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Digital currencies

Digital currencies
The latest news, analysis and opinion on Digital currencies. In-depth analysis, industry insights and expert opinion.
last updated:
9 September, 2024
China’s yuan has grown in stature, becoming more commonly used as a medium of exchange in the international oil trade. Photo: AFP
Yuan

China’s yuan on the rise in oil trade, but petrodollar here to stay: report

Helped by digital yuan and advancements in financial tech, more yuan-backed transactions are taking place in crude settlement.

Blockchain

BitMEX fined US$100 million for violating anti-money-laundering laws

United States

Binance, Changpeng Zhao lose US Supreme Court appeal in unregistered tokens suit

United States

Opinion | Up in the air whether US economic arrows will hit the mark

If the Trump 2.0 team is as uncoordinated as Trump 1.0, we will see arrows flying everywhere.

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Donald Trump at a presidential campaign event, in Allentown, Pennsylvania, on October 29. Photo: Reuters
Crime

Do Kwon pleads not guilty to US fraud charges in US$40 billion crypto collapse

Fallen cryptocurrency mogul makes his first US court appearance after being extradited from Montenegro.

Blockchain

Bitcoin doubles in 2024, as analysts expect more gains in 2025

‘We remain convinced US$100,000 is not the final milestone,’ analysts at brokerage Bernstein say.

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United States

South Korean crypto mogul Do Kwon extradited to US after months on the run

Kwon, wanted in the US and South Korea for alleged fraud linked to the collapse of his TerraUSD stablecoin, has been extradited from Montenegro to face charges.

Montenegrin police officers escort South Korean citizen, Terraform Labs founder Do Kwon in Montenegro’s capital Podgorica on March 23. Photo: AP
Blockchain

Bitcoin rally loses steam in final days of record-breaking year

Bitcoin and its smaller rivals are struggling for traction, after the largest cryptocurrency surged to a record high last week.

Financial regulation

As stablecoin bill advances in Hong Kong legislature, advocates trumpet it

Stablecoins have the ability to expand their usage in the real financial economy, according to industry experts.

Cryptocurrency

Hong Kong licenses 4 more crypto exchanges amid bitcoin price surge

The approvals bring the total number of licenced virtual asset firms to seven, as Hong Kong moves to revive its crypto industry.

People stand next to bitcoin ATMs outside a cryptocurrency exchange in Hong Kong on November 14. Photo: AFP
Bitcoin

US bankers cautious about crypto amid expectations of regulatory easing

Goldman Sachs CEO David Solomon said the Wall Street giant would ‘evaluate’ dealing in top cryptocurrencies like bitcoin and ether if rules change.

A CoinFlip bitcoin ATM seen at a gas station on December 9 in Pasadena, California. Photo: Getty Images via AFP
Cryptocurrency

Hong Kong’s crypto faithful favour local regulations, fear ‘unpredictable’ Trump

The chair of the Silk Road Economic Development Research Centre said the city still has a chance to lead in Web3 in the next decade.

Financial regulation

Hong Kong to introduce stablecoin bill to regulate virtual token

The government published the Stablecoins Bill in the gazette on December 6; first reading in the Legislative Council set for December 18.

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Bitcoin

El Salvador’s President Bukele triumphant after his bet on bitcoin comes true

As bitcoin surpassed US$100,000 for first time, value of El Salvador government’s reported investment now stands at more than US$600 million.

El Salvador’s President Nayib Bukele. Photo: AP
Cryptocurrency

China’s selfie app Meitu sells all crypto before bitcoin hit US$100,000

Meitu netted US$80 million on bitcoin and ether holdings, exiting the crypto market amid a historic rally after the US re-elected Donald Trump.

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The logo of Meitu displayed at a news conference in Hong Kong on March 24, 2017. The company has struggled for years to monetise its popular photo and video editing apps, but its crypto investments have paid off after a recent price surge. Photo: Reuters
Yuan

Bybit CEO says Chinese can trade crypto though VPN, but not with yuan

Bybit CEO Ben Zhou says the company plans to reapply for a Hong Kong licence next year even though regulators bar selling crypto to mainlanders.

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Yuan

China’s digital yuan roared out of the gate, but stumbling blocks have popped up

Corruption and a slow adoption of the e-CNY risk undermining the groundbreaking progress that China’s digital currency has made over the past decade.

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Cryptocurrency

Decentralised kingdom: bitcoin’s Trump bump and how China lost its crypto crown

As the world’s factory, China cornered the market on bitcoin mining, leading to a flurry of crypto business activity before a harsh crackdown in 2021.

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Momentum in the cryptocurrency industry appears to have shifted towards the US after Donald Trump was re-elected to the presidency, but some see this as temporary. Illustration: Henry Wong
Blockchain

Bitcoin’s march towards historic US$100,000 level stalls

‘Bitcoin was extremely overbought since the election,’ one analyst says.

Donald Trump

Trump pick Lutnick’s firm in talks with Tether about US$2 billion bitcoin lending project

Commerce secretary pick’s finance firm could receive support from Tether to help fund project to lend dollars to clients against bitcoin.

SCMP Highlights

Recap | Shanghai court says crypto ownership legal, Hong Kong food-delivery drones: 5 tech stories

Explore China’s tech landscape, from crypto ownership to AI-driven stock investments, in our latest stories from the world of technological innovation.

Amid a record-setting bitcoin price surge, a Shanghai court has released an opinion stating that the personal ownership of cryptocurrencies is not against Chinese law. Photo: Reuters
Blockchain

Bitcoin hits US$97,000 as crypto sector seeks White House post

The world’s largest digital asset reaches an all-time high in Asia on Thursday.

US President-elect Donald Trump at the Bitcoin 2024 event in Nashville, Tennessee, in July. Photo: Reuters
United States

Sam Bankman-Fried’s ex-deputy Gary Wang spared prison time over FTX fraud

Wang cooperated with the prosecution and testified in the trial that led to Bankman-Fried’s conviction on fraud and other charges.

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Cryptocurrency

Shanghai court says crypto ownership legal in China amid bitcoin price surge

In an opinion on a recent lawsuit, a Shanghai judge wrote that cryptocurrencies have the attributes of property and thus holding it is legal.

US presidential election 2024

Musk suggests Trump let public weigh in on who should lead US Treasury

The billionaire himself endorses Howard Lutnick, saying the CEO of financial services firm Cantor Fitzgerald ‘will actually enact change’.

Elon Musk, chief executive officer of SpaceX and Tesla and owner of X, attends an event in Beverly Hills in May. Photo: Reuters
Cryptocurrency

Hong Kong bitcoin ETFs finally see trading surge after Trump bump in the US

The city’s three spot bitcoin ETFs became active trading targets this week, with US$17 million trading hands on Tuesday.

People stand next to bitcoin ATMs outside a cryptocurrency exchange in Hong Kong on November 14. Photo: AFP
SCMP Highlights

Recap | Dogecoin surges as Trump appoints Musk, FTX sues Binance: 5 cryptocurrency stories

Discover how Trump’s policies and Elon Musk’s new role have boosted dogecoin and bitcoin, and a potential impact on China’s digital-asset market in our round-up.

Thailand

Trump win sparks bitcoin boom across Asia: ‘it rises above the chaos’

With bitcoin prices surging, Asia’s digital asset entrepreneurs see new opportunities under Trump 2.0.

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