hold on as her shrill cries fill the room, cutting through the white walls of the facility. Two-year-old Fariha Hassan bears the burns of a fire that ripped through her apartment in Kharadar last week. The story is not unheard of; a gas cylinder explosion that engulfed her family into flames. The incident, one of many reported across the metropolis every week, was preventable if only a handful of safety rules and regulations were followed. According to an analysis of five-year data compiled by the Karachi Metropolitan Corporation (KMC), at least six fires erupt in the city daily. The reasons behind these fires may vary from case to case, but the casualties and injuries that arise from them are easily preventible if only the authorities and citizens themselves take some basic precautions. Doctors...
In 2024, the Bank for International Settlements stepped back from mBridge, seeking to distance itself from sanctions-related speculation surrounding the platform. China-led cross-border digital currency platform mBridge has processed more than $55 billion in transactions as efforts to build payment rails that operate outside traditional dollar-based systems find momentum. Project mBridge, a multi-central bank digital currency (CBDC) platform, has now settled over 4,000 cross-border transactions with a cumulative value of roughly $55.5 billion, according to data compiled by the Washington-based Atlantic Council. That figure marks a nearly 2,500-fold increase since the project’s early pilot phase in 2022. The platform is currently being tested by central banks in mainland China, Hong Kong, Thailand, the United Arab Emirates and Saudi Arabia. China’s digital yuan, or e-CNY, accounts for an estimated 95% of total settlement volume on mBridge. Read more