Data shows that Korean love for crypto remains strong despite new regulations.

Chinese banks publish data on the progress of the e-CNY.

Hong Kong-based crypto exchange Bilaxy suffers a $ 21 million hack.

We’ll learn more about these stories – and other news that are shaping the cryptocurrency and blockchain world – in this August 30th episode of The Daily Forkast.

Transcript

Welcome to The Daily Forkast, August 30th, 2021. I’m Angie Lau, Editor-in-Chief of Forkast.News, which covers everything about blockchain.

We are now just under four weeks away from South Korea’s new crypto exchange rules going into effect.

This has the potential to change the landscape of cryptocurrency trading in the region. That story and more.

Let Asia bring you up to date with the world.

First off, South Korea’s adoption of crypto is still going strong despite the tough new rules on exchanges.

New data shows that from April to July this year, nearly two and a half million new users joined the country’s four major exchanges – UpBit, Bithumb, Onecoin, and Korbit.

Age doesn’t matter either, from teenagers to grandparents. These two groups are actually among the converting users of Crypto Korea.

Forkast.News Danny Park has more.

Strict regulations may scare off stock exchanges, but not investors in Korea.

According to the lawmaker’s office Yoon Doo-hyun, 2.43 million came to the four major exchanges with deposits of over $ 6 billion as of July 31 in the second quarter.

It is noteworthy that a considerable number of young people and those over 70 years of age are among these new registrations.

28,000 of Upbit’s new users were teenagers who contributed $ 3.4 million in deposits to the four major exchanges, while the post-Korean War generation made over $ 35 million in deposits in their 1970s.

Upbit continues to dominate the market as the only exchange to date to have applied for a business license from the Korean authorities. It has 4.7 million users, 3.6 times as many as second-placed Bithumb and eight times more than third-placed Coinone.

An expert told Forkast.News Upbit’s dominance could go either way if it ends in a monopoly.

“If his monopoly continues, [Upbit] as the only market participant can increase the fees. In this case, the users suffer harm compared to an oligopoly. But when it becomes a natural monopoly, it can be more like that [transaction] Fees. The best example is electricity [in Korea] Only one company supplies electricity in Korea. It has lowered transaction costs and Korea has the cheapest electricity in the world. “

With the new regulations set to be fully enforced starting September 24, more new Korean crypto users could seek refuge in Upbit.

For Forkast.News, I’m Danny Park

Meanwhile, in China, we are learning more about the depth of China’s E-CNY efforts.

How far this has progressed is shown by the latest progress data from four of the country’s state banks, which are actually going to include details on the introduction of the digital currency in their half-yearly reports for the first time.

China Construction Bank, which is one of the four, says it has processed a total of nearly 19 billion digital yuan, or nearly $ 3 billion worth of transactions, alone. And the development is likely to continue with increasing usage scenarios in the pipeline. The E-CNY rollout is picking up speed.

Forkast.News Timmy Shen has more.

China Construction Bank, Industrial and Commercial Bank of China, and Bank of Communications all mentioned advances in the digital yuan in their reports.

They say they had nearly 12 million personal wallets and around two million corporate wallets combined by the end of June.

And according to Beijing Business Today, in order to advance its development of the digital yuan, the Postal Savings Bank of China now has its own digital yuan department at its headquarters.

In another example of the growing variety of scenarios the digital yuan can be used for, an ICBC office in Shenzhen has teamed up with Tianjin-based Home Credit Consumer Finance to start that, according to a report by mpaypass.com what could possibly be the country’s first E-CNY consumer loan pilot project.

For Forkast.News, I’m Timmy Shen, Taipei, Taiwan.

And today, another crypto exchange was finally hacked. This time it’s Bilaxy from Hong Kong.

Bilaxy’s Ethereum hot wallet was attacked on August 29, stealing 296 cryptocurrencies worth $ 21 million.

The attack took place in less than an hour, and the exchange has ordered users not to send funds to the bilaxy accounts since then.

At the beginning of the trading week in Asia on Monday, the exchange’s website still showed the message “Temporary system maintenance”.

Many users responded on Twitter to not only complain about Bilaxy but also to express wider concerns and frustrations about the security of their assets, especially given the numerous attacks we have seen over the past few weeks.

According to the blockchain security company SlowMist, which tracks attacks across exchanges, blockchain, decentralized applications and wallets, there have been 20 hack events so far this month.

It’s a broader industry topic here. It is clear that more needs to be invested in the safety game when it comes to exchanges. The bottom line is that investors cannot trust their trades.

Well, that end result will eventually go away.

And that’s The Daily Forkast from our point of view here in Asia. Further information can be found at Forkast.News. I’m editor-in-chief Angie Lau. Until next time.