South Korean Authorities are known for not pulling any punches and this time it has decided to crack down hard on a domestic crypto exchange, allegedly trying to pull off a scam, robbing investors of nearly $214 million. Oppan Gangnam Style South Korea has a strict policy regulating multi-level-marketing projects so with a fresh court […]
A warning has been issued from the chairman of South Korea’s top financial regulator, that a new financial law can cause major problems as early as September. Things are about to get tricky for all 200 cryptocurrency exchanges in South Korea. Last week, the country’s National Assembly’s Political Affairs Committee held a general meeting. Following […]
Leading cryptocurrency trading platform Binance is opening up to the trade of tokenized stock from some of the biggest companies in the world. Tesla’s stock became available for trade in the form of a token on this popular platform. They have also added fractional shares of their rivaling exchange Coinbase after it went public on April 14. Now, Binance has announced that it will be listing tokenized shares of Microsoft, Apple, and MicroStrategy by the end of April this year.
Central banks have been looking into issuing their own central bank digital currencies (CBDC) and the UK has their eyes set on one of their own. China has been in the lead among major economies for years as they have already started extensive testing on a pilot last year. But now the UK is hot on their heels with ideas for their own CBDC. Of Course, a lot more planning and research is involved when structuring a new digital version of a major economy’s currency. And the UK is doing all the necessary research to ensure a smooth-running operation.
Turkey has now announced that they are introducing a ban on payments using cryptocurrency. The Bitcoin price has dropped somewhat since the announcement and currently sits at around $56k, down from an all-time high of above $63k last week. The Central Bank of the Republic of Turkey (CBRT) has warned that cryptocurrencies or other crypto assets will be prohibited as a form of payment, both directly and indirectly, for the purchase of goods and services within the country. This ban will come into effect on the 30th of April, 2021.
Jesse Powell, CEO of Kraken, which is the fourth largest cryptocurrency exchange in the world in terms of volume, fears that a “crackdown” on cryptocurrencies is imminent. There have been some recent warnings from various officials about the use of cryptocurrencies for money laundering and the financing of terrorist organizations. U.S. Treasury Secretary Janet Yellen, and European Central Bank President Christine Lagarde, have brought these concerns to light.
In order to speed up transactions and assist residents without bank accounts, the Eastern Caribbean financial authorities have developed their own digital asset. This digital currency was developed by a fintech company in Barbados by the name of Bitt in partnership with the Eastern Caribbean Central Bank. This currency differs from regular cryptocurrencies as it is issued by a central bank and has a fixed value tied to the Eastern Caribbean Dollar.
Governors and Senators are making big decisions in their respective states regarding online poker, sports betting, and state lotteries. New York, Wyoming and Louisiana have the green light for the legalizing of sports betting, while Alabama and North Dakota are not as lucky.
India has announced earlier this year that a nationwide ban on private crypto ownership is under development. Recent reports stem from an unknown Indian top government official that India has been developing a bill that would prohibit the trading, mining and even the ownership of any cryptocurrencies.
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