Wednesday, October 28, 2020

Crypto news from Asia: Week in review

The Takeaway:

Week in review: 26 Aug - 31 Aug 2019. Asia persists a contradictory connection with the Crypto world. Where some countries embrace the spirit of cryptocurrencies, others try to regulate it. Miss nothing and stay acquainted with the weekly Asian crypto trends.

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Asia is a crypto money hearth. Several Asian countries have evolved as influential leaders in the cryptocurrency space. The national adoption of digital coins reflects its global growth. Asia accounts for major mining and trading of cryptocurrencies.

 

Crypto News from India

Bitcoin Hoax Kingpin murdered

Bitcoin scammer in Dehradun killed by his “business” team members. The scam bigwig collected Rs 485 crore from the people of Manjeri, Kerala to invest in Bitcoin but failed to gratify the investors. Shakoor, the kingpin, deceived his associates by claiming that his bitcoin account was hacked and assured people of the launch of his cryptocurrency to pay back the collected funds. The five accused, flew to Dehradun to fetch the password of the mastermind’s bitcoin account. The group tortured him to death after being denied the keys.

 

SIT caution the Authorities

The Special Investigation Team (SIT) on black money, alerts government about the support of cryptocurrencies in illicit acts. The team reports the growing network of criminal gangs relying on cryptocurrency for money laundering and drug smuggling. The investigation comes in the wake of Supreme Court’s two-week deadline to RBI to justify the crypto ban. SIT highlights the complexities in commanding the transactions as per their utmost secrecy. 

 

Super-Rich Indians elect Bitcoin for investment

Hurun India Survey reports the preference of Bitcoin over altcoins by the High Net Individuals in India. Of the HNIs surveyed, around 10% intend to invest in cryptocurrencies, where 30% of them fancy Bitcoin. Other 9% prefer Ethereum, and 6% stay partial to Ripple as an investment.

 

KBA and R3 join forces

Kerala Blockchain Academy (KBA), a state government initiative under IIITM has partnered with R3, a NY based blockchain platform. KBA is the first govt. Institution to proffer a Corda blockchain development program. It also bestows in-person training on technologies like Hyperledger and Ethereum. Several banks in Kerala have already implemented the blockchain-based solutions for their banking structure. 

 

Tech Mahindra gets together with Adjoint

Tech Mahindra, an IT firm, has collaborated with fintech company Adjoint for the industry’s first-ever blockchain solution. The partnership will offer secure enterprise financial management and insurance service. The solution assembles on Uplink, an open-source distributed ledger platform by Adjoint and aims to generate a seamless and reliable user experience backed by data integrity and quality. 

 

Crypto News from Hong Kong

Hongkong stores accept cryptocurrencies as payments

Cryptocurrencies thrive in Hong Kong as departmental stores commence the acceptance of bitcoin, ether, and litecoin for payments. The stores will convert crypto money into Hong Kong dollars in real-time at the cash registers. The water bottles support a QR code to allow bitcoin cash donations for the protestors. People have turned to bitcoin as a haven for the security of their assets.  

 

Crypto News from China

CBDC’s November launch refuted by PBoC

China’s cryptocurrency is ‘almost’ ready. CBDC, the state-backed cryptocurrency will follow the two-tier operating system. It will be offered to 7 institutions and as reported by Binance, will not need bank accounts to function. However, China’s central bank has denied the recent reports declaring the launch of CBDC in November.

 

Crypto News from South Korea

ArtBloc sell paintings via Blockchain

ArtBloc, an art-focused blockchain project introduced the blockchain-enabled fractionalized ownership sale of David Hockney’s paintings in Seoul. 

 

Blockco raises $7.5M

South Korean blockchain startup, Blockco, acquired $7.5 million in a B+ financing round including major local banks. Blockco is backed by Samsung and Amazon. It also attains the support of LB Venture Capital, a healthcare project in Seoul.

 

Crypto News from Thailand

Blockchain test for VAT invoices

The Revenue Department experiments Blockchain to track VAT payments, placing Thailand on the road to become the first country to use distributed ledger for taxations. The technology is anticipated to verify VAT invoices to deracinate frauds.

 

Blockchain to expedite the custom process

The Custom Department adopts blockchain-based shipment tracking and information distribution platform to streamline procedures. The department has collaborated with IBM and Merck to lead Blockchain to Thai trade development. 

 

Crypto Scams

SEC warns people over fraudulent websites

The Securities and Exchange Commission (SEC) cautions over crypto trading investments. A new form of deception is viral where victims are enticed into investing with sites that claim to be legitimate digital currency traders serving overseas. Most platforms profess to be operating outside Thailand and tendering services through their online portals. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

1 Comment

  1. I really like your blog.. very nice colors & theme. Did you create this website yourself or did you hire someone to do it for you?
    Plz reply as I’m looking to create my own blog and would like to know where u got this from.
    thanks

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