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Amid widespread regulatory scrutiny against the cryptocurrency industry in the United States, South Korea’s top financial regulator has joined in and suggested a ban on using credit cards to purchase or sell cryptocurrencies, citing illegal overseas outflows of domestic funds and money laundering risks. Specifically, the country’s Financial Services Commission (FSC) has associated the credit card purchases of crypto assets by South Korean citizens from foreign crypto exchanges with the above risks, urging the government to prohibit such practices in a legislative notice published on January 3. As per the statement: “Concerns have been raised about illegal overseas outflows of domestic funds due to card payment s on foreign virtual asset exchanges, money laundering and speculation, and promotion of such activities. (…) Accordingly, virtual assets (…) are stipulated as prohibited for payment .” Cryptocurrency Nexo unveils tripled cashback for debit and ...

The RBA has wrapped up its CBDC pilot program and outlined four key areas that could be improved by the introduction of central bank-issued digital currency. Australia's central bank has completed it's pilot of a central bank digital currency (CBDC) exploring use cases for a potential e-AUD, finding its useful in four main areas including enabling complex payment s and asset tokenization . The Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC) unveiled their findings in an Aug. 23 report that also detailed a number of cases where a CBDC wasn't exclusively required to achieve the stated use case. We’ve released a report with the Digital Finance CRC @DigiFinanceCRC today on the findings from an Australian central bank digital currency pilot.https://t.co/k3Zn0VFbwG #RBA #CBDC #Payments #DigitalPayments #Blockchain #FinTech pic.twitter.com/N3mp1ID6gd — Reserve Bank of Australia (@RBAInfo) August 23, 2023 The pilot found four primary ...

The ban is intended to reduce Argentina's payment system exposure to digital assets, said the monetary authority. On May 4, Argentina's central bank has banned payment providers from offering crypto transactions, alleging it intends to reduce the country's payment system exposure to digital assets.  According to a statement from the monetary authority, payment providers may not offer or facilitate crypto services through their applications. The move brings payment fintechs and financial institutions under the same rules in the country. "Payment service providers that offer payment accounts [...] May not carry out or facilitate operations with digital assets, including crypto assets, that are not regulated by the competent national authority and authorized by the Central Bank of the Argentine Republic," said the authority. Cryptocurrencies are not regulated in Argentina, which means all coins and tokens are subject to the decision. It's unclear how the ...