@Just1dood 9 October 2020 more from that month

Crypto News Update – the Asian Continent (Sep 22-30)

As mentioned in the first of this News Update by Continent series, the purpose is to save you much time by presenting to you morsels of news in the form of headlines and excerpts and let you decide if you want to click on the link for the complete article. The first part of this series focused on the African Continent. In that article, I also mentioned the methodology I use to list the news articles. You can have a look at that here. https://read.cash/@Just1dood/crypto-news-update-the-african-continent-sep-2nd-30th-ffdb4a37 Without further ado, let’s dive in with our first stop… ****CHINA****

**Source** https://pixabay.com/illustrations/china-china-map-map-asia-country-2965333/ **1. China’s crypto confusion, new privacy tools: Blockheads** Last week, various Chinese government-related entities gave mixed messages on cryptocurrencies, while Binance said it had been banned in Russia just days before Huobi launched a new crypto trading app in the same region. Finally, two interesting developments in privacy applications for blockchain came from China. *Full article* *at* *TechNode**, Eliza Gkritsi, Sep 29, 2020* https://technode.com/2020/09/29/chinas-crypto-confusion-new-privacy-tools-blockheads/ **2. Crypto Broker Sees Users Drawn to Bots to Beat Volatile Trading** A fledgling Chinese brokerage is betting that investors will flock to bot trading to capitalize on the price swings in the $300 billion cryptocurrency market. *Full article* *at* *Bloomberg**, Zheping Huang, Sep 29, 2020* https://www.bloomberg.com/news/articles/2020-09-28/crypto-broker-sees-users-drawn-to-bots-to-beat-volatile-trading **3. China State Media Make Rare Reports Calling Crypto 2020’s Best Performing Asset** Several Chinese state-owned media have made coordinated reports describing cryptocurrencies as the year’s top performing investment. *Full article* *at* *CoinDesk**, Wolfie Zhao, Sep 25, 2020* https://www.coindesk.com/china-crypto-best-performing-asset

Source https://pixabay.com/photos/handshake-business-hand-2998302/ **4. Ant launches blockchain-based cross-border trade platform ahead of $35 billion IPO** The 16-year-old giant, backed by e-commerce conglomerate Alibaba Group Holding Ltd, plans to list simultaneously in Hong Kong and on Shanghai’s tech-heavy STAR Market next month, in what could be the world’s largest initial public offering (IPO) - surpassing oil giant Saudi Aramco’s $29.4 billion float last December. *Full article* *at* *Reuters**, Yingzhi Yang & Brenda Goh, Sep 25, 2020* https://www.reuters.com/article/china-ant/ant-launches-blockchain-based-cross-border-trade-platform-ahead-of-35-billion-ipo-idUSKCN26G0QY **5. Cryptocurrency helps ship 1 trillion yuan out of China to casinos, gambling every year** At least 1 trillion yuan (US$145.5 billion) worth of funds flows out of China into gambling activities every year, aggravating the country’s economic and financial security risks, according to a senior official at the Ministry of Public Security. *Full article* *at* *South China Morning Post**, Amanda Lee, Sep 25, 2020* https://www.scmp.com/economy/china-economy/article/3103045/china-loses-1-trillion-yuan-casinos-and-gambling-every-year **China enters a new phase in the development of digital Currency/Electronic payment (“DCEP”)** As noted in our article, DCEP: China's crypto embrace will change the world, details regarding the nature of DCEP have been somewhat vague and parties outside of the Chinese authorities are making largely educated guesses as to how DCEP integrates with wider plans for the future of Chinese finance, how volatility will be controlled and how the People's Bank of China ("PBOC") intends to utilise the technology to enforce monetary policy. Full article at FXStreet, Lee Hills, Sep 23, 2020 https://www.fxstreet.com/cryptocurrencies/news/china-enters-a-new-phase-in-the-development-of-digital-currency-electronic-payment-dcep-202009230944 ****INDIA**** **1. Top Indian Startups In The Field Of Blockchain Technology** While blockchain technology is developing fast around the world, and there are not many Indian startups working in distributed ledgers. The main reason behind the fact is that there has been regulatory clarity on the use of public blockchain networks in India for years. According to analysts, a proper regulatory framework can promote innovative blockchain startups. *Full article* *at* *Analytics India Magazine**, Vishal Chawla, Sep 29, 2020* https://analyticsindiamag.com/the-top-indian-startups-in-blockchain-crypto-technology/

Source https://analyticsindiamag.com/the-top-indian-startups-in-blockchain-crypto-technology/ **2. Despite looming ban, industry remains optimistic on cryptocurrencies** Investors and entrepreneurs believe that a ban would face implementation and constitutional hurdles, and that India might follow the route taken by other Asian countries, which initially banned cryptocurrency trades but reversed their stance soon after. *Full article* *at* *ForbesIndia**, Varsha Meghani, Sep 28, 2020* https://www.forbesindia.com/article/real-issue/despite-looming-ban-industry-remains-optimistic-on-cryptocurrencies/62977/1 **3. Indian Police Probe Crypto Exchange and Founders Allegedly Running a Scam** Delhi police are reportedly investigating a cryptocurrency exchange and its executives allegedly duping Indian investors after receiving multiple complaints. The complainants further say the company has moved office overseas without returning their investments. *Full article* *at* *Bitcoin.com**, Kevin Helms, Sep 25, 2020* https://news.bitcoin.com/indian-crypto-exchange-scam/ **4. Indian crypto investors eye defi tokens in search of next bitcoin** Now that restrictions on cryptocurrency have eased, Indians are going all out to bet on it...---> Full article at msn.com, Prathamesh Mulye, Sep 25, 2020 https://www.msn.com/en-us/money/other/indian-crypto-investors-eye-defi-tokens-in-search-of-next-bitcoin/ar-BB19pbQZ **5. Major Indian exchange proposes new regulatory framework to avoid crypto ban** Major Indian cryptocurrency exchange BuyUCoin has developed a framework to regulate cryptocurrency in India that it claims has the support of “all the Indian cryptocurrency stakeholders” *Full article* *at* *CoinTelegraph**, Anupan Varshney, Sep 25, 2020* https://cointelegraph.com/news/major-indian-exchange-proposes-new-regulatory-framework-to-avoid-crypto-ban ****IRAN**** **1. Iran Is Ripe for Bitcoin Adoption, Even as Government Clamps Down on Mining** Iran-based bitcoiner Zahra Amini was used to answering questions on cryptocurrencies, but usually about their relationship with crime. So when a 70-year-old man recently asked her to explain crypto because he no longer wanted to rely on the national rial, Amini felt something had changed. *Full article* *at* *CoinDesk**, Sandali Handagama, Sep 24, 2020* https://www.coindesk.com/iran-is-ripe-for-bitcoin-adoption-even-as-government-clamps-down-on-mining **2. The economic downturn in Iran makes way for crypto adoption** Iran is ripe for Bitcoin adoption, as the leading cryptocurrency is becoming increasingly relevant due to the US sanctions and the consequences of the COVID-19 pandemic. So much so, in fact, that even the elderly citizens of the country are losing confidence in the nation’s fiat currency, the rial, and are looking for an alternative. *Full article* *at* *Invezz**, Ali Raza, Sep 24, 2020* https://invezz.com/news/2020/09/24/iran-makes-way-for-crypto-adoption/ **3. Three Iran-Based Power Plants Will Sell Crypto Miners Their Electricity** Thermal Power Plant Holding Company (TPPH) stands as the owner and operator of various power plants across the country of Iran. In a statement made on Monday, TPPH made it clear that crypto miners would be able to buy electricity from three of its power stations. These power stations in question, have enough power output to supply half of New York City. This announcement came by way of the Tehran Times. *Full article* *at* *InsideBitcoins**, Ali Raza, Sep 22, 2020* https://insidebitcoins.com/news/three-iran-based-power-plants-will-sell-crypto-miners-their-electricity ****ISRAEL**** **1. A new Israeli draft proposes exempting Bitcoin from taxation** A new proposal by the Israeli lawmakers might have a massive impact on Bitcoin, as the recent draft proposed to start treating the coin as a currency. If the proposal ends up becoming law, Bitcoin will officially be exempt from tax purposes. *Full article* *at* *Invezz**, Ali Raza, Sep 26, 2020* https://invezz.com/news/2020/09/26/a-new-israeli-draft-proposes-exempting-bitcoin-from-taxation/ **2. Israeli Security Firm Curv Signs UAE Crypto Exchange HAYVN** Israeli startup, Curv, which provides security infrastructure for digital assets, has partnered with UAE-based cryptocurrency platform and custodian, HAYVN. It is the first commercial agreement between crypto-related firms in the two countries since they agreed to normalise diplomatic ties under a US-brokered accord. *Full article* *at* *FinanceMagnates**, Aziz Abdel-Qader, Sep 23, 2020* https://www.financemagnates.com/cryptocurrency/news/israeli-security-firm-curv-signs-uae-crypto-exchange-hayvn/ ****PAKISTAN**** **1. Cryptocurrency not legal tender, SBP informs SHC** The Sindh High Court (SHC) on Wednesday took up a petition challenging a ban on the use of digital currency in the country and directed the federal government, the State Bank of Pakistan (SBP) and the Federal Investigation Agency (FIA) to submit their detailed reply in the case on November 5. *Full article* *at* *Ary News**, Web Desk, Sep 30, 2020* https://arynews.tv/en/cryptocurrency-not-legal-tender-sbp-informs-shc/ ****RUSSIA**** **1. Huobi Launches Dedicated Crypto Trading App for the Russian Market** Huobi Global, the world's leading digital asset exchange, today released a native mobile app for the Russian market. Available for iOS and Android, Russian users can now access Huobi's spot market and trade hundreds of digital assets and cryptocurrencies via a simple and intuitive mobile app. *Full article* *at* *PRNewswire**, Huobi Global, Sep 27, 2020* https://www.prnewswire.com/news-releases/huobi-launches-dedicated-crypto-trading-app-for-the-russian-market-301138713.html **2. Russia Proposes Harsh Penalties for Unreported Cryptocurrency Holdings** Russia’s Ministry of Finance has drafted a bill with harsh penalties for anyone who does not report their cryptocurrency holdings above a certain level. Penalties include jail terms and fines. *Full article* *at* *Bitcoin.com**, Kevin Helms, Sep 26, 2020* https://news.bitcoin.com/russia-penalties-cryptocurrency/

Source https://news.bitcoin.com/russia-penalties-cryptocurrency/ **Crypto Exchange Binance Blacklisted by Russia's Telecom Censorship Agency** Russia’s telecom regulator Roskomnadzor has added Binance, the world’s largest crypto exchange, to the list of blacklisted websites in the country. *Full article* *at* *Bitcoin.com**, Jeffrey Gogo, Sep 26, 2020* https://news.bitcoin.com/crypto-exchange-binance-blacklisted-by-russias-telecom-censorship-agency/ ****SOUTH KOREA**** **Blockchain Firm ICONLOOP to Work with South Korea’s Pohang City, Steel Manufacturer POSCO, and Others on Supporting Decentralized ID Ecosystem** Markus Jun, founder and CEO of ICON’s Accelerator Partner and Seoul Launchpad of ICXStation, HyperConnector (online accelerator for the ICON ecosystem), recently confirmed that ICONLOOP will be working cooperatively with Pohang, POSCO and POSTECH to develop a (decentralized ID) DID ecosystem with MyID. *Full article* *at* *CrowdfundInsider**, Omar Faridi, Sep 27, 2020* https://www.crowdfundinsider.com/2020/09/167256-blockchain-firm-iconloop-to-work-with-south-koreas-pohang-city-steel-manufacturer-posco-and-others-on-supporting-decentralized-id-ecosystem/ **Mandatory KYC verification may contradict privacy laws in South Korea** With the South Korean government preparing to implement know-your-customer (KYC) and anti-money laundering (AML) compliance processes, there is confusion among legal experts as to whether the requirements contradict other laws. Full article at CoinTelegraph, Felipe Erazo, Sep 25, 2020 https://cointelegraph.com/news/mandatory-kyc-verification-may-contradict-privacy-laws-in-south-korea **S. Korea’s Major Crypto Exchange Bithumb Up for Sale Again, Report** The owners of Bithumb are reportedly looking to sell the cryptocurrency exchange once again. The asking price is believed to be at least 500 billion won (around $430 million). *Full article* *at* *BeinCrypto**, Rick D., Sep 22, 2020* https://beincrypto.com/s-koreas-major-crypto-exchange-bithumb-up-for-sale/ ****THAILAND**** **ConsenSys wins contract for Thailand-Hong Kong CBDC project** ConsenSys will develop a proof-of-concept for cross-border payments following successful research between the two central banks. *Full article* *at* *CoinTelegraph**, Jack Martin, Sep 28, 2020* https://cointelegraph.com/news/consensys-wins-contract-for-thailand-hong-kong-cbdc-project

Source https://cointelegraph.com/news/consensys-wins-contract-for-thailand-hong-kong-cbdc-project ****VIETNAM**** **Central bank: Cryptocurrencies are not accepted in Vietnam** The State Bank of Vietnam (SBV) has not accepted cryptocurrencies as a currency and a legal means of payment, said Nghiem Thanh Son, Deputy Director of the SBV's Payment Department. *Full article* *at* *VietNamNet**, Chia sẻ, Sep 23, 2020* https://vietnamnet.vn/en/business/central-bank-cryptocurrencies-are-not-accepted-in-vietnam-675843.html You’ll notice that there are more happenings in the Asian continent. That is not surprising considering quite a few of the cryptocurrencies exchanges originate from Asian countries. **If this has been a helpful resource for you, do like and subscribe to be notified of future installments. Thank you for reading.** **Resource** Header Image Source: Image by **PublicDomainPictures** from **Pixabay**  https://pixabay.com/users/publicdomainpictures-14/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=15428 https://pixabay.com/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=15428