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Financial institution of China ex-VP says Bitcoin will hurt greenback’s hegemony
Wang Yongli, former vp of the Financial institution of China, has criticized US President-elect Donald Trump’s Bitcoin reserve proposal, arguing it conflicts with Trump’s purpose of sustaining the greenback’s international dominance.
“Bitcoin’s decentralized nature provides no benefit to bolstering the greenback’s international standing. Quite the opposite, extreme deregulation and hindering the event of a digital greenback might hurt the greenback’s worldwide place,” Wang wrote in an opinion piece for China’s state-backed monetary journal.


The previous banker questioned the feasibility of building a nationwide Bitcoin strategic reserve, warning that each a authorities or central financial institution Bitcoin reserve would pose vital dangers and uncertainties.
He highlighted the restrictions of the US Treasury Division’s International Change Stability Fund, valued at $206 billion as of the tip of November, noting it could be inadequate to ascertain a significant reserve with out incurring further debt. He additionally stated that seized Bitcoin — Trump’s authentic proposal was to show Bitcoin seized from Silk Street and different legal enterprises right into a stockpile — must be returned to their rightful house owners.
Latest US coverage shifts, together with the approval of spot Bitcoin exchange-traded funds (ETFs) and Trump’s election victory as a pro-crypto candidate, have prompted some former Chinese language officers to reassess the nation’s strategy to cryptocurrencies. Former vice minister of Finance Zhu Guangyao has publicly advocated for a reevaluation of China’s crypto insurance policies, whereas former finance minister Lou Jiwei has urged nearer monitoring of cryptocurrency developments.
Final 12 months, hypothesis recommended that China may soften its stance on cryptocurrencies by the fourth quarter. Though that didn’t materialize, the nation has continued to advance pilot trials of its central financial institution digital forex (CBDC), the e-CNY. The Individuals’s Financial institution of China, the nation’s central financial institution, maintains that the e-CNY is the only real authorized digital forex, deeming all alternate options unlawful.
Wang added that whereas Bitcoin might function tradeable wealth, it can not substitute sovereign currencies.
South Korea’s institutional crypto adoption dream turns into actuality
South Korea’s Monetary Companies Fee (FSC) intends to progressively permit company crypto investments, in response to native media reviews.
The FSC reportedly stated in a Jan. 8 presentation that it intends to evaluate the gradual permission of real-name accounts for companies by means of its cryptocurrency committee, which is scheduled to satisfy on Jan. 15.
In South Korea, crypto merchants should open real-name accounts at native banks which have established an official partnership with a buying and selling platform to entry fiat-to-crypto companies. To this point, establishments have struggled to entry these real-name accounts, putting a de facto ban on company crypto investments.


Final 12 months, the FSC denied a report by native media outlet Korea Financial Every day, which claimed the fee had devised a phased plan to allow company crypto buying and selling beginning in 2025. The FSC dismissed the report on the time, asserting that no choice had been finalized.
The native outlet doubled down on its preliminary report after the FSC’s presentation this week, stating that the monetary watchdog intends to prioritize universities and municipalities in its preliminary rollout.
Companies usually are not anticipated to be among the many first beneficiaries, in response to Ki Younger Ju, CEO of information analytics agency CryptoQuant. In a previous interview, Ju instructed Journal that he anticipates company participation in institutional crypto adoption solely after the implementation of South Korea’s crypto tax laws. Lawmakers have postponed the 20% crypto tax begin date to 2027, marking the third consecutive two-year delay.
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Extra deepfake romance scammers busted in Hong Kong
Hong Kong police have arrested 31 suspects for allegedly working funding scams concentrating on victims in Taiwan, Malaysia, and Singapore, utilizing deepfake know-how, native media reported.


The Industrial Crime Bureau carried out raids on two rip-off facilities working out of commercial buildings. The syndicate ran two each day shifts by recruiting scammers—typically younger college students—in change for money.
Police reportedly seized 34 million Hong Kong {dollars} (about $4.37 million) in rip-off proceeds through the operation.
The recruits posed as engaging girls utilizing deepfake know-how to hold out romance scams, generally known as pig butchering. These scams contain constructing belief with victims through relationship apps earlier than defrauding them.
Pig butchering scams are sometimes linked to rip-off facilities in Southeast Asia, corresponding to Cambodia and the Philippines. In contrast to Hong Kong’s paid scammers, a few of these victims are believed to be kidnapped victims who’re coerced into working as scammers.
This marks the second main deepfake pig butchering bust in Hong Kong’s jurisdiction in current months. In October, police arrested 27 suspects in a raid on one other romance rip-off syndicate, which reportedly earned $46 million.
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Thailand to trial cryptocurrency funds in Phuket


Thailand is about to launch a pilot program testing cryptocurrency funds in Phuket, a preferred vacation spot amongst vacationers. The initiative goals to offer international guests with another fee possibility whereas boosting the nation’s tourism sector.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the plan throughout a Jan. 8 seminar hosted by the Advertising and marketing Affiliation of Thailand.
The pilot will work throughout the present authorized framework, avoiding the necessity for legislative modifications, and seeks to combine digital currencies into day-to-day transactions for vacationers.
Underneath the trial, vacationers will register their Bitcoin by means of a licensed Thai change and full identification verification earlier than making purchases. The undertaking focuses on enhancing digital fee accessibility in key vacationer cities and serving to Thailand keep aggressive within the international tourism market.
Thailand has beforehand thought-about leaning into blockchain and cryptocurrency to help tourism. In 2021, the Tourism Authority of Thailand proposed TAT Coin, a digital token designed to draw crypto lovers and revive the business following the pandemic.
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Yohan Yun
Yohan Yun is a multimedia journalist masking blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has lined Asian tech tales as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.