Former Chinese banker criticizes Trump’s Bitcoin stance, fake video scammers apprehended: Asia Express

Former Bank of China VP Criticizes Trump’s Bitcoin Policy

Wang Yongli, a former vice president of the Bank of China, recently spoke out against Donald Trump’s Bitcoin reserve proposal. In an opinion piece for a China’s state-backed financial magazine, Wang argued that Bitcoin’s decentralized nature doesn’t provide any advantage in boosting the dollar’s global dominance. He believes that excessive deregulation and hindering the development of a digital dollar could potentially harm the dollar’s international standing.

Moreover, Wang questioned the practicality of establishing a national Bitcoin strategic reserve, expressing concerns about the risks and uncertainties associated with both government and central bank Bitcoin reserves. He highlighted the limitations of the US Treasury Department’s Foreign Exchange Stability Fund and suggested that seized Bitcoins should be returned to their rightful owners.

Recent policy changes in the US, including the approval of spot Bitcoin exchange-traded funds, have led some former Chinese officials to reconsider their stance on cryptocurrencies. While speculation suggested that China might soften its cryptocurrency policies last year, the country has continued piloting trials of its central bank digital currency (CBDC), the e-CNY.

On another note, South Korea’s Financial Services Commission announced plans to allow corporate crypto investments gradually. The commission aims to evaluate the gradual permission of real-name accounts for corporations through its cryptocurrency committee. Institutions in South Korea have faced challenges accessing these real-name accounts, effectively blocking corporate crypto investments.

In a separate incident, Hong Kong police arrested 31 suspects for running investment scams across Taiwan, Malaysia, and Singapore using deepfake technology. Police seized millions of Hong Kong dollars in scam proceeds during the operation, highlighting the rise of deepfake technology in perpetrating financial fraud.

Overall, these developments shed light on the evolving landscape of digital currencies and the various challenges and opportunities they present for different countries and institutions. Stay tuned for more updates on these intriguing developments in the world of finance and technology.