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Asia-Pacific

China Should Prepare Digital Yuan to Counter Facebook Libra: Ex-PBoC Chief

Faced with the possibilities and threat posed by Facebook’s Libra cryptocurrency project, China’s central bank should rethink its plan for a national digital currency, according to its former head. As reported by the South China Morning Post, former People’s Bank of China (PBoC) governor Zhou Xiaochuan said at an event in Beijing this week that, with …

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Facebook Says It Won’t Launch Crypto in India Due to Regulatory Issues

Facebook has said that current regulatory restrictions mean it won’t be launching its digital wallet service and cryptocurrency in India. Speaking to local daily news source The Economic Times, a Facebook spokesperson said: “There are no plans to offer Calibra in India. As you may know, there are local restrictions within India that made a …

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Facebook Libra Threat Could Spur Work on China’s National Digital Currency: PBoC Official

With Facebook’s Libra cryptocurrency potentially posing a threat to traditional money on various fronts, China’s central bank could hasten development of its own digital cash, according to a People’s Bank of China (PBoC) official. Speaking at an event at Peking University’s Institute of Digital Finance earlier on Monday, Wang Xin, head of the research bureau at the …

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South Korea’s Shinhan Bank Is Cracking Down Harder on Anonymous Crypto Users

Shinhan Bank, the second largest financial group in South Korea by assets, is redoubling its efforts to police accounts related to cryptocurrency exchanges, according to local press reports. The goal? To completely quash the anonymous crypto transactions in the country. Because the news suggests a change it policy it has generated considerable buzz. But the …

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Singapore Exchange Bitrue Hacked for Over $4 Million in Crypto

Singapore-based cryptocurrency exchange Bitrue has been hacked for around $4.2 million in user assets. The platform announced the breach in tweets, saying that the event was identified at around 1 a.m. local time Thursday. Users funds are insured and anyone who lost cryptocurrency would be refunded, according to the company. The exchange said: “First of …

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Russian Hackers May Have Carried Out Largest Ever Crypto Exchange Theft

Russian hackers, not North Korean, may be the bad actors behind probably the biggest ever theft from a cryptocurrency exchange. Japanese newspaper Asahi Shimbun reports Monday that virus variants known to be linked to Russian hackers have been found on employee computers at the Tokyo-based Coincheck exchange. Coincheck suffered a breach in January 2018 that resulted …

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Korean Crypto Exchanges Update T&Cs to Accept Liability for Hacks

A number of South Korean cryptocurrency exchanges have been forced to update their terms and conditions to accept liability for potential hacks and service issues. According to a report by the Yonhap News Agency, South Korea’s antitrust watchdog, the Fair Trade Commission, said Monday that five exchanges in total had made the change after it …

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Rakuten Brings in Compliance Partner for New Crypto Exchange

Japanese e-commerce giant Rakuten, has partnered with blockchain analytics firm CipherTrace to help ensure compliance for its soon-to-go-live cryptocurrency exchange. CipherTrace announced Wednesday that it will help ensure sound anti-money laundering (AML) processes are in place for the firm’s Rakuten Wallet exchange platform, which is based in Tokyo. Rakuten Wallet started accepting account registrations last …

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Japan Scrutinizing Crypto Exchanges Ahead of G20 Summit

Japan’s Financial Services Agency (FSA) is said to be scrutinizing cryptocurrency exchanges in the country to ensure anti-money laundering (AML) processes are in place. A report from the Nikkei Asian Review on Wednesday, citing an unnamed FSA official, said that inspections are being carried out ahead of the G20 summit next month. The G20 – the …

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Indian Government Again Discussing Ban on Cryptocurrencies: Report

The government of India is said to be renewing its efforts to completely outlaw public cryptocurrencies. A report from The Economic Times on Friday, citing anonymous “government officials aware of details” said that a number of government departments in the country have backed the idea of a complete ban on the issuance and trading of …

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