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Digital currencies

Digital currencies
The latest news, analysis and opinion on Digital currencies. In-depth analysis, industry insights and expert opinion.
Souvenir tokens representing bitcoin are seen at an industry event in Hong Kong. Photo: AFP
North Korea

North Korea is rolling in bitcoin. Only the US and UK have more

A major breach of Dubai-based trading platform Bybit last month netted hackers believed to be backed by Pyongyang US$1.5 billion in tokens.

US-China relations

‘A geopolitical move’: Trump’s big bet on crypto raises questions for China

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Singapore

Singapore to list bitcoin futures, join shift in expanding crypto derivatives

Blockchain

Ethereum co-founder Gavin Wood says Web3 is on track as finance firms move in

Wood’s newer project Polkadot is focused on scaling decentralised applications, with many developers coming from China.

Ethereum and Polkadot co-founder Gavin Wood. Photo: Matt Haldane
Banking & finance

Hong Kong’s dollar peg seen as advantage amid stablecoin growth

Stablecoin transactions are now a fifth of all cryptocurrency transactions, and they make it easier to transact in US dollar-backed assets.

Bitcoin

Trump wants the US to be the world’s crypto capital. Will China take notice?

The global impact of Trump’s cryptocurrency reserve and a White House summit on the asset will be watched, analysts say.

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Blockchain

Bitcoin up after Trump names cryptocurrencies in strategic reserve

The world’s largest cryptocurrency is up by more than 20 per cent from the November lows.

Bitcoin has soared following Trump’s announcement of a list of cryptocurrencies to be included in a new US strategic reserve. Photo: AFP
China economy

Letters | Trump’s digital dollar ban leaves the field open for China

Readers discuss the potential of China’s central bank digital currency, and whether Hong Kong should impose carbon taxes.

Blockchain

Hong Kong launches first retail tokenised money market fund in Web3 push

ChinaAMC’s Hong Kong dollar-denominated fund launched on the cryptocurrency exchange OSL and securities brokerage Solomon on Friday.

Cryptocurrency

US securities regulator files to dismiss Coinbase lawsuit

A court has separately paused the SEC’s lawsuit against Binance after a joint request, citing implications of the agency’s new crypto task force.

The logo for Coinbase Global, the biggest US cryptocurrency exchange, displayed on the Nasdaq MarketSite jumbotron in Times Square in New York on April 14, 2021. Photo: Reuters
North Korea

FBI blames North Korea for US$1.5 billion ByBit crypto hack

According to the company, a hacker gained control of an ether wallet and transferred the holdings to an unidentified address.

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The FBI said the stolen assets will be further laundered and eventually converted to fiat currency. Photo: Shutterstock
Blockchain

Bitcoin slides below US$90,000 as cryptocurrency sell-off hastens

Tumbling crypto prices mirror a broader retreat from risky assets, while sentiment has also soured following a hack targeting exchange Bybit.

North Korea

Crypto exchange Bybit, hit by largest crypto theft ever, stokes sell-off

After exchange operator loses ether from a cold wallet in a North Korea-linked attack, bitcoin and ether fall as industry enthusiasm wanes.

Blockchain

OKX crypto exchange operator enters US$505 million guilty plea, US says

Prosecutors said that from 2018 through early 2024, OKX was used to facilitate more than US$5 billion in suspicious transactions and criminal proceeds.

The booth for OKX seen at Hong Kong FinTech Week on November 3, 2023. Photo: NurPhoto via Getty Images
Icons and Influencers

Who is Bo Hines, the ex-college footballer Trump chose as crypto adviser?

Hines played football at North Carolina State and Yale, but always wanted to be a politician – he has few cryptocurrency credentials, yet has been chosen to advise on the digital landscape.

Donald Trump endorsed Bo Hines during his failed bid for the US House of Representatives in 2022. Photo: @bohines/Instagram
Blockchain

Consensus Hong Kong: regulators seek ‘global liquidity’ in crypto amid Web3 push

The SFC licensed its first international crypto exchange on Tuesday as it courts global business at major Web3 conference.

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Blockchain

Tokenisation a ‘defining trend’ in Hong Kong, official says at Consensus

Tokenisation will be ‘profoundly transformative’, Secretary for Financial Services Christopher Hui said, as companies pile into the burgeoning business.

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Americas and the Caribbean

Argentina’s Milei denies promoting cryptocurrency that crashed

Argentina’s president spoke out for the first time about a cryptocurrency scandal that has dented his reputation.

Argentina’s President Javier Milei leaves the Casa Rosada presidential palace in Buenos Aires on Monday. Photo: AFP
Cryptocurrency

Consensus building: crypto conference arrives in Hong Kong amid Web3 changes

Hong Kong is leaning into its role in traditional finance as it courts Web3 enthusiasts to the city for CoinDesk’s Consensus Hong Kong.

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Blockchain

Binance seeks pause in legal battle as Trump draws up crypto policy

The parties say the SEC’s new task force on cryptocurrency regulations may ‘impact and facilitate the potential resolution of this case’.

Yuan

Opinion | Trump’s digital dollar ban opens the door for China’s yuan

The US president’s decision to halt CBDC development may inadvertently hasten the de-dollarisation trend, smoothing path for yuan internationalisation.

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China’s app for the digital yuan is seen on a mobile phone next to 100-yuan banknotes. Photo: Reuters
Hong Kong

Tencent-backed WeBank eyes Web3 expansion in Hong Kong

WeBank chief information officer Henry Ma said the virtual bank will be “deeply involved” in developing Hong Kong’s Web3 infrastructure.

WeBank’s headquarters in Shenzhen. Photo: Handout
Cryptocurrency

Hong Kong bitcoin ETFs could open to some mainland investors under new measures

New rules further opening up China’s financial markets could give some mainlanders access to cryptocurrency investment products for the first time.

Blockchain

Trump’s meme coin draws billions in crypto trading volume

Major exchanges like Coinbase and Binance say they intend to list Trump’s token on their platform, while Melania also unveiled a coin.

Yuan

China’s yuan on the rise in oil trade, but petrodollar here to stay: report

Helped by digital yuan and advancements in financial tech, more yuan-backed transactions are taking place in crude settlement.

China’s yuan has grown in stature, becoming more commonly used as a medium of exchange in the international oil trade. Photo: AFP
Blockchain

BitMEX fined US$100 million for violating anti-money-laundering laws

Prosecutors accuse BitMEX and its founders of failing to adopt anti-money-laundering and “know your customer” programmes.

BitMEX has been fined US$100 million for anti-money-laundering violations. Photo: SCMP
United States

Binance, Changpeng Zhao lose US Supreme Court appeal in unregistered tokens suit

The court’s decision allows a class-action lawsuit to proceed, finding that US securities laws apply despite Binance’s foreign operations.

United States

Opinion | Up in the air whether US economic arrows will hit the mark

If the Trump 2.0 team is as uncoordinated as Trump 1.0, we will see arrows flying everywhere.

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