Trump’s Bitcoin Policy Flawed in China, Deeply Fraudsters Broke: Asia Express

Former VP of Bank of China Says Bitcoin Will Undermine Dollar Hegemony

Former Vice President of the Bank of China Wang Yongli has criticized US President-elect Donald Trump's bitcoin reserve proposal, saying it conflicts with Trump's goal of maintaining the global dominance of the dollar.

“Bitcoin's decentralized nature does nothing to strengthen the global level of the dollar. On the contrary, excessive regulation and hindering the development of the digital dollar could harm the dollar's international standing,” Wang wrote in an opinion piece for a Chinese state-backed financial magazine.

The former banker questioned the feasibility of establishing a national bitcoin strategic reserve, warning that both a government or central bank stockpile of bitcoin would create significant risks and uncertainties.

In the year He pointed out the limitations of the US Treasury's foreign exchange stabilization fund, estimated at $206 billion as of the end of November, and pointed out that it is not enough to establish a meaningful reserve without incurring additional debt. He also said that seized bitcoins — Trump's original proposal was to turn bitcoins seized from Silk Road and other criminal enterprises into stock — should be returned to their owners.

Recent US policy shifts, approval of spot bitcoin exchange-traded funds (ETFs) and Trump's election win as a pro-crypto candidate have led some former Chinese officials to re-evaluate the country's handling of cryptocurrencies. Former Vice Minister of Finance Zhu Guangyao officially argued for a review of China's crypto policies, while former Minister of Finance Lu Jiwei urged close monitoring of cryptocurrency developments.

Last year, speculation suggested that China might ease its stance on cryptocurrencies in the fourth quarter. While that has not materialized, the country continues to conduct trials of the Central Bank Digital Currency (CBCC) e-CNI. The People's Bank of China, the country's central bank, considers e-CNI the only legal digital currency, with all alternatives illegal.

Wang added that while bitcoin can serve as a tradable asset, it cannot replace sovereign currencies.

South Korea's dream of institutional crypto adoption will come true.

South Korea's Financial Services Commission (FSC) plans to gradually allow corporate crypto investments, according to local media reports.

The FSC said in a presentation on January 8 that it intends to gradually review authorization for real-name accounts for corporations through its cryptocurrency committee, which is scheduled to meet on January 15.

To access fiat-to-crypto services in South Korea, crypto traders must open real-name accounts with local banks that have established official partnerships with the exchange. Until now, institutions have struggled to access these real-name accounts, imposing restrictions on corporate crypto investments.

Last year, the FSC rejected a report by local media outlet Corporate Economics Daily. .

The local outlet doubled down on its initial report after this week's FSC presentation, saying the financial regulator intended to prioritize universities and municipalities in its first release.

Corporations are not expected to be among the first adopters, according to Ki Young Joo, CEO of data analysis firm CryptoQuant. In an earlier interview, Ju told the magazine that he expects corporate participation in institutional crypto adoption only after the implementation of South Korea's crypto tax regulations. Lawmakers have extended the start date of the 20% crypto tax to 2027, the third consecutive two-year delay.

More deep fake dating scammers busted in Hong Kong

Hong Kong police have arrested 31 suspects in an investment scam targeting victims in Taiwan, Malaysia and Singapore, local media reported.

The Commercial Crime Bureau has raided two fraud centers operating out of industrial buildings. In exchange for cash, the syndicate recruited fraudsters – often young students – and ran two day shifts.

Police in Hong Kong have reportedly seized $34 million (about $4.37 million) in fraudulently obtained money.

The recruits pose as attractive women using deep-fake technology to carry out love scams, commonly known as pork farming. These scams involve building trust with victims on dating apps before scamming them.

Pork fraud is often associated with fraud centers in Southeast Asia, such as Cambodia and the Philippines. Unlike Hong Kong wage earners, some of these victims are believed to be victims of forced labor.

This marks the second major deep fake pork slaughter in the Hong Kong jurisdiction in recent months. In October, police busted another romance fraud syndicate, reportedly netting $46 million.

Thailand to test cryptocurrency payments in Phuket

Thailand is about to launch a pilot program to test cryptocurrency payments in Phuket, a popular tourist destination. The initiative aims to provide foreign visitors with an alternative payment option besides boosting the country's tourism sector.

Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced the plan on January 8 at a seminar organized by the Thailand Marketing Association.

The pilot will work within the current legal framework, avoiding the need for legal changes and seeking to coordinate the daily transactions of digital currencies for tourists.

Under the trial, tourists will register their bitcoins with a Thai exchange and complete identity verification before making purchases. The project focuses on increasing access to digital payments in key tourist cities and helping Thailand remain competitive in the global tourism market.

Thailand has previously considered leaning towards blockchain and cryptocurrency to support tourism. In the year In 2021, Thailand's tourism authority proposed TAT Coin, a digital token designed to attract crypto enthusiasts and revive the industry following the pandemic.

John Yun

Yohan Yun is a multimedia journalist who has been reporting on blockchain since 2017. He has contributed to the crypto media outlet Forkast as an editor and covered Asian tech stories as an assistant reporter for Bloomberg BNA and Forbes. He spends his free time cooking and experimenting with new recipes.