Indonesia's central bank marshals staff to enforce crypto payments ban

Indonesia’s central bank is sending supervisors out to ensure local financial institutions aren’t defying the nationwide ban of crypto payments this bull season. Indonesia’s central bank governor, Perry Warjiyo, is mobilizing official supervisors to enforce the country’s ban on financial institutions using crypto assets as a means of payment.During a virtual seminar on Tuesday, June 15, Warjiyo reiterated that local financial firms and payment provided are prohibited from facilitating the use of cryptocurrency to settle payments or as an instrument used in other financial services.The central bank governor emphasized that crypto assets are “not legitimate payment instruments under the constitution, Bank Indonesia Law, and Currency Law,” noting that field supervisors will be sent out to ensure that local financial institutions adhere to the policy.Bank Indonesia prohibited financial institutions from using crypto for payments in late 2017, with the central bank halting payment processors from using cryptocurrency to settle transactions the previous year.Despite the central bank’s prohibition of crypto for payments and its early 2018 warnings against virtual currency, Indonesia’s Commodity Futures Trading Regulatory Agency issued regulations in February 2019 that legitimized cryptocurrencies as speculative commodities and paved the way for cryptocurrency derivatives to be traded on local stock exchanges.The guidelines provided a legal framework for “the trading of crypto assets as commodities that could become the subject of futures contracts and other derivative contracts traded in the stock market.”Warjiyo’s warning emphasizing the ban comes just weeks after he announced Bank Indonesia is working on a central bank digital currency (CBDC).

Korean banks will need to classify crypto exchange clients as ‘high risk’

A further tightening of cryptocurrency regulation in South Korea is underway, with new rules for banks and crypto exchange operators. New rules announced by South Korea's Financial Services Commission, or FSC, are expected to affect around 60 unauthorized cryptocurrency exchanges in the country and a new policy for banks will require that they classify any crypto exchange clients as “high risk.”According to the Korea Times, the new guidelines were announced on Sunday and are intended to ensure that crypto exchanges strengthen their monitoring of transactions and uphold strong user ID requirements.

Thai SEC bans exchanges from handling certain token types including NFTs

Local exchanges now have until July 11 to update their rules for listing tokens to be in compliance with the SEC guidelines.

India: Binance-acquired WazirX gets show-cause notice claiming it's 'safe haven for money laundering'

India's Directorate of Enforcement, on Friday, issued a show-cause notice to Indian crypto-exchange WazirX for violating FEMA guidelines for transactions involving cryptocurrencies worth Rs.

Chinese MIIT Issues Guidance on Blockchain Technology

China has issued guidelines for promoting the application of blockchain technology and industrial development.

Chinese government agency issues blockchain development roadmap

China’s “blockchain not crypto” stance continues as one government agency publishes guidelines to accelerate the adoption of tokenless blockchain solutions. China’s Office of the Central Cyber Security and Information Committee of the country’s Ministry of Industry and Information Technology (MIIT) has identified four essential application areas for blockchain adoption.The MIIT’s five-point agenda for blockchain adoption was part of a document issued on Monday detailing guiding opinions to accelerate the promotion of the emerging technology for industrial development.As previously reported by Cointelegraph, China’s President Xi Jinping previously called for rapid blockchain adoption back in October 2019.Presenting its argument for blockchain adoption, the MIIT document described the novel tech as “an important part of the new generation of information technology.” According to the IT ministry, blockchain is among a raft of new innovations like big data and artificial intelligence that are critical to China’s continued progress.The MIIT document listed the economy, finance, industrialization and public services as the main focus for blockchain development in the country.According to the MIIT publication, traceability, data sharing and supply chain management are some of the use cases for blockchain that could have a significantly positive impact on the real economy.In the area of finance, the MIIT publication called for the promotion of a greater intersection between blockchain and other emerging technologies like cloud computing, AI and the internet.The MIIT’s proposal for blockchain adoption for public utilities also included concepts like smart cities and the utilization of the novel tech in government services.

US senator: we haven’t figured out how to trace cryptocurrency... Why is this an issue?

The cryptocurrency businesses and holders in United States have been urging regulators to put guidelines in place, however, the lack of clarity still prevails.

Central Bank of Brazil Issues Guidelines for Its CBDC

The Central Bank Of Brazil, the highest monetary authority of the country, has released a note listing the general guidelines for the design of a hypothetical central bank digital currency (CBDC) for the country.

US regulators must collaborate on ‘regulatory perimeter’ for crypto: OCC head

Acting OCC head, Michael Hsu, wants greater inter-agency cooperation in establishing regulatory guidelines for the crypto sector.

Sichuan Energy Officials Plan to Meet in June to Discuss Bitcoin Mining Implications

Ever since government officials in China started talking about cracking down on bitcoin mining and reiterating crypto guidelines from 2017, digital currency proponents and the media have been focused on this region.

OKex embraces Brazil’s official fast payments system PIX, as CBDC draws nearer

OKEx, Crypto.com, and LocalBitcoins have integrated Brazil’s PIX instant payments system. Increasing numbers of offshore cryptocurrency exchanges are embracing Brazil’s instant payments infrastructure, PIX.On May 28, OKEx announced a strategic partnership with local payments firm CuboPay, allowing it to facilitate Tether ($USDT) purchases in exchange for Brazilian real via PIX.The news follows similar moves from rival exchanges, including Crypto.com peer-to-peer platform Localbitcoins.The integrations come as the Central Bank of Brazil, or BCB, published preliminary guidelines for a central bank digital currency, or CBDC, on May 25.The announcement emphasizes that the CBDC will operate “as an extension of the physical currency,” and is intended to improve the retail payment system, foster new business models, and bolster Brazil’s participation in regional and global trade through increasing the efficiency of cross-border transactions.Research into a CBDC was authorized as part of a broader move from Brazil’s central bank to modernize the country’s payments sector, including the launch of PIX in November 2020.

OCC Will Review Its Cryptocurrency-Related Guidance, Says the New Chief

The United States Office of the Comptroller of Currency will analyze its crypto guidelines, which the former administration proposed last year.

Spanish Regulator Issues Guidelines for Fund Managers Planning to Invest in Cryptocurrencies

The Spanish financial regulator is easing the entity’s tough stance towards cryptocurrencies by announcing an unprecedented measure that green lights institutional investors to enter into such business decisions.