Regulators are closing the crypto rankings
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Regulators continue to step up their investigation into cryptocurrencies, with central banks and tax authorities in South Korea showing fresh concerns.
In a report published Wednesday, the Bank for International Settlements, the global body for central banks, says digital tokens like bitcoin have some redeemable features and “work against the good of public “. It also removed stablecoins – a link between crypto and conventional assets – as an “appendage” to traditional currency.
Perhaps unsurprisingly, the BIS is endorsing the development of digital currencies backed by central banks, saying they could be a tool to achieve greater financial integration and lower high cost of payments. “Digital central bank currencies… Offer in digital form the unique advantages of central bank currency: the end of settlement, liquidity and integrity.
In contrast, the wasted energy of bitcoin and cryptocurrency are “imaginary assets rather than money, and in many cases are used to facilitate money laundering, ransomware attacks and other financial crimes. “.
South Korea has taken action against the financial crime of tax evasion, with more than Won53bn ($ 47m) of bitcoin, ethereum and other cryptoassets confiscated from 12,000 people. These officials called the largest “cryptocurrency seizure for tax return in Korean history” and noted that local exchanges were allegedly used to hide assets because they failed to collect resident registration numbers. account owners. Many of South Korea’s 60 crypto exchanges are struggling to meet regulatory conditions to operate beyond September.
This week’s #techAsia newsletter asked if the knell of death sounds for cryptocurrencies. That may be the case in China, where it is stepping up tests on the official digital renminbi, and appears to be serious about removing the crypto industry from its soil. Bitcoin fell below $ 30,000 on Tuesday following the latest regulatory adjustment, but it has recovered to be worth more than $ 34,000 today.
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