China Should Consider Launching its Own Stablecoin, Central Bank Expert Says in Op-Ed
An expert from the People’s Bank of China (PBoC), Li Liangsong, and professor of Fudan University Wang Huaqing wrote an article called “Analysis of Digital Stable Coins” for CN Finance, in wich he noted that The Chinese government should consider launching its own yuan-backed stablecoin despite the current ban on cryptocurrencies. The authors suggested that China should analyze other companies’ experience and “double its efforts” to create a local stablecoin, and other digital currencies have to stay prohibited in China. The Chinese government first started its anti-crypto campaign in 2017 by closing all of the country’s cryptocurrency exchanges and banning Initial Coin Offerings (ICO). The People’s Bank of China has then warned citizens about the risks of crypto trading. Despite the crypto ban, the country has actively been exploring blockchain solutions.
Crypto Exchange Hack Losses Already 250% Higher Than 2017, Q3 Report Shows
The Australian federal government is exploring the use of blockchain-based “smart money” for use in its National Disability Insurance Scheme (NDIS). The trial, dubbed “Making Money Smart,” has been developed by the Commonwealth Bank of Australia (CBA) and Data61. The latter is a digital innovation center that forms part of the Commonwealth Scientific and Industrial Research Organisation (CSIRO) which is an Australian government corporate entity that undertakes scientific research to advance diverse local industries. Data61 says that NDIS was chosen for the proof-of-concept as it “involves highly personalised payment conditions,” outlining how under NDIS, individuals and their carers receive specified amounts of funds to spend on various goods and services provided for by the scheme. Using a Smart Money scheme would automate and secure the process, relieving users and service providers from needing to process cumbersome paperwork or administrative receipts.
Korean Crypto Exchange Sued for Controversial Token Schemes
South Korean law firm Aone filed a complaint with Seoul Central District Court on Oct. 5 against Newlink Co. Ltd., the owner of crypto exchange Cashierest. Lawyer Kim Dong-joo at Aone’s Seocho branch explained that his firm is pursuing charges against the crypto exchange for deviating from the public interest in order to restore the health of the cryptocurrency market. The suit alleges that Cashierest has committed two illegal acts by issuing its “dividend coin [called] cap (CAP)” on the capital market – first is a violation of the securities issuance procedure, as defined in Article 119 of the country’s Capital Markets Act, and the second is a violation of Article 178 which prohibits unfair trading. The law firm plans to expand the lawsuit to other exchanges such as Bithumb, Coinbit, and Coinzest. At the heart of the lawsuit is CAP, the exchange’s own token.