This week APAC saw interesting crypto developments as India called for global cooperation in regulating crypto, Singapore welcomed the premier crypto event Global Blockchain Congress, and China and Thailand explored USD alternatives.
India Keen To Engage With Other Nations For Global Crypto Regulatory Framework
The Indian Finance Minister, Nirmala Sitharaman, has publicly advocated the need for global understanding and cooperation in regulating cryptocurrencies. According to a recent Forbes report, Sitharaman stressed that no single country could manage this borderless technology effectively on its own.
Sitharaman’s remarks, which emphasize the necessity of a coordinated approach, are made at a time when nations all over the world are struggling with the difficulties of regulating cryptocurrencies.
According to her, the decentralized and global nature of these digital assets has made it difficult for individual nations to effectively oversee their use and prevent potential misuse.
The Indian FM’s calls for a worldwide understanding when it comes to crypto regulation and highlights the growing recognition among policymakers that a coordinated and collaborative approach is necessary to address the challenges posed by crypto.
The Reserve Bank of India has been taking a cautious approach to crypto. However, time and again, the government has also recognized the potential benefits of blockchain technology and has been working on a regulatory framework for crypto.
EXPLORE: How To Buy Ethereum As A Beginner
Premier Event, Global Blockchain Congress, Goes From Dubai To Singapore
The Global Blockchain Congress, a premier event that brings together blockchain enthusiasts, developers, and industry leaders, is going from Dubai to Singapore for its next edition.
The move is a testament to Singapore’s growing importance as a hub for blockchain innovation and the country’s supportive regulatory environment.
The event scheduled for 12th and 13th September 2024 in Singapore aims to showcase the latest developments in blockchain technology and foster collaboration among participants, according a recent report from crypto.com.
“De-dollarization” And Experiments With CBDCs
China and Thailand are reportedly exploring alternatives to the US Dollar for the use of bilateral trade, according to a recent report from Coin Tribune. This move, coming from Asia, could have significant implications for the global financial system.
The Start of De-Dollarization: China’s Move Away from the USD https://t.co/CjWGns6WJu by @VisualCap pic.twitter.com/hni61IPkM7
— Jesse Felder (@jessefelder) May 23, 2024
The rise of de-dollarization comes as Thailand revealed the findings of its Central Bank Digital Currency (CBDC) project last year. The country continues to experiment with CBDC.
China has been making progress with its digital Yuan or e-CNY. A week ago, Hong Kong allowed China’s digital currency to be used in retail shops in the city.
Meanwhile, the Korean financial regulators have come under pressure to authorize the creation of crypto Exchange-Traded Funds (ETFs), following the approval of Ethereum ETFs by the US Securities and Exchange Commission (SEC).
Read more: Korean Regulators Face Mounting Pressure to Approve Crypto ETFs After US Approval of ETH ETFs
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
