Crypto Bulletin : Asia Pacific

China, more specifically, the Inner Mongolia region in Northern China is the current epicenter of crypto news. The region first rocked the crypto world by declaring a ban on crypto mining. This was after a series of claims from Beijing around the development of digital yuan replacing cash. Moreover, coins which are getting expensive and run the risk of counterfeiting. Here’s expanding on the various ways crypto is making news in China and the rest of Asia Pacific.

Banning Bitcoin Mining

Inner Mongolia’s decision to shut down all cryptocurrency mining projects by April, reverberated around the globe. The autonomous region had previously been a hotbed of crypto mining because of its cheap power from the cluster of coal mines. This region solely accounted for 8% of global crypto-mining where China as a whole accounted for 65%. 

Also Read: List of Top Brands that Accept Cryptocurrency

Earlier in the year, this region faced heat from Beijing over its inability to control power consumption. The draft policy stating its ban on crypto mining activities was weeks after the reprimand from the National Development and Reform Commission.  China’s top economic planner. 

The country has since 2017, prohibited the initial coin offering, going on to close down all virtual currency exchanges. Thereafter, save the mining industry. This, too, now lives in fear of closure.

Ramble About Digital Yuan

People’s Bank of China speeding off with their project Digital Yuan; a sort of Central Bank Digital Currency (CBDC) that looks forward to replacing some of the cash and coin circulating in the market. The distribution of digital currency is to happen through commercial banks that already have an infrastructure to distribute the digital yuan. People would have to use the quick-response (QR) code in their phones to the merchants who would scan those for payment. 

China has for long been pushing for the internationalization of its currency, digital yuan may be considered a step in that direction. The authorities have, however, emphasized the digital yuan to be developed with domestic-focus and internationalization, authorities claim, is not an immediate concern.

Singapore PM speak

Meanwhile, Singapore PM, Lee Hsien Loong, has warned the citizens to exercise caution before engaging in the crypto trade. In his statement, he has made it clear that if someone engages in trade with an entity not regulated by the country’s monetary authority, they will not be protected by the government. 

Singapore is a hub of crypto-activities. The government has facilitated a conducive environment for the free play of crypto trading with adequate regulations. The recent statement by the PM underlines that.

India’s Thoughts

India mulls over a concrete stand with regard to cryptocurrency as she prepares for assembly elections. Movements suggest Finance Ministry may be working towards a regulation on cryptocurrency as opposed to the much speculated ‘blanket ban’. 

Winding up…

The noise generated from the crypto sector suggests that most countries are vigilant about the crypto trade. Moreover, it is also wary of mal-entities on the rise. While China is taking steps to curb the “power-hungry” cryptocurrency, Singapore is actively spreading awareness of safe trading.