As cash becomes increasingly obsolete and inconvenient, the future of payments is digital. Major central banks are simply adjusting to this new reality.
As a leading international financial hub, the city has an important e-CNY role to play when it comes to global trade and business.
Proposals allowing retail investors to trade in big-cap cryptocurrency tokens on licensed platforms with regulatory oversight would enhance the city’s reputation for prudent financial innovation.
Readers discuss opportunities for the city to take the helm in the new tech landscape, and how the government can encourage use of its online identity authentication app.
Readers discuss whether a move to a digital-only currency system would be advisable, and how banks can play a socially responsible role.
The city state’s sovereign wealth fund said its senior management and investment team were ‘ultimately responsible’ for investing in the now-bankrupt cryptocurrency exchange, which resulted in a US$275 million writedown.
VTB Bank’s Andrey Kostin warns that ‘it’s very dangerous to rely on America’, after Russia’s second-largest lender lost billions last year upon being cut off from the US dollar and euro.
US and South Korean officials said Pyongyang is boosting efforts to send thousands of tech workers to countries, including China and Russia, to generate revenue.
Most popular crypto token accepted by these suppliers is bitcoin, followed by the stablecoin Tether (USDT), according to Elliptic report
China banned cryptocurrency trading in 2021 and Hong Kong turned frosty on the industry as a result, even though it was home to several early cryptocurrency businesses, including the now-bankrupt FTX.
Hong Kong’s new regulatory framework comes amid the city’s drive to become a global Web3 hub, despite other governments’ growing apprehension for virtual assets.
Revenue in the digital assets market is expected to grow at an annual rate of 16.1 per cent from 2023 to exceed US$102 billion by 2027, with almost a billion users tapping in.
Owning ill-gotten homes and hoarding stockpiles of cash is getting harder in China as privacy wanes and transparency reigns
Some 16 companies – including the three note-issuing banks HSBC, Standard Chartered and BOCHK – will put the e-HKD through its paces, paving the way for a virtual coin the public can use to shop, dine out and make money transfers.
After a rise in bitcoin transaction costs, speculators have flocked to Litecoin, which has faster transaction times on its blockchain.
The plea, from parliament’s powerful cross-party Treasury Committee, came one day after EU ministers agreed on tougher tax rules for crypto transactions.
The European Council adopted the Markets in Crypto Assets package of rules that are expected to start taking effect in phases in July 2024.
A unit of Shanghai-based Greenland Holdings is planning to apply for a licence to trade assets including cryptocurrencies, NFTs and carbon credits, according to its CEO.
China is widening a roll-out of its central bank digital currency with more pilot programmes that could help the country bypass Western sanctions and undercut the US dollar’s dominance in global trade.
The Chinese government continues to push blockchain development for industrial use, signalling a belief in the technology despite Beijing’s cryptocurrency ban.
China has long been keen to promote the yuan overseas, as well as reducing its reliance on the US dollar, with the likes of Russia, Brazil and Bangladesh increasing their use of the currency.
Binance.US executives worry that because Zhao was named in a lawsuit from the US Commodity Futures Trading Commission that the company may not be able to acquire certain licences, The Information reported.
While customers lost their investments, SBF and co splurged on private jets for Amazon deliveries, fancy DoorDash meals, a Shaquille O’Neal commercial, resort stays and luxury yachts …
HKMA Chief Executive Eddie Yue said crypto ‘regulations will be tight’ and those who do not like it are ‘welcome to go elsewhere’ in comments weeks ahead of new rules.
Bittrex filed for bankruptcy protection in the US, where it ceased operations on April 30, saying it would not impact global operations.
The world’s largest cryptocurrency exchange says it did not offer crypto miners high enough fees to process bitcoin transactions.
An exhibition of 18 NFT artworks at the Pompidou Centre in Paris could give the digital tokens a boost after their almost total collapse in value.