BITCOIN

A senior People’s Bank of China (PBOC) official has urged regulators to consider cryptocurrency risks and fraud that could lead to bank failures when innovating regulation. The Chinese official highlighted the recent collapse of U.S. banks that provided services to crypto customers as an example. “The regulation philosophy, technology, and capability must be upgraded to ensure financial innovation won’t come at the cost of financial stability,” he stressed. Chinese Central Banker on Crypto Risks and Bank Failures Xuan Changneng, a deputy governor at the People’s Bank of China (PBOC), the Chinese central bank, spoke at the Boao Forum on Friday about the potential dangers of financial innovations, including cryptocurrencies, that could cause banks and lenders to fail. He was quoted by Bloomberg as saying: Risks and fraud associated with cryptocurrency, including the two American banks who ran into troubles after providing many services for cryptocurrency from taking deposits to sett

The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN) are exploring ways to decrease their countries’ dependence on the U.S. dollar and promote the use of local currencies in trade settlements. “We must remember the sanctions imposed by the US on Russia,” said Indonesian President Joko Widodo. ASEAN Countries Seek to Reduce Reliance on USD The finance ministers and central bank governors of the Association of Southeast Asian Nations (ASEAN) held a meeting on March 30-31 in Bali, Indonesia. One of the topics they discussed was reducing reliance on western currencies, such as the U.S. dollar. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The meeting was also attended by representatives from six international organizations, namely Asian Development Bank (ADB), ASEAN+3 Macroeconomic Research Office (AMRO), the International Monetary Fund (IMF), the Financial Supe