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Taiwan weighs up CBDC following feasibility study completionTaiwan’s central bank, the Central Bank of the Republic of China (Taiwan), recently concluded an in-depth feasibility and technology study on the potential implementation of a wholesale central bank digital currency (CBDC).Photo by Timo Volz on UnsplashGathering feedback and refining designAccording to statements made by Deputy Governor Chu Mei-lie while speaking at an annual event organized for the banking sector by the Financial Information Service Co., an entity that oversees Taiwan’s banking, payment and settlement systems, Chu disclosed that the central bank is now in the process of gathering feedback and refining the design of the CBDC platform.In her keynote speech, Chu underscored the significance of CBDCs in the evolving landscape of digital currencies. She concurred with the Bank for International Settlements’ (BIS) assertion that conventional payment tools and platforms may not always meet the demands of all-day transactions, smart contracts and automatic settlements facilitating simultaneous and irreversible transfers of assets or funds.Supporting asset tokenizationChu emphasized that a nation’s monetary system should be poised to support tokenized assets. CBDCs, she suggested, could potentially offer comprehensive payment and settlement services, integrating tokenization and a unified ledger that harmonizes CBDCs with traditional currencies.The concept of a unified ledger, as explained by Chu, doesn’t imply a single ledger but rather that tokenized ledgers of each economy could coexist and connect through an application interface.This approach aims to ensure interoperability, minimizing the risk of errors in message transmission. Interoperability is also being worked on by financial messaging service SWIFT. It recently collaborated with central banks in Hong Kong and Kazakhstan with a view towards testing a connector that would enable the integration of SWIFT with CBDCs.Additionally, a unified ledger is anticipated to expedite the clearing process, foster a secure trading environment and ensure the safe, reliable and effective execution of currency and asset transactions.International integration of e-CNYChu acknowledged that foreign central banks are actively exploring the feasibility of issuing CBDCs to establish a unified value for all forms of currency. Of the many early-stage CBDC projects that are out there, China’s e-CNY has gathered the greatest momentum.British bank Standard Chartered has been the most recent entity to join the Chinese CBDC international pilot project. Taiwan’s Fubon Bank has enabled its customers to top up e-CNY via mobile banking. The leading CBDC currency has similar collaborations in place with Hong Kong banks, HSBC and Hang Seng Bank.Fubon has also gotten involved alongside Ripple in a pilot program run by the Hong Kong Monetary Authority. Through that collaboration, it is supporting an asset tokenization trial that revolves around Hong Kong’s CBDC, the e-HKD.Chu outlined that in the case of Taiwan, the matter of a CBDC is being pursued cautiously, without a predefined timetable for reaching a conclusion. The monetary policymaker plans to engage in discussions with academic and business sectors to inform its stance on CBDCs.Meanwhile, the central bank is committed to enhancing overall planning related to the CBDC platform, focusing on transaction ease, capacity and innovative functionalities. Chu also highlighted the consideration of offline transaction scenarios in this ongoing process.

Latest Chinese Crypto Crackdown Sees Influencer Accounts Shut DownMicro blogging platform Sina Weibo, one of China’s most popular social media platforms boasting over 258 million daily active users, has taken decisive action to enforce the country’s stringent regulations on cryptocurrency activities.Photo by Henry Chen on Unsplash80 accounts removedIn its latest announcement on Tuesday, the platform revealed the removal of 80 influencer accounts dedicated to promoting cryptocurrency-related content. These accounts collectively held a substantial following, with over 8 million followers combined.The move by Weibo comes as a response to official legislation aimed at cracking down on activities that breach a range of regulations encompassing telecommunications, finance, banking, online marketing, securities, exchanges, and internet safety. The 80 influencer accounts in question had actively violated these regulations by endorsing and promoting cryptocurrencies.Ongoing enforcementThis isn’t the first time Weibo has undertaken such a measure. It has been periodically purging crypto-related accounts since China’s cryptocurrency ban took effect in September 2021. In March of this year, Weibo already took down 131 accounts associated with crypto and stock trading activities.The most significant nationwide crackdown occurred in August 2022 when the Cyberspace Administration of China (CAC) stepped in, resulting in the removal of a staggering 12,000 influencer accounts across both Weibo and Baidu. Furthermore, 51,000 promotional posts related to cryptocurrencies were deleted. The CAC justified these actions by emphasizing their intent to protect the public’s property safety, educate citizens on responsible investment practices, and discourage participation in speculative cryptocurrency trading activities.Weibo echoed similar sentiments in their previous enforcement actions, vowing to increase the crackdown on illegal securities activities on their platform while strictly adhering to legal regulations.Worldwide issueCrypto promotion and crypto influencers are coming under increased scrutiny worldwide. In a recent filing by the Department of Justice (DoJ) in the United States in its criminal prosecution against Sam Bankman-Fried, the Founder and former CEO of failed crypto exchange FTX, it asserted that promotion by way of ads featuring US comedian Larry David and American sports star Tom Brady had blurred the lines between FTXs international and US businesses.Class action lawsuits have been instigated against a long list of crypto influencers and promoters relative to FTX, Celsius, BlockFi, and a number of other high-profile failed crypto platforms.Last month, details emerged of a grizzly end for Argentinian crypto influencer Fernando Perez Algaba, whose dismembered body was found in a suitcase in a town close to the Argentinian capital, Buenos Aires.China’s intensified scrutiny over crypto activities in recent years is driven by multiple factors, including concerns about capital flight, money laundering, and the imperative to safeguard state-controlled cryptocurrency initiatives. These measures have not only affected domestic investors but have also had unintended consequences for international cryptocurrency enthusiasts.

Korean regulator monitors non-listed token amidst peer-to-peer trading surgeThe South Korean financial regulator is closely monitoring BTCMobick, a non-listed token issued by crypto influencer Oh Tae-min, who is known for authoring books like “The Great Bitcoin” and “Bitcoin and the Geopolitics of the Dollar.” The Financial Services Commission (FSC) is cautioning local crypto exchanges regarding the potential for price manipulation should the token be listed.Photo by Daniel Bernard on UnsplashBTCMobick TokenThe BTCMobick token is reportedly being traded peer-to-peer at around KRW 300,000, which is approximately equivalent to $230, in chat rooms of messaging apps like KakaoTalk outside of cryptocurrency exchanges. The token has gained enough traction to spur the emergence of dedicated apps that facilitate these peer-to-peer trades, charging fees for their services. Based on the size of the chat rooms and apps involved, it is estimated that approximately 3,000 participants are trading the token, according to a report by local news website Etoday.As per another coverage by the same outlet, the Virtual Asset Inspection Division of the Financial Intelligence Unit (FIU), which operates under the FSC, has inquired with local crypto exchanges on two occasions — once in September and again this week — about whether they have listed or are planning to list the BTCMobick token. It’s rare for the financial authority to specifically target a particular token when making inquiries with crypto trading platforms.Potential price manipulationAn FIU official explained the rationale behind the agency’s inquiry into crypto exchanges. The official stated that the probe aimed to caution the exchanges about potential price manipulation of the BTCMobick token. The concern is that many crypto users might suffer losses if such a token, which has been experiencing a continual rise in price outside of trading platforms, were to be listed. Currently, legal penalties for cryptocurrency price manipulation fall under the Virtual Asset User Protection Act, which will not be enforced until July 2024. This indicates a regulatory gap in the immediate term.Hwang Suk-jin, a professor at Dongguk University’s Graduate School of International Affairs and Information Security, pointed out that while giving out privately generated tokens to friends or acquaintances doesn’t raise any legal issues, the situation changes once these tokens are listed for trading on exchanges and distributed more broadly in the market. In such scenarios, these tokens can become a source of legal disputes, he explained.Amidst these developments, there are circulating rumors suggesting that BTCMobick is on the verge of being listed on exchanges. An industry insider has mentioned that there are brokers actively spreading these rumors, indicating that the token might soon become publicly tradable.Oh Tae-min’s denial of rumorsMeanwhile, Oh Tae-min, the creator of BTCMobick who has been distributing his token for free, states that the token is part of an experiment intended to mimic the early stages of Bitcoin. However, critics are concerned that the personally issued token has no practical utility. Addressing the circulating rumors about the token’s potential listing on exchanges, Oh asserts that these rumors are baseless and false. He further warns that any brokers spreading such rumors are likely engaging in fraudulent activities.