When the going gets tough, the tough get their wallets out
The recent crypto price plunge has done little to rattle new investors. Are they just buying the dip, or is there more to it? Q9 Capital’s James Quinn explains.
Japan must cooperate with Europe, US on CBDC, BOJ says
The Bank of Japan’s (BOJ) chief called on the U.S. and Europe to cooperate on creating a global technical standard for a central bank digital currency (CBDC), Reuters reported on Friday. Fast facts The central bank has not made a decision on the issuance of a CBDC, but has conducted experiments while deliberating on the […]
Hong Kong to pilot international trade settlement for mBridge this year
Hong Kong’s central bank digital currency (CBDC) project with three other central banks and the Bank of International Settlements (BIS) will enter its pilot stage this year to test international trade settlements, a Hong Kong government official said. Fast facts Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, said on Wednesday the […]
Why governments have powerful incentives to develop digital currencies
CBDCs can increase financial inclusion and prevent crime, according to blockchain expert Tiana Laurence. What’s not to like about state-backed digital money?
Cybercriminals launder $8.6B in 2021, up 30%: Chainalysis
The amount of cryptocurrency used in money laundering activities increased 30% in 2021 compared to the year before, but represents a smaller portion of total transactions, according to an annual crypto money laundering report by Chainalysis, a blockchain data analytics firm. Fast facts Cybercriminals laundered US$8.6 billion worth of cryptocurrency last year, with the total […]
Crypto mining’s Great Migration continues — out of Kazakhstan
Political chaos and power shortages are causing miners to flee a nation that only recently became the world’s second-largest Bitcoin producer.
Crypto market suffers mauling as bears go berserk
Top blockchain and crypto news: Market chills make investors shiver. Hacking storm at OpenSea. Has Beijing tamed NFTs?
People’s Daily online launches NFT gallery
People.cn, the online arm of the Communist Party of China’s party newspaper People’s Daily, launched a “digital collectibles” NFT gallery on Tuesday and hinted that it might launch artwork trading, even though authorities in the past have criticized the non-fungible token (NFT) market for its hype and speculative behavior by investors. Fast facts “Digital collectibles” […]
Thailand to regulate cryptocurrency as payment method
Thailand’s financial authorities have unveiled a plan to issue regulations that would “limit the widespread adoption of digital assets as a means of payment for goods and services” in a bid to protect the country of 70 million people. Fast facts Thailand’s Securities and Exchange Commission (SEC), Ministry of Finance (MOF) and The Bank of […]
Kazakhstan cuts off power for crypto mining amid blackouts
Kazakhstan has cut off the power supply for crypto miners amid blackouts and a growing power crisis in a central Asian region that also includes Kyrgyzstan and Uzbekistan, a local Bitcoin miner told Forkast. Fast facts The Bitcoin miner said Kazakhstan’s authorities are blocking all electricity for crypto mining through Jan. 31, confirming a Bloomberg […]
Asian Development Bank to use blockchain for cross-border securities transactions
Philippines-based Asian Development Bank (ADB) has launched a blockchain project to make cross-border securities transactions in Asia-Pacific more efficient. Fast facts The regional development bank of 68 member countries is aiming to use blockchain to directly connect central banks and securities depositories in the Association of Southeast Asian Nations region plus Japan, China and South […]
BIS to study DeFi for SME financing in Hong Kong
The Bank for International Settlements (BIS) Innovation Hub announced on Tuesday that its Hong Kong Center will explore this year whether decentralized finance (DeFi) can improve financing for small and medium enterprises. Fast facts In Hong Kong, the BIS has been working with central banks of China, Hong Kong, United Arab Emirates and Thailand on […]
How to avoid regulatory pitfalls in an increasingly ‘cryptoized’ world
Crypto regulations run the gamut from wait-and-see to total prohibition. What are the dos and don’ts of smart regulation?
South Korea wants to be the physical home of the metaverse
The tech-savvy nation is deemed a prime environment to grow the metaverse. What comes next, and will some be left out by a digital divide?
Zhejiang urges its cities to host the next digital yuan pilots
China’s Zhejiang wants six of its cities to compete for the next digital yuan pilots, which may open the door for the eastern coastal province to showcase the central bank digital currency (CBDC) during the September Asian Games. Fast facts
Where does Singapore’s crypto policy go from here?
Despite Singapore’s reputation as a crypto-friendly hub, the truth is more complicated. Is the city-state purposely keeping out small companies?
Crypto market tumbles amid uncertainty over Russia and Ukraine
Bitcoin and Ethereum fall below psychologically important levels as rising uncertainty clouds markets. Is the Fed also depressing crypto’s prospects?
Bitcoin price slumps as mining hashrate and difficulty reach ATHs
The Bitcoin mining difficulty level rose to an all-time high in its latest adjustment on Friday while the total Bitcoin hashrate also reached an all-time-high during a global cryptocurrency sell-off. Fast facts The mining difficulty level rose by 9.32% to 26.64 trillion at block height 719.712, reflecting its most difficult level in history, according to […]
Why Asia is poised to be the next big market for an NFT boom
Global NFT sales are exploding in 2022, but experts predict this is only the beginning of a bigger surge in Asia.
Digital dollar leaps closer to reality with new Fed paper
Though the world’s most powerful central bank does not stake a position, its discussion paper is a big step toward supporting a future US digital currency.
Guangzhou will advance digital yuan, blockchain pilots in 2022
Guangdong Province’s 2022 Government Report says its capital city Guangzhou will become a digital yuan testbed and a blockchain innovation application pilot center in 2022. Fast facts Guangzhou applied to become a new digital yuan pilot city in September 2021. Guangzhou is one of the major cities of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). […]
No decision on digital dollar in Fed’s new CBDC report
The U.S. Federal Reserve’s report on central bank digital currencies (CBDCs) released on Thursday did not contain policy recommendations or decisions on digital dollar issuance. Fast facts The paper acknowledged that the Fed will not proceed in creating a digital dollar without clear support from lawmakers, ideally through a specific authorizing law. The Fed said […]
Russia central bank calls for ban on crypto
Russia needs new laws for a comprehensive ban on crypto and crypto-related activities within its borders, the Bank of Russia stated in a report published Thursday. Fast facts The recommendation is the latest in a global cryptocurrency crackdown from China and other Asian nations to the United States, as governments fear instability and loss of […]
BIT Mining’s Ohio site power capacity grows amid US expansion
BIT Mining’s Ohio mining site has achieved about 50 megawatts of power capacity in the midst of its U.S. expansion, the crypto miner announced on Tuesday. Fast facts BIT Mining’s Ohio data center will continue scaling for a planned capacity of up to 150 MW. The site currently conducts self-mining operations while hosting third-party miners. […]
Lack of audience won’t stop digital yuan showcase at Winter Olympics
The digital yuan is undergoing its final preparations in the leadup to the Beijing Winter Olympics, despite the expected absence of a general audience due to Covid-19 concerns. Fast facts The People’s Bank of China (PBOC), the central bank, said all payment channels for the 2022 Winter Olympics, including the digital yuan, are set to […]
Digital collectible gifts on the way for Chinese New Year
Several mainland tech giants are launching digital collectibles as a novel gifting option for the Chinese New Year holiday season, which starts Feb. 1. Fast facts Digital collectibles are essentially non-fungible tokens (NFTs), but the term has been discouraged by authorities. Chinese search engine Baidu’s XuperChain has launched its digital collectibles platform, with a series […]
e-CNY transactions surge; Fusang IPO green light
e-CNY transactions surge in China, meanwhile Fusang IPO ‘s get a green light
Crypto clampdowns mount in Asia as authorities ponder bans
Top blockchain and crypto news: Asian governments target crypto. Managing MATIC. China’s expanding metaverse.
Digital yuan transactions surge, reach $11.24B last year
The numbers are in: digital yuan’s historical transactions reached 87.565 billion yuan (US$11.238 billion) as of the end of 2021, the People’s Bank of China (PBOC) announced on Tuesday. Fast facts
Animoca Brands valued at US$5B after latest fundraise
Hong Kong-based Animoca Brands announced a US$358,888,888 capital raise Tuesday that values the blockchain gaming and open metaverse company at US$5 billion. Fast facts The round was led by New York-based Liberty City Ventures, with more than 18 other investors around the world, including Kingsway Capital, Sequoia China, Smile Group, Soros Fund Management and Winklevoss […]
As Binance shrinks away in Asia, will it put down roots in the Middle East?
Binance’s CEO is now the richest Asian man, but the crypto exchange giant’s presence in Asia—where Binance got its start—is withering under regulatory heat.
Pakistan agency wants to block crypto portals, report says
Pakistan’s top investigation agency is looking to block crypto websites over fraud and money laundering concerns, according to a news report, less than a week after the country’s central bank recommended an outright ban on cryptocurrencies. Fast facts Federal Investigation Agency (FIA) Director-General Dr. Sanaullah Abbasi said on Saturday the agency would approach the Pakistan […]
Top Chinese university launches on Baidu’s metaverse
A major university in China has become the country’s first academic institution to join the metaverse, after it reproduced its physical campus as a virtual university on Baidu’s XiRang platform. Fast facts The Communication University of China announced last week that the digital campus had hosted an anniversary celebration and awards ceremony on Dec. 26, […]
Wuhan pledges to develop metaverse to boost Covid-ravaged economy
Wuhan, the major city in central China where Covid-19 first emerged, has announced plans to embrace the metaverse in an effort to boost its pandemic-devasted economy. Fast facts The government of Wuhan, the capital city of Hubei province, will push ahead with integrating the metaverse, blockchain, big data, cloud computing, geospatial information and quantum technology […]
Chinese university warns against Norton’s Ethereum mining function
Xiamen University of southeast China is warning its staff and students to not use Norton 360 antivirus software for its Ether mining function, citing the nation’s crypto mining ban policy. Fast facts
Up to code: Bringing digital assets into the regulatory architecture
If 2021 was a breakout year for crypto, this year may mark a similar advance for regulation of the industry, says Caroline Malcolm, Chainalysis’ new policy chief.
Fed nominee looks to Congress for guidance on US digital dollar
The U.S. Federal Reserve is deferring to Congress to decide whether to introduce a central bank digital currency (CBDC), Lael Brainard told the Senate banking committee Thursday at her Fed vice chair nomination hearing. Fast facts Republican Senator Cynthia Lummis asked whether the vice chair nominee believed that the digital dollar should be available to […]
$1.5 billion worth of digital yuan transacted in Beijing last year
Residents in Beijing recorded 9.6 billion yuan (US$1.5 billion) worth of digital yuan transactions in 2021, after several rounds of coupon-driven promotions, according to state media, citing official data. Fast facts
Hong Kong outlines stablecoin regulation plan to check financial stability risks
Stablecoins and CBDCs will likely co-exist in the city, experts say, as Hong Kong looks to thrive as crypto hub.
Hackers demand 0.042 Bitcoin from Chinese supermarket
A computer database at a supermarket in eastern China is being held hostage by cybercriminals demanding 0.042 Bitcoin, which amounts to US$1,832, according to a Chinese media report. Fast facts
Indian crypto scam investigated; Kakao’s webtoon NFTs sell out
Indian crypto scam investigated meanwhile Korea’s Kakao’s webtoon NFTs sell out
Kazakhstan crypto mining fortunes falter as regime unplugs internet
Top blockchain and crypto news: Bandwidth bust in Kazakhstan. Binance chief CZ tops rich list. Digital yuan app adoption grows.
Jay Chou dethrones Bored Ape Yacht Club; Bitcoin dips below US$40k
Taiwanese’s superstar Jay Chou’s NFT dethrones Bored Ape Yacht Club. Meanwhile Bitcoin dips below US$40k mark.
Kazakh crypto miners remain hopeful, assess satellite option amid unrest
Internet blackouts are partially restored but access remains unpredictable to support full crypto mining, industry players say.
e-CNY app downloaded 16 million times; Kazakhstan outages hit miners
China’s e-CNY app downloaded 16 million times meanwhile in Kazakhstan the outages hit miners
Kazakhstan internet restoration still not enough for crypto miners, NetBlocks says
Limited restoration of internet access in Kazakhstan is not enough to bring the world’s second-largest crypto mining hub back fully online, according to internet tracker NetBlocks. Fast facts Last week, internet access in the central Asian nation was shut off after protests over fuel prices spread across the country, resulting in more than 100 deaths […]
Race to be crypto hotspot heats up in Miami, New York
What’s behind the crypto cheerleading by U.S. mayors? Are their city coins savvy moves — or will the bespoke crypto end up worthless?
Kazakh riots hit crypto miners amid internet blackout
Bitcoin hashrates tumble as miners unprepared for an outage, experts say.
Amid riots over fuel prices, Kazakhstan government resigns
Since China’s crypto bans, Kazakhstan has become a popular destination of energy-intensive crypto mining companies.
Bored Ape NFT frenzy; Play-to-earn sustainability questioned
China’s e-CNY pilot app is ready for download as Bored Apes headline NFT frenzy.
CBDCs and the year that may reshape crypto markets
Top blockchain and crypto news: CBDCs at the crossroads. A token gesture from Samsung. NFTs survive in China.
Chinese mining rig maker Canaan deploys 10K machines in Kazakhstan
Chinese cryptocurrency mining rig maker Canaan announced Tuesday that it has entered into multiple partnerships in Kazakhstan and deployed over 10,000 mining machines in the country, as the company steps up efforts to expand globally. Fast facts Canaan said in a statement it has successfully launched the last batch of mining machines online under its […]
Bitcoin, Ethereum price level sluggish while NFT sales volume surges
The crypto market leaders are trading sideways so far in the new year. But NFT trading volume has exploded, with strong Q1 performance expected.
CryptoPunk NFT sells for $820K, reflecting Chinese investor interest
A CryptoPunk non-fungible token (NFT) — CryptoPunk #8690 — was sold at an auction in Shanghai organized by Shanghai Jiahe Auction earlier this week for 5,232,500 yuan (US$823,300), with a starting price of 1.5 million yuan (US$236,000), reflecting growing investor interest in NFTs in China despite criticism from state-controlled media. Fast facts V.V Yu, general manager […]
Top 5 NFT trends to watch in 2022
NFTs are finding novel uses across many sectors, from fashion to real estate. What industries stand to benefit most from this technology in the year ahead?
South Koreans required to report overseas crypto accounts
In South Korea, virtual asset investors with more than 500 million Korean won, or approximately US$418,935, worth of crypto assets in overseas accounts must report to their regional tax authorities beginning in 2023. Fast facts According to a new year guidebook by the Ministry of Economy and Finance, any resident or domestic corporation with overseas […]
After a stellar year for Bitcoin and record crypto prices, what to expect in 2022
2021 was a big year for crypto. As we enter a new year, Forkast.News asks market watchers what might be in store for the next 12 months.
Bitcoin at 13: The new age of crypto
With wider acceptance as a financial asset, a teenage Bitcoin may not see the explosive 200% average annual returns of the past, but also may experience less price volatility.
Top 5 blockchain trends for 2022 and beyond
Looking beyond this year’s headlines like El Salvador’s Bitcoin adoption, here are the key developments in blockchain technology that will have lasting impact in the new year and beyond.
Crypto in Asia: 5 top fintech regulatory stories of 2021
Countries acted to encourage — or discourage — cryptocurrency and other blockchain-based assets, sending markets wildly up and down.
What lies ahead for crypto regulations in 2022
From China’s ban to FATF’s travel rule, crypto regulations have been top of mind this year. How might regulatory impulses and current trends play out?
U.S. will be big elephant in the room in 2022, says WEF’s Sheila Warren
While China made a big moves in banning crypto this year, US lawmakers appear to be warming up to the industry, setting the stage for next year.
Looking ahead: 3 crypto predictions for 2022
As 2021 draws to a close, what are this year’s milestones and trends to watch in the year ahead? Forkast.News consults experts to find out.
Year in cryptocurrency: biggest surprises of 2021
While increasing crypto adoption was predictable, 2021 also saw much that was unexpected. Here are the events that shocked even crypto natives.
These e-CNY hard wallets might get people talking at the Winter Olympics
China prepares to show off its tech innovation muscles at the Beijing Winter Olympics as it unveils some unusual-looking wallets for its new digital yuan.
Will 2022 be the year of crypto regulation?
Global shifts are underway in crypto regulations, writes Huong Hauduc of Bequant. How might the political and market forces play out next year?
CBDC tracker shows U.S. falling further behind
Of the Big Four central banks, including those of the EU, UK and Japan, only the Federal Reserve has not progressed beyond research mode in central bank digital currencies.
Bitcoin sent by mistake, recipient will not be punished for keeping it: South Korea ruling
An investor who received $1.25M in Bitcoin by accident will not be criminally penalized, raising questions on the legal status of cryptocurrencies.
Bitcoin’s price is a lie, says Morgan Creek Capital chief
Bitcoin’s current price is not indicative of the crypto’s future prospects, says Mark Yusko, who looks forward to the tokenization of everything.
How blockchain can transform the global shipping sector
Blockchain promotes trust and can greatly cut transaction costs, writes Edmund To of GSBN. So why is the shipping industry still clinging to paper documents?
The Forkast.News guide to last-minute blockchain and crypto gift ideas
Not yet done with your holiday shopping? Here are ideas for all the loved ones on your list, whether they are tech-savvy or merely crypto-curious.
Court in Beijing says losses caused by crypto mining deals not protected by law
In a contract dispute case, a Beijing court in Chaoyang district on Wednesday ruled a legal arrangement for Bitcoin mining to be invalid, signaling how China’s legal system may view future crypto-related disputes. Fast facts In May 2019, the plaintiff, Fengfu Jiuxin company, signed purchases and services contracts with blockchain technology company Zhongyan Zhichuang, with the latter […]