ICICI blocks cryptographic transfers; Korean banks to report crypto crime

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Transcription

Welcome to The Daily Forkast, July 14, 2021. I’m Angie Lau, Editor-in-Chief of Forkast.News, covering all things blockchain.

Coming soon, Indian bank ICICI is blocking international crypto transfers. Korea says banks must report crypto-related money laundering crimes and plagiarism fears are hitting the NFT world.

Let’s go from Asia to the rest of the world.

India’s ongoing crypto acceptance saga has taken a different turn. One of the country’s leading financial institutions, ICICI Bank, has warned against using its international money transfer services to transfer any form of cryptocurrency.

The Bharat Express reports that bank customers must declare that remittances will not be used for investing or purchasing crypto or virtual currencies.

Customers are also cautioned that funds should not be transferred to companies specializing in crypto, nor in the proceeds of cryptocurrency investments.

The CEO of Indian trading platform Unocoin said investors might not be too worried because the domestic market is healthy.

“In India itself, the market is quite mature. We sometimes have as much as $ 100 million in wallets here. “

Indian banks have sought to limit their exposure to cryptocurrencies since the Reserve Bank of India, or RBI, issued a crypto circular in 2018. Despite the Supreme Court overturning the ban a year later, confusion still reigns over the status of crypto. in India. This is because lawmakers are still considering legislation that could outright ban crypto in the country altogether, and so every development in the country is a big clue of what will ultimately happen in India.

The same could be said of South Korea. The Korean National Assembly’s scrutiny of the crypto industry’s regulation continues.

The latest: Authorities say banks will not be reprimanded in money laundering cases involving crypto exchanges. That is, of course, if they report the crime first.

However, if the Financial Intelligence Unit is not made aware of something that the banks testify, then the banks will be blamed.

In addition to the Financial Services Commission, Eun Sung-soo said foreign crypto exchanges dealing with Korean investors will have to adhere to the same strict rules that domestic exchanges must adhere to.

Now, four crypto bills were also on the table during the recent National Assembly meeting with Eun, claiming that the FSC is studying and revising them all with help from the Ministry of Science and the Ministry of Finance.

And now in the markets: Bitcoin down almost 4% to just under US $ 32,000. It’s 4 p.m. Hong Kong time today at the end of the Asian trading day. And in the top 10 cryptocurrency, Polkadot is almost down 9% and Cardano is just over seven.

Meanwhile, eastern China’s Anhui Province has become the latest to stop crypto mining.

Local media outlet Hefei 365 reports that the scarcity of electricity triggered the ban, with the local energy bureau predicting that demand will reach 1.5 times the current supply level by 2024.

Now, authorities have already halted mining operations in Sichuan, Yunnan, Qinghai and Inner Mongolia, causing a massive exodus of miners from China.

Despite the bans, an industry player said minors shouldn’t just leave.

“If the miners go abroad, unorganized and without strategy, every man for himself, it can lead to higher prices in the market. I hope the Chinese mining companies can save themselves, but they must keep a calm mind.

And here’s a little twist.

The coverage of this mining exodus story in China also fueled concerns about plagiarism in the NFT world after an image used to illustrate the story went viral.

This photo of a woman holding disused mining rig equipment was originally This photo of a woman holding disused mining rig equipment was originally posted by Caixin Media in China.

It has now been used to create a number of NFTs which are available for sale on the Opensea NFT platform. However, the artist chose to remain anonymous, which raises questions as to whether he had permission to use the photo in the first place.

Forkast.News has asked Caixin for comment, but has received no response at the time of this report.

And that’s The Daily Forkast from our perspective here in Asia. To learn more, visit Forkast.News. I am the editor-in-chief Angie Lau. Till next time.

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