Cryptocurrency

Bhutan's Gelephu Mindfulness City Plans Cryptocurrency Reserve

Wednesday. January 8 at 8:00 PM

1 min. read

Bhutan's Gelephu Special Administrative Region (SAR), also known as Gelephu Mindfulness City (GMC), has announced plans to establish a strategic cryptocurrency reserve that includes major assets like Bitcoin and Ether. The city aims to enhance its economic resilience by including digital assets in its reserves, with a focus on cryptocurrencies with large market capitalizations and liquidity. GMC intends to engage with government officials and industry leaders to discuss this plan in March. Unlike other jurisdictions, GMC plans to diversify its reserve by including various established cryptocurrencies. The project, expected to be completed in 21 years, is part of an economic corridor connecting South Asia to Southeast Asia. Bhutan's government, through Druk Holding and Investments (DHI), already holds significant amounts of Bitcoin and other crypto assets. The country has been investing in Bitcoin since 2019, with a focus on local mining operations and partnerships with major mining firms.

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Exploring Bitcoin as a Reserve Asset: Czech National Bank's Consideration

Thursday. January 9 at 11:00 AM

The Governor of the Czech National Bank, Aleš Michl, has hinted at the possibility of including Bitcoin in the bank's reserves. While the idea is still in the exploratory phase with no immediate plans for significant investment, Michl acknowledges Bitcoin's potential benefits. The bank currently focuses on traditional assets like gold but is open to diversifying. Michl remains cautious due to Bitcoin's price volatility and technology uncertainties. The move aligns with global trends of central banks exploring digital assets. While Bitcoin offers advantages like hedging against inflation and enhancing financial stability, challenges such as market volatility and regulatory hurdles exist. Despite the risks, embracing Bitcoin could position the Czech Republic as a forward-thinking player in the digital finance realm, attracting investors and boosting the economy.

Cryptocurrency

Thailand's Cryptocurrency Payment Trial in Phuket

Thursday. January 9 at 3:00 AM

Thailand is set to test cryptocurrency payments in Phuket, a popular tourist spot, as part of a pilot program offering foreign visitors an alternative payment method. Deputy Prime Minister and Finance Minister Pichai Chunhavajira revealed the initiative on Jan. 8 during a seminar organized by the Marketing Association of Thailand. The pilot will operate within existing legal frameworks without the need for law amendments. The program aims to integrate digital currency into daily transactions, allowing tourists to register Bitcoin through a Thai exchange and verify their identities before making purchases. Foreign tourists must verify their identities before using cryptocurrencies for transactions, which will be converted to Thai baht. The initiative seeks to make digital transactions more accessible in tourism-focused cities and stay competitive in the business landscape. The move aligns with former Prime Minister Thaksin Shinawatra's call for Thailand to study cryptocurrencies and engage in sandbox experimentation to stay ahead in global digitization trends.

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Crackdown on Illegal Crypto Exchanges in Kazakhstan

Thursday. January 9 at 1:00 AM

Kazakhstan cracked down on 36 illegal cryptocurrency exchanges in 2024 as part of anti-money laundering efforts, a significant decrease from the previous year. The Financial Monitoring Agency of Kazakhstan announced the closure of these exchanges for operating without proper authorization, highlighting their role in facilitating money laundering through unverified fiat-to-crypto and crypto-to-fiat transactions. These exchanges had a total turnover of approximately $112.8 million, with assets worth $4.8 million seized by authorities. Despite this, licensed global exchanges like Binance and Bybit continue to operate legally in the country. Kazakhstan has shut down over 3,500 unlicensed exchanges in collaboration with government entities and plans to further combat crypto-related crimes by partnering with international organizations. Additionally, the country is developing its central bank digital currency, the digital tenge, in collaboration with Visa, Mastercard, and local banks for global usability.

Cryptocurrency

Luxury Watches Seized from Hex Founder Richard Heart

Thursday. January 9 at 12:00 AM

Finnish authorities confiscated luxury watches valued at $2.6 million from Richard Shueler, the founder of Hex. The watches, mostly Rolexes, were found in Shueler's residence in Espoo. He is wanted for tax evasion and is under investigation by the SEC for potential securities violations related to his cryptocurrency, Hex. Additionally, Shueler is accused of misusing $12 million on luxury items and making false promises of high returns. Interpol has issued an arrest warrant for him on charges of tax fraud and assault. The police were able to trace the watches through intelligence services. The SEC claims that Hex is a security and has seen a significant drop in value. Shueler allegedly raised over $1 billion through unregistered securities sales. He has filed a motion to dismiss the case. The article was edited by Stacy Elliott.

Cryptocurrency