“The collapse in economic activity, hyperinflation, and increasing deterioration in the provision of public goods as well as shortages of food at subsidized prices have resulted in large migration flows, which will lead to intensifying spillover effects on neighboring countries.”
“Information such as warehousing, delivery, and trucking of warehousing and distribution links is also visible to consumers in real time.”
DPRK’s First International Crypto Event?
HSBC and Barclays Freeze Accounts of 50cycles
Bank of Thailand’s Clarification
The money is used for the wrong purpose. It is not a fraud that occurred during crypto trading.
Police said several of the banks’ employees failed to report money transfers of 2 million baht [~US$61,040] or higher, a serious violation of bank rules. Staff are required to inform the Anti Money Laundering Office (Amlo) when sums of this value change hands.
“In equities, securities exchanges have their own organization to come up with common standards and jointly respond to declarations by regulators. The new group could serve as the equivalent for the crypto world by coming up with best practices for the industry, looking at ways to boost liquidity, and stamping out market manipulation.”
Hong Seong-ki, head of the FSC’s virtual currency response team, has reportedly warned of the security and money laundering risks courted by the country’s domestic crypto exchanges. Bloomberg cites Seong-ki as saying that:
“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security. We’re trying to legislate the most urgent and important things first, aiming for money-laundering prevention [AML] and investor protection. The bill should be passed as soon as possible.”
In May, the FSC joined a probe that was initiated by Korea’s Financial Supervisory Service (FSS) into anti-money laundering (AML) compliance among exchanges. The impetus for Seoul to formalize regulators’ oversight has likely been reinforced by two recent high-profile exchange hacks.
Bloomberg notes that a draft bill introduced by Korea’s ruling party in March would bring exchanges under the direct aegis of the FSC, but still requires approval by the National Assembly.
Seong-ki is further quoted as saying that if the bill is passed, the FSC’s oversight would not imply “an official endorsement of crypto trading,” but would allow the watchdog to “police” exchanges’ operations effectively, rather than in any way “promote their growth.”
Earlier this month, Cointelegraph reported on plans for an extraordinary session of the Assembly to be held July 13 to 26 for lawmakers to further review draft regulations for cryptocurrencies, Initial Coin Offerings (ICOs) and blockchain.
Meanwhile, three Korean ministries are said to be working to produce the final draft of a new blockchain industry classification scheme by the end of the month. The draft could potentially redefine the status of crypto exchanges and recognize them as regulated financial institutions, as opposed to their previous classification as “communication vendors.”
This is arguably a pivotal moment in which Seoul is reviewing its stance towards crypto and blockchain, with the fresh news that the government has pledged to introduce friendly blockchain investment legislation, as well as indications this spring that it plans to reverse its blanket ban on domestic ICOs.
Russian Court Overturned Previous Decision
The city court canceled the decision to block the site and sent the case [back] to the Vyborgsky District Court for a new hearing.
Problem With Spreading Crypto Information
According to the statements of the prosecutor’s office of St. Petersburg, about 100 sites devoted to cryptocurrencies have been blocked.
Crypto Assets Will Eventually Be More Widely Adopted
We cannot rule out the possibility that some crypto assets will eventually be more widely adopted and fulfill more of the functions of money in some regions or private e-commerce networks.
A Payment Shift
Economists continue to debate the origins of money, and why monetary systems seem to have alternated between commodity and credit money throughout history. If crypto assets indeed lead to a more prominent role for commodity money in the digital age, the demand for central bank money is likely to decline.
Competitive Pressure and the Allure of the Central Bank Coin
A Bountiful Basket of Crypto Assets
One Basket, Many Tokens