India considers banning cryptocurrency to endorse CBDC, Lazarus Group attacks in Asia once more: Asia Express
India is once again considering a ban on cryptocurrencies, with reports suggesting that regulators are consulting experts on the matter. The government is weighing the benefits of banning cryptocurrencies in favor of a central bank digital currency (CBDC), according to the Hindustan Times. Some experts believe that the risks associated with cryptocurrencies outweigh their benefits and that CBDCs can offer similar functionalities with additional benefits.
India’s stance on cryptocurrencies has been tumultuous in the past. In 2018, the Reserve Bank of India (RBI) prohibited financial institutions from offering services to crypto firms, a decision later overturned by the Supreme Court. In 2021, there was a proposed legislation to ban cryptocurrencies that was not enforced. Instead, India implemented one of the highest crypto tax regimes globally in 2022, with a 30% tax on crypto income and a 1% levy on transactions. India’s CBDC, the digital rupee, is currently being piloted with 5 million users partaking in retail tests.
Recent hacks on Asian exchanges BingX and Indodax have been linked through a common exploiter address, implicating the Lazarus Group. Security experts have previously attributed the $22 million Indodax hack to this North Korean state hacking group and now suspect Lazarus in the BingX hack as well. This is part of a wider trend, with Lazarus having ties to major cyberattacks on Asian exchanges throughout the year, including those targeting Japan’s DMM Bitcoin and India’s WazirX.
South Korea is facing a wave of crypto exchange closures, with 14 local exchanges suspending operations due to licensing requirements. An estimated $13 million worth of fiat and cryptocurrencies belonging to over 33,000 users are trapped in these defunct exchanges. The industry’s regulatory group, the Digital Asset Exchange Association, has partnered with the Financial Services Commission to create a foundation to assist users in recovering funds. Lawmakers have criticized the voluntary nature of this initiative during a recent state audit, accusing the commission of favoring certain exchanges like Upbit.
On the gaming front, Ubisoft, the renowned developer behind Assassin’s Creed and Far Cry, launched its first Web3 game, Champions Tactics: Grimoria Chronicles, on the Japanese blockchain Oasys. This turn-based role-playing game allows players to engage in battles using NFT characters. Oasys has attracted other major gaming companies like Sega and Bandai Namco, signaling a growing interest in blockchain technology within the gaming industry.
