Your Morning News Update
IMF Urges to Begin Global Crypto Talks Who to Benefit from South Korea Crackdown? South Korea Yet to Rule on Ban Psychologist Warns of Rising Crypto “Suicide Risk” Expert: Chinese Crypto Market Is “Overheated” Japanese Survey on Crypto Demographics
Catch up on the most essential cryptocurrency and blockchain news stories breaking in Asia and the Americas while the rest of the world was asleep.
IMF Urges Financial Regulators to Begin Global Cryptocurrency Talks
Gerry Rice, the director of the Communications Department at the International Monetary Fund (IMF), has called for international regulators to start discussing global cryptocurrency policy. Rice told media representatives in Washington, “Greater international discussion and cooperation among regulators would be helpful.” He added, “[Investors’] risks can accumulate, particularly if market participants are borrowing money to buy.”
Hong Kong, European Cryptocurrency Exchanges to Benefit from South Korea Crackdown?
South Korean financial experts are warning of an “exodus” of investment with Korean cryptocurrency enthusiasts now starting to transfer their funds to Hong Kong and European exchanges. The move follows the South Korean government’s recent decision to require real name usage in all cryptocurrency transactions. South Korea’s News1 quotes a Korean trading platform expert as saying, “Up to 20 overseas exchanges [in Hong Kong, Europe and elsewhere] are now offering services especially for Korean customers.”
South Korean Government Yet to Rule on Cryptocurrency Exchange Ban
Uncertainty continues to reign in South Korea, with the government still to decide whether to issue a complete ban on cryptocurrency exchanges. Bitcoin and Ethereum prices rose slightly on Friday morning in South Korea following Finance minister Choi Jong-woo’s announcement:”The government is looking at the option of either close all exchanges or just closing the exchanges that are found to have engaged in illegal activities. We will need to consult with the relevant ministries before making a decision.”
Korean Psychologist Warns of Rising Cryptocurrency Investor “Suicide Risk”
Seoul National University psychology professor Kwak Kum-ju has warned of growing “frustration, anxiety and depression, coupled with a real risk of suicides” in the wake of the recent cryptocurrency price slump. Kwak warned Koreans not to judge or blame cryptocurrency investors, but instead “offer to listen to their stories.”
Chinese Expert: Chinese Cryptocurrency Market Is “Overheated”
Xiahong Lin, CEO of Chinese predictions market platform Bodhi, has claimed that the country’s cryptocurrency market is now “overheated,” as the threat of a second wave of regulations looms in the Middle Kingdom. However, he also offers a ray of light, saying the current “downturn in the crypto market will prove to be temporary.” Lin notes that China’s “full blockchain potential has yet to be tapped.”
Japanese Survey Finds Cryptocurrency Demographics Discrepancy
A Japanese survey of 1,100 men and women aged 15-69 has found that over 57% of male respondents said they understand cryptocurrencies, with only 41% of women claiming to be in the know. The survey also found that 37% of people in their twenties hoped to get started with trading or using cryptocurrency, with only 3% of people aged 60 and above showing an interest.