Wang Yongli, a former vice president of the Bank of China, has criticized U.S. President-elect Donald Trump’s proposal to create a Bitcoin reserve, asserting it would undermine the dollar’s international dominance. In a Chinese state-backed financial publication, Wang argued that Bitcoin’s decentralized nature does not support the dollar’s global status and warned that neglecting the development of a digital dollar poses significant risks. He questioned the feasibility of a national Bitcoin reserve due to insufficient resources and recommended returning seized Bitcoins to their rightful owners. Meanwhile, recent policy shifts under Trump’s administration, such as the approval of spot Bitcoin ETFs, are prompting some Chinese officials to reconsider their nation’s crypto stance.
In other developments, South Korea’s Financial Services Commission plans to introduce corporate crypto investments gradually. Currently, South Korean crypto traders require real-name accounts through partnerships with local banks, limiting corporate access. The FSC aims to test corporate accounts initially with universities and municipalities, predicting wider corporate participation after implementing crypto tax regulations set for 2027.
Concurrently, Hong Kong police have cracked down on a network using deepfake technology to run romance scams targeting victims in Taiwan, Malaysia, and Singapore. The operation led to 31 arrests and seized HKD 34 million in scam proceeds. This crackdown follows a previous bust involving 27 suspects linked to similar scams.
In Thailand, a pilot program is being launched to test cryptocurrency payments in Phuket, aiming to offer tourists alternative payment methods and boost the tourism sector. Deputy Prime Minister Pichai Chunhavajira announced the initiative, which does not require legislative changes, as part of efforts to enhance digital currency transactions in tourist regions. This move follows previous discussions on integrating blockchain and digital tokens to support tourism recovery.
