Global Coin Research: China's digital currency can help banks bridge gap on mobile payments, DeFi trends in China

Quick Take

  • A summary of the week’s top crypto news in Asia by Global Coin Research

The following weekly newsletter is republished with permission from Global Coin Research, a global research firm with a focus on Asia blockchain and related technologies. You can find more resources on Asia Cryptocurrency and Blockchain at and on Twitter at @globalcoinrsrch

Global Coin Research Newsletters in Chinese


Top News

There have been rumors claiming a Korean wallet Ponzi scheme run by a number of Chinese nationals had been dumping bitcoins into the open market. The wallet was called PlusToken and while the suspects have been caught, numerous attempts have been made by outside parties to track down the Bitcoin. At the end of last week, a Chinese security firm PeckShield Digital Asset Escrow System has detected a change in the address of the two major BTC wallets of PlusToken, with a total of 28,500 BTCs transferred. Nevertheless, it cannot be confirmed that the tokens have been transferred into exchanges. Google translate 

An alternative source TokenAnalyst also confirmed that Bitcoin drop not likely triggered by scam dump. Source

The Central Committee of the Communist Party of China has outlined the plans for the future development of the Shenzhen Special Economic Zone, including the research and promotion of digital funds and the national cryptocurrency based on the renminbi. 

China’s proposed digital currency will help banks bridge gap on mobile payment, curb dominance of Alipay, WeChat. Source

Hong Kong Free Press, a leading independent publication relied upon for its impartial coverage of the Hong Kong protests, now accepts donations in Bitcoin and Bitcoin Cash. Source

Defi trends in China- GCR workshop takeaways with CEO of stablecoin project Dforce on the largest stakers in Asia, and the difference between Defi in the West and East. Source

Binance is calling on governments, companies, and entrepreneurs around the globe to develop “localised stablecoins” on its proprietary Binance Chain network, a project it has dubbed “Venus, calling it an “independent regional version of Libra”. Astrologically speaking, Libra’s ruling planet is Venus. Source



Biggest Crypto Hedge Funds and What They Tell About the Market- DCG, Polychain, etc. Source

Korea’s Exchange reveals token ownerships in its investment arm Cedar, $19 million equivalent of TTC and $25 million equivalent of LUNA. Other investments include Code Box, Way2Bit and SuperBlock. Source


Coins and Mining

The London Stock Exchange -listed cryptocurrency mining firm Argo Blockchain is set to increase its electricity supply by 357%, aiming to become “the world’s largest publicly-listed crypto miner by 2020. Source

Exchange Huobi has added support for MakerDAO tokens and decentralized apps (DApps) in its wallet.

Aside the $3 billion PlusToken, Beware of These Possible Chinese Crypto Scams: Cloud Token, MGC, WoToken. Source

GCR interviews Viktor Radchenko, Founder of Trust Wallet on Upcoming Staking Support, Design and User Behavior. Source

In case you missed it, Global Coin Research has officially released its complete guide book on Asia Cryptocurrency and Blockchain communities titled: “The Small Handbook to Asia Crypto: on Local Ecosystems, Trends and Regulations”.


Exchange News

BitMEX announced that it will restrict access to its platform in Seychelles, Hong Kong and Bermuda. Source

The number of South Korean companies listing their early-stage blockchain projects on foreign exchanges is steadily increasing, including in the U.S. and Singapore. Source

Binance announced that the Binance iOS App (V1.7.1) has returned to the Apple App Store. Source



According to the New York Times, Terrorists Are Turning to Bitcoin for Funding, and They’re Learning Fast. Source

Rakuten Wallet, a subsidiary of Japanese e-commerce company Rakuten, is set to release a mobile app offering the ability to buy and trade three cryptocurrencies. Source



The Association of Cryptocurrency Enterprises and Startups, Singapore (ACCESS), has developed a Code of Practice in partnership with multinational law firm Linklaters. Source

Luxembourg-registered financial firm Black Manta Capital Partners has received a license from the German Federal Financial Supervisory Authority for its Security Token Offering platform and its going after Singapore next. Source

The World Bank announced on Aug. 16 that it raised an additional A$50 million (over $33 million) for its Kangaroo bond due August 2020, using a blockchain. Source

Bitcoin holders in Israel have taken legal action against local banks for their refusal to open accounts for customers seeking to deposit money from cryptocurrency sales, according to a report by Globes.

In a serious bid to improve the service delivery, India’s state of Maharashtra government has firmed up an ambitious plan to implement blockchain technology in agriculture marketing, supply chain, registration of vehicles and document management system. Source

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.