Foreign - Page 38 of 46

US Representative Tom Emmer Introduces Legislation to Limit Fed

Tom Emmer, a representative for Minnesota in the United States House of Representatives, has proposed a piece of legislation that, if passed, would prevent the Federal Reserve from launching a central bank digital currency, also known as CBDC. In a statement made on February 22, Representative Emmer said that he had sponsored the “CBDC Anti-Surveillance … Continue reading US Representative Tom Emmer Introduces Legislation to Limit Fed

Forsage Founders Indicted for Alleged $340 Million "Global Ponzi" Scheme on Ethereum Blockchain

A federal grand jury in the District of Oregon has handed down indictments against the individuals who are believed to have been the masterminds behind the “global Ponzi” scam known as Forsage, which is said to have generated $340 million. According to a statement released by the Department of Justice (DOJ) on February 22, the … Continue reading Forsage Founders Indicted for Alleged $340 Million "Global Ponzi" Scheme on Ethereum Blockchain

Suspected Hackers Move Stolen Funds to Sanctioned Crypto Mixer

Blockchain security firms PeckShield and Beosin have reported that suspected hackers who exploited Lendhub, a decentralized finance lending protocol, have moved more than half of their ill-gotten gains to Tornado Cash, a crypto mixer service. According to Beosin, around 2,415 Ether (ETH), worth about $3.85 million, was sent to Tornado Cash from a wallet connected … Continue reading Suspected Hackers Move Stolen Funds to Sanctioned Crypto Mixer

Iran Completes Pre-Pilot Phase for Digital Rial

Iran’s Central Bank is making progress with its plans to launch a digital version of the national currency, the rial. The Central Bank of Iran (CBI) recently completed the pre-pilot phase for the country’s central bank digital currency (CBDC), according to an official statement by CBI’s research arm, the Monetary and Banking Research Institute (MBRI). … Continue reading Iran Completes Pre-Pilot Phase for Digital Rial

Thailand Waives Taxes on Investment Tokens

Thailand’s government is taking further steps to benefit from the growth of the digital asset industry by waiving taxes on investment tokens. According to Reuters, Thailand’s cabinet has agreed to exempt companies that issue investment tokens from corporate income tax and value-added tax (VAT). This move is expected to encourage companies to access alternative ways … Continue reading Thailand Waives Taxes on Investment Tokens

South Koreans transacted $4.3 billion through illegal crypto exchanges

South Korea has been tightening its regulatory regime towards crypto exchanges, but it seems that some citizens are still engaging in illegal transactions. According to local sources, South Koreans transacted 5.6 trillion Korean won ($4.3 billion) through illegal crypto exchanges in 2022, a significant increase from the previous year. The Korea Customs Service provided the … Continue reading South Koreans transacted $4.3 billion through illegal crypto exchanges

Hong Kong Suffers Surge in Crypto Scams in 2022

A large increase in the number of financial losses brought on by bitcoin scams has been seen in Hong Kong in the year 2022. According to reports from the local police, victims of cryptocurrency scams lost a total of HK$1.7 billion in 2018, marking a 106% increase from the previous year. In addition, the number … Continue reading Hong Kong Suffers Surge in Crypto Scams in 2022

Yellen Works with Regulators to Address Silicon Valley Bank Collapse

On March 10, 2023, California’s financial watchdog shut down Silicon Valley Bank (SVB) following an announcement of a significant sale of assets and stocks to raise $2.25 billion in capital to shore up operations. As a result, the Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver to protect insured deposits. While the FDIC … Continue reading Yellen Works with Regulators to Address Silicon Valley Bank Collapse

RBI and Central Bank of UAE sign MOU on CBDC bridge

The Reserve Bank of India and the Central Bank of UAE have signed a memorandum of understanding (MOU) on collaboration and innovation in financial services, with a focus on central bank digital currency (CBDC) interoperability. The parties will develop a proof-of-concept and pilot program for a CBDC bridge to facilitate remittances and trade, which would … Continue reading RBI and Central Bank of UAE sign MOU on CBDC bridge

Terraform Labs Co-Founder Do Kwon Appeals Extended Detention

Do Kwon, the co-founder of Terraform Labs, was recently arrested at Podgorica airport in Montenegro for attempting to fly to Dubai using fake documents. Following his arrest, the Montenegrin court approved a 30-day extension to Kwon’s detention period, which is longer than the usual 72-hour period allotted by authorities. Kwon’s legal representative has confirmed that … Continue reading Terraform Labs Co-Founder Do Kwon Appeals Extended Detention