Tech giant Samsung Electronics has reportedly partnered with South Korea’s central bank, the Bank of Korea (BOK), to conduct research on central bank digital currency (CBDC) for offline payments. Signed on May 15, this collaboration aims to investigate the offline capabilities of a CBDC issued by the central bank. With the finance ministers and central bank governors of the Group of Seven (G7) discussing crypto asset supervision, they emphasized the importance of effective monitoring, regulation, and oversight to address financial stability and integrity risks posed by crypto-asset activities and markets.
In light of these discussions, the US Department of Justice (DOJ) is expected to crack down on illicit behavior on digital platforms, stating that the scale of crypto crime has grown “significantly” in recent years. The National Cryptocurrency Enforcement Team (NCET) will target companies that engage in criminal activity or enable other criminal actors to profit from their crimes and “cash out.”
The US Securities and Exchange Commission (SEC) is seeking to revise a $22 million penalty set on crypto startup LBRY, reducing it to $111,614 due to the company’s lack of funds and near-defunct status. Meanwhile, in the blockchain space, China has launched a national blockchain research center with the goal of training 500,000 blockchain professionals. There are plans to create a national-level blockchain network connecting China’s existing blockchains and supporting other industries.
KuCoin Pool, a global cryptocurrency mining platform, announced the launch of Litecoin (LTC) and Dogecoin (DOGE) joint mining pool services, offering a more efficient and profitable mining experience for users. Leveraging merged mining technology, miners can simultaneously mine both LTC and DOGE without additional effort or resources, subsequently increasing mining rewards and securing the networks of both cryptocurrencies.
A Bloomberg survey indicated that Bitcoin (BTC) is a more popular safe haven asset than the US dollar, the yen, or the Swiss franc in the event of the US failing to raise its debt ceiling and defaulting on its debt. Gold and US Treasurys were ranked as the second and third most popular alternatives, respectively. Notably, Switzerland has the highest crypto adoption rate in Europe, with 21% in 2023 – twice higher than the UK, Germany, or France. The Netherlands, Norway, Belgium, and Ireland follow closely behind, while the UK, Germany, France, and Italy have lower adoption rates.
Source: Cryptonews
