Russian and Japanese lawmakers propose Bitcoin reserves to counter fiat vulnerabilities and position as blockchain innovators.
South Korea's crypto trading volume reaches $14.59 billion, nearly doubling stock market activity amid rising political tensions.
Thailand's former PM predicts Bitcoin’s growth to $850,000, urging citizens to adopt crypto as policy shifts are underway.
Notable developments in Asia’s cryptocurrency sector unfolded this week, as nations examined strategic shifts in digital asset management and market activities. Russia and Japan proposed the creation of Bitcoin reserves to strengthen economic resilience.
Meanwhile, Thailand's former prime minister urged citizens to adopt Bitcoin amid predictions of its significant growth. South Korea also observed a surge in crypto trading volumes, eclipsing stock market activity.
https://twitter.com/WuBlockchain/status/1868249966046822676
Russia and Japan Explore Bitcoin Reserves
Russian lawmaker Anton Tkachev advocated for Bitcoin as a strategic reserve, citing vulnerabilities in traditional reserves amid geopolitical risks. Tkachev suggested to Finance Minister Anton Siluanov that cryptocurrencies could counter inflation and sanctions tied to fiat currencies like the dollar and euro.
Similarly, Japanese lawmaker Satoshi Hamada proposed allocating part of Japan's foreign exchange reserves to Bitcoin. Hamada emphasized Bitcoin’s decentralized nature and its potential to position Japan as a blockchain leader. While both initiatives face varying degrees of political traction, they show increasing interest in digital currencies as national assets.
South Korea’s Crypto Activity Soars Amid Policy Delays
South Korea experienced a sharp rise in crypto trading volumes, nearly doubling activity in its stock market. According to reports, the nation’s top five exchanges recorded a 24-hour trading volume of $14.59 billion last week. Heightened political tensions contributed to this surge as investors sought alternative assets.
Meanwhile, South Korea’s parliament approved another postponement of its proposed cryptocurrency tax, potentially delaying implementation until 2027. Additionally, November rankings for crypto apps showed Upbit leading with 4.36 million users, followed by Bithumb and Pi Network.
Developments in Thailand, Hong Kong, and Iran
Former Thai Prime Minister Thaksin Shinawatra urged citizens to embrace Bitcoin, citing forecasts of its potential value reaching $850,000. In Hong Kong, the government clarified that cryptocurrencies are not included in its Exchange Fund investments. However, minimal crypto exposure is allowed through external asset managers for diversification.
Iran, on the other hand, is shifting from restrictive measures to regulating digital currencies. Finance Minister Abdolnaser Hemmati highlighted efforts to maximize the benefits of digital assets while addressing potential economic risks.
