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Bank of China ex-VP says Bitcoin will harm dollar’s hegemony
Wang Yongli, former vice president of the Bank of China, has criticized US President-elect Donald Trump’s Bitcoin reserve proposal, arguing it conflicts with Trump’s goal of maintaining the dollar’s global dominance.
“Bitcoin’s decentralized nature offers no advantage to bolstering the dollar’s global status. On the contrary, excessive deregulation and hindering the development of a digital dollar could harm the dollar’s international position,” Wang wrote in an opinion piece for China’s state-backed financial magazine.
Trump’s Bitcoin dreams contradict his goals for the dollar, former Bank of China VP says. (David McBee)
The former banker questioned the feasibility of establishing a national Bitcoin strategic reserve, warning that both a government or central bank Bitcoin reserve would pose significant risks and uncertainties.
He highlighted the limitations of the US Treasury Department’s Foreign Exchange Stability Fund, valued at $206 billion as of the end of November, noting it would be insufficient to establish a meaningful reserve without incurring additional debt. He also said that seized Bitcoin — Trump’s original proposal was to turn Bitcoin seized from Silk Road and other criminal enterprises into a stockpile — should be returned to their rightful owners.
Recent US policy shifts, including the approval of spot Bitcoin exchange-traded funds (ETFs) and Trump’s election victory as a pro-crypto candidate, have prompted some former Chinese officials to reassess the country’s approach to cryptocurrencies. Former vice minister of Finance Zhu Guangyao has publicly advocated for a reevaluation of China’s crypto policies, while former finance minister Lou Jiwei has urged closer monitoring of cryptocurrency developments.
Last year, speculation suggested that China might soften its stance on cryptocurrencies by the fourth quarter. Although that did not materialize, the nation has continued to advance pilot trials of its central bank digital currency (CBDC), the e-CNY. The People’s Bank of China, the country’s central bank, maintains that the e-CNY is the sole legal digital currency, deeming all alternatives illegal.
Wang added that while Bitcoin may serve as tradeable wealth, it cannot replace sovereign currencies.
South Korea’s institutional crypto adoption dream becomes reality
South Korea’s Financial Services Commission (FSC) intends to gradually allow corporate crypto investments, according to local media reports.
The FSC reportedly said in a Jan. 8 presentation that it intends to assess the gradual permission of real-name accounts for corporations through its cryptocurrency committee, which is scheduled to meet on Jan. 15.
In South Korea, crypto traders must open real-name accounts at local banks that have established an official partnership with a trading platform to access fiat-to-crypto services. So far, institutions have struggled to access these real-name accounts, placing a de facto ban on corporate crypto investments.
The South Korean won is among the top traded fiat pairs in crypto, but most of its volume comes from retail. (Gije Cho)
Last year, the FSC denied a report by local media outlet Korea Economic Daily, which claimed the commission had devised a phased plan to permit corporate crypto trading starting in 2025. The FSC dismissed the report at the time, asserting that no decision had been finalized.
The local outlet doubled down on its initial report after the FSC’s presentation this week, stating that the financial watchdog intends to prioritize universities and municipalities in its initial rollout.
Corporations are not expected to be among the first beneficiaries, according to Ki Young Ju, CEO of data analytics firm CryptoQuant. In a prior interview, Ju told Magazine that he anticipates corporate participation in institutional crypto adoption only after the implementation of South Korea’s crypto tax regulations. Lawmakers have postponed the 20% crypto tax start date to 2027, marking the third consecutive two-year delay.
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More deepfake romance scammers busted in Hong Kong
Hong Kong police have arrested 31 suspects for allegedly running investment scams targeting victims in Taiwan, Malaysia, and Singapore, using deepfake technology, local media reported.
Hong Kong’s romance scammers use deepfake to trick victims on dating apps. (Mika Baumeister)
The Commercial Crime Bureau conducted raids on two scam centers operating out of industrial buildings. The syndicate ran two daily shifts by recruiting scammers—often young students—in exchange for cash.
Police reportedly seized 34 million Hong Kong dollars (about $4.37 million) in scam proceeds during the operation.
The recruits posed as attractive women using deepfake technology to carry out romance scams, commonly referred to as pig butchering. These scams involve building trust with victims via dating apps before defrauding them.
Pig butchering scams are often linked to scam centers in Southeast Asia, such as Cambodia and the Philippines. Unlike Hong Kong’s paid scammers, some of these victims are believed to be kidnapped victims who are coerced into working as scammers.
This marks the second major deepfake pig butchering bust in Hong Kong’s jurisdiction in recent months. In October, police arrested 27 suspects in a raid on another romance scam syndicate, which reportedly earned $46 million.
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Thailand to trial cryptocurrency payments in Phuket
Phuket’s stunning beaches and vibrant nightlife make it one of Thailand’s most popular tourist destinations attracting millions of visitors annually. (Maksim Zhashkevych)
Thailand is set to launch a pilot program testing cryptocurrency payments in Phuket, a popular destination among tourists. The initiative aims to provide foreign visitors with an alternative payment option while boosting the nation’s tourism sector.
Deputy Prime Minister and Finance Minister Pichai Chunhavajira unveiled the plan during a Jan. 8 seminar hosted by the Marketing Association of Thailand.
The pilot will work within the existing legal framework, avoiding the need for legislative changes, and seeks to integrate digital currencies into day-to-day transactions for tourists.
Under the trial, tourists will register their Bitcoin through a licensed Thai exchange and complete identity verification before making purchases. The project focuses on enhancing digital payment accessibility in key tourist cities and helping Thailand stay competitive in the global tourism market.
Thailand has previously considered leaning into blockchain and cryptocurrency to support tourism. In 2021, the Tourism Authority of Thailand proposed TAT Coin, a digital token designed to attract crypto enthusiasts and revive the industry following the pandemic.
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Yohan Yun
Yohan Yun is a multimedia journalist covering blockchain since 2017. He has contributed to crypto media outlet Forkast as an editor and has covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking, and experimenting with new recipes.
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