Local governments across China are reportedly grappling with how to liquidate billions of dollars' worth of seized cryptocurrency, navigating a legal gray area created by the country’s strict ban on crypto trading and a lack of standardized procedures. According to a Reuters report released Tuesday, these local authorities have resorted ...
China’s central bank, the People’s Bank of China (PBOC), has reportedly instructed state-owned lenders to reduce dollar purchases in the foreign exchange market. This move signals Beijing’s growing efforts to stabilize the yuan and counterbalance the economic pressures of a strong U.S. dollar. Sources familiar with the matter revealed that ...
Bitcoin could be on the brink of a breakout as escalating tensions between the U.S. and China revive investor appetite for alternative assets. According to a recent analysis by Singapore-based blockchain firm Matrixport, Bitcoin could mirror its 2015 trajectory when the devaluation of China’s yuan initially led to a BTC ...
China’s potential response to rising U.S. tariffs may trigger another wave of capital flight into Bitcoin and other cryptocurrencies, says Arthur Hayes, founder of crypto exchange BitMEX. As the U.S. gears up to impose more sweeping trade duties, Beijing could devalue its currency—which Hayes believes may reignite the crypto bull ...
Russian oil companies are increasingly using cryptocurrencies to bypass Western sanctions and facilitate transactions with China and India, according to Reuters. Some firms are reportedly using Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) to convert Chinese yuan and Indian rupees into Russian rubles. While still a small portion ...
Hong Kong’s financial sector has taken another step to deepen its blockchain integration with the launch of the city’s first retail tokenized money market fund. China Asset Management (Hong Kong) (ChinaAMC HK), a subsidiary of one of China’s leading fund houses, has introduced the ChinaAMC HKD Digital Money Market Fund ...
China's Central Bank Digital Currency (CBDC) expansion significantly impacts global trade dynamics, placing Australia in a challenging position between Beijing and Washington. Marina Yue Zhang from the University of Technology Sydney suggests that the U.S. digital dollar ban could significantly disrupt global finance as it lags in the digital currency ...
A Chinese court has ruled that BKEX, a crypto exchange known for futures trading, operated as an illegal gambling platform. According to local reports, the People's Court of Pingjiang, Hunan Province, recently ruled BKEX's contract trading as outright gambling. The ruling followed an extensive court proceeding about the exchange's operations, ...
KuCoin has admitted to violating U.S. anti-money laundering and KYC regulations, pleading guilty to running an unlicensed money-transmitting business. The company has been fined $297 million and must suspend its U.S. operations for at least two years. In an official statement from the U.S. Attorney’s Office for the Southern District ...
China's State Administration of Foreign Exchange has rolled out new regulations requiring banks to identify and report high-risk transactions, including those tied to cryptocurrencies. This move is expected to create significant hurdles for mainland investors seeking to trade Bitcoin and other digital assets, according to the South China Morning Post. ...
