日期: 2021-05-13

South Korea’s central bank is the latest entity seeking powers to monitor crypto trading activity in the country.

The Bank of Korea reportedly has plans to maintain strict oversight on crypto trading activity via real-name bank accounts.

According to a report by The Korea Herald on Thursday, the BOK is seeking authority under Article 87 of the country’s central bank Act, stating: “We plan to utilize our legal authority over requesting document submittal from financial institutions to monitor the volume of cryptocurrency transactions made through bank accounts.”

The above comments are reportedly from documents submitted by the BOK to lawmakers in the country with the central bank wary of unlawful crypto transactions causing significant risks to internal monetary control policies.

According to a BOK official, the central bank’s crypto monitoring regime could begin in September if approved by lawmakers.

The BOK’s request for powers to police crypto trading volume activity comes on the heels of financial regulators in the country demanding a full audit of banks that deal with cryptocurrency exchange clients.

As previously reported by Cointelegraph, authorities in South Korea are keen to ensure the complete implementation of the mandatory real-name crypto trading account policy. Indeed, only the “big four” crypto exchanges — Bithumb, Upbit, Korbit, and Coinone — are reportedly adhering to the policy.

Both the Financial Services Commission and the Financial Intelligence Unit are keeping a watchful eye on South Korea’s crypto market. The FSC has even asked its employees to declare their cryptocurrency holdings.

Crypto service providers including exchanges, custodians, wallet platforms, and asset managers, have until September to begin complying with new financial reporting requirements. Companies that fail to adhere to the ruling could see their executives face up to five years in jail.

Despite the tightening of crypto regulations, demand continues to skyrocket in South Korea. Traders are reportedly favoring altcoins with Bitcoin (BTC) volume declining on several exchanges.

South Korea will also introduce a 20% capital gains tax on crypto trading profits above 2.5 million won ($2,230) beginning in January 2022.

Time to buy or wait and see? Bitcoin may have further to fall but long-term price trends are still intact.

Bitcoin (BTC) dipped below $50,000 again on May 13 as the fallout from Elon Musk’s criticism continued to resonate.

Traders wait for telltale buy signals

Data from Cointelegraph Markets Pro and Tradingview confirmed BTC/USD failing to establish $50,000 as support after initially dipping to $45,650.

Musk, speaking as CEO of Tesla, had claimed that environmental concerns meant that the company would no longer accept BTC payments. 

After a three-hour slow crash, BTC/USD then rebounded to near $52,000 before losing steam once more. At the time of writing, the pair traded at around $49,500 amid heavy volatility. 

As Cointelegraph reported earlier, however, Bitcoin price trends beyond the short term remained unchanged by Musk and traders’ responses to him. 

For popular trader Scott Melker, it was thus time to use an established method for determining when the price floor was likely to hit.

For this, he used the relative stength index (RSI), a classic indicator of overbought or oversold areas.

“I post this every time 4 hour RSI goes oversold and it works more times than not. An overbought bear div was the top,” he told Twitter followers.

“Now I want to see a lower low in price and a higher low on RSI. Could be this candle or take days, but it’s the signal I want.”

Thursday had already seen Bitcoin cancel its downtrend when it encountered the 21-week exponential moving average (21EMA). This line in the sand had held throughout the past year’s bull market and that of 2017, and is thought to provide reliable support for periods where bullish momentum sees a short-term retracement.

The 21EMA was still rising steeply this month, demanding that BTC/USD thus returns to setting higher highs and higher lows on weekly timeframes in order to preserve its usefuless.

Previously, a warning had given $40,000 as a potential low should $50,000 fail to hold.

Bitcoin bears battle essential moving average

Meanwhile, as investors rushed to “buy the dip,” attention turned to where large clusters of bids from whale buyers might also help buoy the price.

Bitcoin had paid no attention to whale positions north of $50,000, despite plenty of buying occuring as high as $58,000. 

For monitoring resource Whalemap, however, the number of coins being transacted at a loss suggested that “panic” was already visible on the market even before the Musk episode.

“These moments have historically been good buying opportunities as they indicate panic on the market,” part of a tweet on Tuesday explained.

A look at buy and sell order configurations on Binance additionally showed retail investors now protecting $45,000, with $55,000 and upward becoming strong resistance.

The first phase of tests for use of the digital yuan across borders has been successful, the Hong Kong Monetary Authority has said.

The Digital Currency Institute of the People’s Bank of China and the Hong Kong Monetary Authority are quickly moving forward with their joint testing of the use of the digital yuan for cross-border payments.

According to Bloomberg, this week, the HKMA staff confirmed that the first phase of testing for the currency’s cross-border use had been successful. The initial tests involved multiple parties, including selected merchants and a bank designated by mainland Chinese authorities. HKMA said that plans for the next phase of pilots are already underway:

“We have tested the use of the related app, system connectivity and certain use cases such as cross-boundary purchases. We are discussing and collaborating with the PBOC [People’s Bank of China] on the next phase of technical testing, including the feasibility of broadening and deepening the use of e-CNY for cross-boundary payments.”

China’s ongoing development of the digital yuan — a central bank digital currency that is also sometimes referred to by the names DC/EP or e-CNY — has set an ambitious pace for global research into and potential issuance of CBDCs worldwide. 

The country is the largest economy in the world to be so far ahead with its CBDC development and testing, having completed numerous advanced pilots on the mainland and announcing further plans to promote the currency’s adoption during the 2022 Winter Olympics in Beijing.

HKMA has itself been engaged in multiple collaborative projects to explore the feasibility of CBDC issuance since 2017, both for domestic inter-bank payments and for cross-border payments, with partners that include the Bank of Thailand and the Central Bank of the United Arab Emirates, as well as the PBoC.

Michael Ho, principal of financial services at Oliver Wyman and the co-author of a recently published report on the digital yuan, has argued that the significance of China’s new currency lies less in the mere fact of increased digitalization but rather in the prospective “introduction of a large-scale instant payment infrastructure, sponsored by the Chinese gov’t rather than private sector.”

With the potential for its adoption by some of the world’s largest enterprises, as well as by an increasingly globally connected domestic population, Ho and his co-author, Jason Ekberg, predict that “if there is an extension of eCNY into cross-border transaction, supported by liberalization policy, this will accelerate the RMB further as a true global trade current bringing both savings and efficiency to the cross-border flows.”

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SoftBank’s Masayoshi Son compares the popularity of Bitcoin to diamonds and bonds, but he still remains unsure about it.

Tesla’s tag game with Bitcoin (BTC) might have triggered a race in the corporate world to invest in crypto, however, SoftBank still prefers to take a more cautious approach. Answering questions at SoftBank’s earnings news conference, SoftBank CEO Masayoshi Son admitted that he doesn’t know whethe crypto is good or bad.

“There’s a lot of discussion over if it’s a good thing or a bad thing, what’s the true value or is it in a bubble — honestly speaking, I don’t know,” Son said, according to Bloomberg.

Son did not comment on the high-volume Bitcoin purchases made by major companies, such as Tesla and Square. Comparing cryptocurrencies to more traditional commodities, he said:

“The popularity of cryptocurrency has made it into a platform that can’t be ignored, like diamonds and bonds.”

He also added that SoftBank is always having internal discussions on cryptocurrencies, and there’s no need to reject them.

Last year, Son mentioned that he was dedicating about five minutes a day to watch how the Bitcoin price fluctuates. But that has proved to be a distraction, preventing him from focusing on his own business, he said. Son also reportedly lost $130 million from his Bitcoin investment in 2019.

Earlier this year, SoftBank Group’s telecommunications arm became a member of the Japanese Security Token Association, a group of advocacy and self-regulatory bodies that exist within the Japanese cryptocurrency and blockchain space.

Known as an early adopter of Bitcoin and cryptocurrencies in general, Japan’s financial ecosystem seems to be focusing on the blockchain part of crypto lately. Three major banks in the country are collaborating with private sector participants on an experiment with a digital yen. This is a move to speed up the adoption of cashless payments in the country, where cash still accounts for about 80% of total transactions.