Bank Of Korea Calls For Bank-Issued Stablecoins To Prevent Financial Risks

A new report by the European Central Bank (ECB), presented as a “deep dive into crypto financial risks,” calls for “appropriate” regulation and oversight of stablecoins and decentralized finance (defi). It also addresses the hot topic of Bitcoin’s carbon footprint in Europe, suggesting a ban on proof-of-work mining is probable. Growth of Stablecoins, Defi Warrants Regulation and Supervision, ECB Says Crypto-related financial risks, those associated with stablecoins and defi platforms in particular, as well as the threat to climate transition goals blamed....

South Korea’s monetary policy regulator, Bank of Korea, plans to obtain documents from financial institutions to track crypto transactions involving bank accounts. Cryptocurrency prices fluctuate independently from the real economy, the bank says, adding that market growth could pose a risk to the country’s financial system. South Korean Central Bank to Intensify Screening of Crypto-Related Bank Records The central bank of South Korea intends to exercise its powers to conduct monitoring of crypto transactions through real-name bank accounts, according to a paper sent to an....

CITIC Bank has issued a statement prohibiting their clients to use their accounts for Bitcoin transactions. Per a Wu Blockchain report, the state-owned bank seeks to “maintain the legal currency status” of their national currency the Yuan (RMB). In addition, the bank is allegedly trying to prevent money laundering risks. Therefore, clients will be unable […]

After issuing a warning against a Baht-pegged stablecoin produced by a South Korea-based firm, Thailand plans to introduce a series of regulations for stablecoins in 2021. The Bank of Thailand, or BoT, is upping its game on the stablecoin front. This week, the institution had warned citizens that Thai Baht Digital (THT), a baht-pegged stablecoin issued by the South Korean firm Terra, has no legal assurances or protection and violates the country's currency act.According to a report published on March 19, central bank assistant governor Siritida Panomwon Na Ayudhya has told a briefing that....

Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes. Bankers and Tax Officials in Armenia Call for Crypto Regulations The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto....