In the last seven days ending Sep 22, the Asian crypto space was not short of exciting news. For example, there was the question of whether China is ripe for mass blockchain adoption. Also, what’s brewing between Li Xiaolai and Justin Sun? Should the Indian crypto community bank on their congressman’s promises?
Here, we summarize the top 5 news making headlines in the last week:
Despite the battle between the Indian central bank, the Reserve Bank of India, and crypto-related businesses, the crypto community may have someone to lean on. Rajeev Chandrasekhar, a member of parliament, affiliated to the ruling party, has assured the cryptocurrency community that there’s still hope.
While speaking at Blockworks Group’s Untold Stories podcast, Chandrasekhar said:
“India is a fairly vibrant democracy in the sense that you can still approach people like me, and evolve an alternative and have that alternate views be discussed, narrated, and debated within the government. I can do that, you know, I’d encourage you to reach out to me.”
Since his flopped lunch with business tycoon Warren Buffet, Justin Sun, Tron’s founder, has been on the receiving end. Recently, Sun was accused by Li Xiaolai, a Chinese Bitcoin tycoon for being a “thief and liar” since his childhood.
The crypto tycoon took to Weibo to define the difference between a thief and a scammer. On thieves, where Sun reportedly belongs, Li noted that “thieves are different, all thieves are deliberate, they were deliberate villains from the beginning to end. A thief’s friends are also deliberate villains…@Justinsuntron is this kind of thief who has stolen from childhood.”
In response, Sun, while quoting Huang Yida’s song, “The Girl Says To Me,” said:
“For the development of the blockchain, I haven’t had a day off. I do not need freedom, just want to carry the dream of globalization, step by step forward.”
After banning cryptocurrencies, China has over time embraced blockchain, the technology that underpins virtual currencies.
For instance, China’s central bank, the People’s Bank of China (PBoC), has admitted to having a prototype for a central bank-backed digital currency. Also, NEO, one of the world’s largest public blockchain and which has its roots from China, has expressed its desire to drive mass adoption in China.
Additionally, a recent report indicated that in 2019, Chinese blockchain patent filings and blockchain innovations stand at 49% and 62% respectively. The US, on the other hand, comes in second place at 16% and 22% respectively.
Finally, North Korea has joined a growing list of Asian countries seeking to develop a state-backed cryptocurrency. According to reports, the cryptocurrency is meant to circumvent the sanctions imposed by the United States.
The official in charge of the plans, Alejandro Cao de Benos, said:
“We are still in the very early stages in the creation of the token. Now we are in the phase of studying the goods that will give value to it.”
Interestingly, unlike other countries like China that are seeking to digitize their fiat currencies, North Korea “has no plans to digitize” theirs.
The co-founder of China’s first cryptocurrency exchange, Bobby Lee, has indicated that the Chinese saw Bitcoin as an investment opportunity and not a payment option. Lee made the remarks when he appeared on the Untold Stories podcast held by Charlie Shrem, a veteran in the crypto world.
Also, during the interview, Lee touched on Ballet, a crypto hardware wallet which is a culmination of his experience. He added that Ballet “will be the simplest and most convenient in the world – the most reliable hardware wallet.”