Global Coin Research: Tether set to launch yuan-backed stablecoin, the ascent of Korean exchanges

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 GlobalCoinResearch.com and on Twitter at @globalcoinrsrch
Global Coin Research Newsletters in Chinese
Top News
7 Things You Probably Didn’t Know About China’s Digital Currency -- 1) Likely to Launch Before Libra, 2) Focuses on Private Institutions vs State Owned Enterprises and, 3) the Potential to Take on Alibaba and Tencent, and more. Source
Binance enters into crypto lending space, offers interest-earning opportunities for BNB, ETC and Tether. Source
Former Bank of England governor Carney laid out a radical proposal for an overhaul of the global financial system that would eventually replace the dollar as a reserve currency with a Libra-like virtual one. Source
The CEO of Circle has highlighted China’s path to issuing its digital currency as “an example of where China is way ahead (of the U.S.) in terms of technical innovation, in terms of real innovation in payment systems and the way the future of the economy is going to work, I think China is way ahead.” Source
GCR Workshop #10 takeaways: The ascent of Korean exchanges and why price arbitrage in Korea still persist in where Dai traded up to $4 most recently. The reason seems to stem from the loos fiat to crypto onboarding rules in Korea. Source
Chinese Crypto Retail already moved on to speculate sneakers while the Westerners hyped exchange tokens. GCR is also seeing that there are increasingly fewer retailers coming into speculating cryptocurrencies. Source
Chinese wallet BitpieWallet accuses the largest Ethereum wallet imToken of faking DEX transactions and ImToken responds with data evidence and threatens legal action against Bitpie. Source
Investments
Cryptocurrency futures exchange CoinFlex targets Asia traders with physical delivery of bitcoin contracts. Raises $10 million, including money from Roger Ver. Source
China Pacific Insurance invests in blockchain start-up B3i, the blockchain consortium made up of 38 leading insurers and joins insurers such as AXA, Munich Re, SCOR and Swiss Re. Source
Coins and Mining
Korea’s Dunamu’s crypto subsidiary, DXM, has announced a partnership with MakerDAO. With this partnership, DMX will support MakerDao’s Dai tokens for Trinito, its decentralized and staking service. Source
Tether is set to launch a yuan-backed stablecoin in China sometime “in the near future.” Source
Bakkt investor 11–11 Ventures has backed a $200 million venture capital (VC) fund that is focused on the Algorand blockchain platform. Source
Exchange News
Tether is set to launch a yuan-backed stablecoin in China sometime “in the near future.” Source
Major Japanese crypto exchange Coincheck is considering launching an initial exchange offering (IEO) platform for raising funds through utility tokens. Source
The BitMEX Insurance Fund is up 50% since the beginning of 2019; holds more than $300 million.
Taipei-based exchange MaiCoin is hoping to be unveiled as a new Libra association member by the year’s end. From GCR sources, we are hearing that Libra is not considering any Asian members into the association at this point. Source
Japanese Exchange Bitflyer Allows Bitcoin Purchase with Popular Rewards T Points. Adds Ethereum in U.S. and Europe. Source
Business
The Thailand Securities and Exchange Commission is warning over a new form of investing scam, in which victims are lured into investing with websites claimed to be legal digital currency traders operating overseas. Source
Delegation of the U.S. House of Representatives, who visited Switzerland to discuss Facebook cryptocurrency Libra regulation, expressed concern about cryptocurrency. Source
Facebook’s WhatsApp is in talks with multiple Indonesian digital payment firms to offer their mobile transaction services, in a bid to tap the nation’s fast-growing e-commerce sector. Source
Regulations
Experts say Hamas is now using bitcoin for cross-border fundraising at an unprecedented rate. Still, even the largest estimates of terror financing in the region are apparently dwarfed by civilian bitcoin usage in the Gaza Strip. Source
The Korea Blockchain Association has formed a new executive team including Terra founder Daniel Shin, Bithumb CEO. Source
Central Bank of Brazil uses IMF guidelines for classification of virtual currency. Source
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