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Weekly Roundup: IMF on asian market, China’s CBDC, US Crypto education, South Korea and Bitcoin as a loan made headlines this week

This week has seen a lot of activity in the cryptocurrency sector. Here it is, the carefully picked package you have been expecting for. Check out why the IMF raises concern over asian market, what’s progress in China’s CBDC plan, Crypto education in US schools, South Korea, and crypto frauds. Dennis Porter advocates bitcoin as a method to solve loan problems all be in the news this week.

IMF raises concern over increasing crypto involvement in asian market

The International Monetary Fund (IMF) raised concerns about the dynamics of Asian markets in a blog post that was published on August 21. In a blog post IMF gave example of Indian market citing the return correlations between Bitcoin (BTC) and the Indian stock markets had surged by a factor of ten times since the epidemic began.

The experts identified a significant increase in crypto-equity volatility spillovers in India, Vietnam, and Thailand when they used the technique for calculating spillovers that they had devised for their Global Financial Stability Note. In conclusion, it has been proposed that Asian regulators “create clear norms on regulated financial institutions,” educate and safeguard regular investors, and closely coordinate their actions across different countries.

China enters second phase of CBDC trial:

As per the sources the second phase of China’s central bank digital currency (CBDC) pilot test programme got off to an official start on August 24. It is now possible to pay for public bus journeys using the digital yuan (e-CNY) CBDC in the city of Guanzhou, which is a first for the nation. This payment option is available on 10 different transit lines. 

This year, the Chinese government has moved quickly to increase the use of the electronic version of the CNY. It wasn’t until only the previous week that the CBDC was approved to be used as a method of payment for employee housing fund payments in the city of Guangzhou.

Over 68% of US parents comes in favour of crypto education as part of school curriculum

Online educational platform Study.com recent survey unveils  64% of US parents and 67% of college graduates believe that children should be “taught about the future of our economy” by learning about cryptocurrencies and blockchain in schools. 

The survey further indicates that college graduates and parents having exposure to cryptocurrency in the form of investment are more inclined to the financial well-being of their children’s education.

On this matter The Mayor of New York City, Eric Adams, in a meeting said that the local schools should utilise blockchain innovation and digital resources. As per Mayor Adams needed to say in this situation, “We should open our schools to educate blockchain technology, to teach this new approach to thinking.”

South Korean regulators records 75% of illegal transaction is crypto related

According to South Korean official August 25 data, crypto-related dealings and trades dominate unlawful foreign currency operations. The Prosecutor’s Office in South Korea is now investigating four cryptocurrency-related cases involving more than $1.1 billion in unlawful foreign-exchange transactions. Many instances involving breaches of foreign-exchange transaction restrictions have been filed to congressman Min Byoung Dug by the country’s customs service.

Almost 75% of transactions that violate foreign-exchange laws and regulations include cryptocurrency. Illegal foreign currency transactions have more than quadrupled since 2021, from roughly $800 million to billions this year. In fact, unlawful crypto-related transactions have increased by 61% year over year.

Satoshi Action Fund co-founder says Bitcoin to solve student loan problem

On August 24, Dennis Porter, CEO and Co-Founder of Satoshi Action Fund tweeted and shared an alternative method to solve the student loan problem, just after the US President announced a forgiveness plan for student loans. 

According to Porter, US President Joe Biden could give each individual $10,000 in Bitcoin and lock it inside a smart contract for ten years.Porter further explained that the contract should be adequate to pay off the remaining debt on the student loan once it’s released.

Porter’s recommendation for paying off student loans might be based on the understanding that BTC will function as an inflation hedge and its worth will increase over the long run, enough to pay off the debt of student loans.

However, Skybridge Capital CEO, Anthony Scaramucci, believes that if BTC wants to become an effective inflation hedge, then BTC needs to be in the “billion users wallet.”

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