Archive | Asia

Turcoin Revealed as $20M Ponzi Amid False Promises of Turkish National Crypto

Turcoin, hailed once as Turkey’s new alternative digital token and potential national cryptocurrency has been denounced as a Ponzi scheme, writes Bitcoin Exchange Guide. It appears that the founders have disappeared, apparently accused of fleeing Turkey, absconding with more than 100 million Turkish liras (about USD 20 million) collected from over 10,000 people in in […]

Korean Exchange Bithumb Loses $31M in Hack, Halts All Withdrawals

Bithumb announced on 20 June 2018 that it was hacked overnight, resulting in the loss of KRW 35 billion (USD 31 million) of cryptocurrency. For the time being, all cryptocurrency and fiat withdrawals are frozen, and Bithumb urges customers not to deposit any cryptocurrency since all of Bithumb’s digital assets have been moved into cold […]

Former Indian Legislator Named ”Offender” in Bitcoin Extortion Inquiry

A former Indian legislator has been found a “proclaimed offender” by the local court presiding over a USD 1.3 million Bitcoin extortion case. As reported by The Indian Express, former member of Legislative Assembly Nalin Kotadiya failed to show up in court regarding the case, despite multiple summonses. The Indian Criminal Investigation Department (CID) was not […]

Cambodia Bans Unlicensed Cryptocurrency

Cambodia’s government issued a statement to the public today on 19 June 2018 that essentially bans cryptocurrency in the Southeast Asian nation. The statement was signed by the National Bank of Cambodia, the Securities and Exchange Commission of Cambodia, and the General-Commissariat of National Police, and says that using cryptocurrency without a license is illegal. […]

Japanese Exchange Association to Ban Insider Trading and Anonymous Coins

Japan’s Virtual Currency Exchange Association (JVCEA) is set to announce new laws on insider trading next week, reports the Nikkei Asian Review. The chairman and president of the organization is Taizen Okuyama of Money Partners. Bitflyer CEO Yuzo Kano is the vice chairman, along with Bitbank president Noriyuki Hiroeno. The other two directors are SBI […]

South Korea Still Reticent on National Crypto After Task Force Report

South Korea’s central bank has announced says it has no plans to launch its own central bank digital currency (CBDC), reports Coindesk. This announcement came after another last month which suggested that South Korea was, in fact, looking at the feasibility of such a move. It had been suggested in May that a task force had […]

Kerala Using Blockchain to Drive Food Supply Chain in India’s Deep South

The state of Kerala, in India’s extreme south, is adopting blockchain in order to update and streamline its food supply chain to customers. The blockchain is increasingly aiding food production and the flow of food from growth to table around the world, with new concepts appearing almost weekly. Raja Ramachandran, CEO for ripe.io, a company currently […]

Asia and Australia: Crypto and Blockchain News Roundup, 8th to 14th June 2018

Asia and Australia Welcome to our weekly roundup of all important blockchain and cryptocurrency news from around the world. Follow the latest developments in the cryptocurrency space continent by continent, country by country. China Bank to use blockchain for credit blacklist: Suning Bank, one of the biggest retailers in China has announced that it is […]

Chinese Bitcoin Tycoons’ Battle of Words Over BTC 30,000

Chinese entrepreneur Chen Weixing has got himself in hot water after accusing a fellow national “Bitcoin tycoon” of misrepresenting the truth over raising Bitcoin funds, writes Coindesk. Chen, CEO of an app-development firm called Fun City, is a known blockchain enthusiast, having invested in a long list of Chinese blockchain projects, including Qtum and Tron, […]

Thailand’s New SEC Crypto Laws Set to Approve 5 ICOs

Thailand’s financial regulator is set to approve five projects this month out of an estimated 5O ICOs expecting to raise funds from the Thai capital market, writes Bitcoin.com. The Thai Securities and Exchange Commission (SEC) is expected to approve the as yet undisclosed projects as the new law to regulate cryptocurrencies and ICOs comes into […]

South Korean Banks Initiate Blockchain-Based ID System

The Korean Federation of Banks (KFB), a group of South Korean commercial banks, has announced that a new blockchain-based ID initiative dubbed ‘BankSign’ will be implemented in July later this year. The initiative will replace the massively outdated current system that has been in place for 20 years that has resulted in an enormous number of fraudulent […]

India on the Back Foot over Crypto Ban as Central Bank Admits Lack of Research

The Reserve Bank of India (RBI), India’s central bank, has admitted that it did not undertake a thorough enough research of cryptocurrencies before issuing its ban earlier this year, writes Bitcoin.com. This was the bank’s response to a Right to Information query filed by an Indian blockchain lawyer, which has since been distributed to news outlets. […]

Ripple’s University Blockchain Funding to Boost South Korean Interest

Ripples latest input of USD 50 million to its University Blockchain Research Initiative (UBRI) in South Korea demonstrates the company’s intent to promote more interest in cryptocurrency in South Korea in the future. The crypto space in South Korea is booming and has become world’s third-largest crypto market,  but this is mainly company driven, as […]