The post Shenzhen Officials Warn of Crypto Scams Disguised as Investment Platforms appeared first on Coinpedia Fintech News On July 7, the Shenzhen Municipal Task Force Office for Preventing and Combating Illegal Financial Activities issued a stern warning to the people of China regarding the risks associated with stablecoin and digital assets, urging citizens to avoid unregulated schemes. Shenzhen Government Warns About Rising Stablecoin Scams As digital currencies, especially stablecoins, continue to receive attention from the market and institutions, some shady groups and fake fundraising investments are tricking investors into digital asset scams. The Shenzhen government discovered that these illegal institutions use “financial innovation” and “digital assets” as gimmicks to lure investors with shams. These illegal groups trick people into risky trading and try to disturb the financial system. They pretend to be real investment companies to run scams like illegal fundraising, gambling, fraud, pyramid schemes, and money laundering. Authorities Highlight the Protection Measures The Shenzhen government authorities have opened up the importance of due diligence and caution when engaging with digital assets, suggesting that citizens verify the legitimacy of any investments and be wary of exaggerated promises. The authority also requested the citizens to report the relevant illegal institutions and illegal fundraising in the name of stablecoin to the non-leading department of the city or district, or the public security. Shenzhen Municipal Task Force stated– “The relevant departments will verify the reported clues, crack down on them according to law, and reward the informants according to regulations.” Importance of Law Obligation in China China has already banned cryptocurrency in the country, as the government does not trust any crypto projects that operate outside of state control. The country has strict rules against illegal fundraising, so if a stablecoin investor invests in one of these scams and loses, the law says the loss is on you, not the government. The Shenzhen government encourages the people to follow these strict regulations by saying informants who provide useful tips may even be rewarded. Final Thought These fake private crypto schemes have made the government extra cautious, as China had already banned cryptocurrency to promote state-backed digital currency, the digital yuan. The unlicensed stablecoin schemes will not be tolerated in the country as the authorities focus on managing the financial chaos.
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The post Key Economic Events This Week: FOMC, Senate Hearings, Crypto Tax Policy, and More appeared first on Coinpedia Fintech News The crypto market is heading into a critical week as major U.S. policy decisions and economic data take center stage. A series of macro events are set to unfold and how these events play out could impact both prices and regulations. A hawkish tone from policymakers could weigh on risk assets like Bitcoin, while dovish signals might give crypto markets a boost. July 8 – Consumer Credit Data Consumer credit data will be released on Tuesday, which will offer key insight into consumer confidence and economic sentiment. A lower-than-expected reading would mean growing caution among consumers. This shift in trend would push some investors toward Bitcoin. A hawkish read could strengthen the U.S. dollar and put pressure on Bitcoin, while a dovish tone may support crypto markets by boosting risk appetite. July 9 – FOMC Minutes All eyes are next on the FOMC minutes, that will be released this Wednesday. The minutes will offer insights into the central bank’s stance during its May meeting, where it chose to hold interest rates steady. With inflation still above the Fed’s 2% target, investors are eager to see whether the tone in the minutes leans hawkish, hinting at fewer rate cuts or if there is a change in plan. July 9 – Key Hearing by Senate Banking Committee The U.S. Senate Banking Committee will hold a key hearing on July 9 to decide if tokens like XRP should be classified as securities or commodities. The hearing will focus on a new bill that aims to clearly define which crypto tokens are securities (regulated by the SEC) and which are commodities (regulated by the CFTC). Ripple CEO Brad Garlinghouse and experts from the Blockchain Association, Chainalysis, and Paradigm will also testify. This could also pave the way for altcoin ETFs later this year. July 9 – Digital Assets Tax Policy The U.S. House will hold a hearing this Wednesday to discuss how the U.S. can lead in the crypto space. Titled “ Making America the Crypto Capital of the World, ” the focus will be on creating a modern tax policy framework tailored for digital assets like Bitcoin and stablecoins. Fox Jounalist Eleanor Terrett has recently shared that the crypto hearing is delayed as the House is out this week. A new date is yet to be announced. July 10 – Initial Jobless Claims Initial Jobless claims will be released on Thursday. The report shows how many people filed for unemployment benefits for the first time. Economists expect a slight uptick to 235,000, up from 233,000 the week before. If the claims rise, it may indicate a weakening labour market, boosting hopes for Fed rate cuts. This could Boost bitcoin as well. But if claims drop, the dollar could get stronger and crypto might take a hit. “Crypto Week” Ahead Looking ahead to the next week, starting July 14, the U.S. House is all set to kick off the “Crypto Week.” Lawmakers will vote on three major crypto-related bills: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Act. This could mark a major turning point for U.S. crypto regulation.
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BitcoinWorld Korean Won Stablecoin: BNK Group’s Revolutionary Step Towards Digital Finance The financial world is buzzing with news from South Korea, where traditional banking giants are making decisive moves into the digital asset space. Specifically, BNK Financial Group , a prominent financial holding company, has announced a significant stride towards the future of digital currency. Its affiliates, including BNK Financial Holdings, Busan Bank, and Kyongnam Bank, are actively filing trademark applications for Korean won stablecoins . This pivotal development signals a growing confidence in the utility and integration of blockchain technology within mainstream finance, particularly for bank-backed digital currencies. For anyone tracking the evolution of money, this represents a fascinating convergence of established financial institutions and the innovative realm of digital assets. What are Korean Won Stablecoins and Why Are They Important? On July 7, BNK Financial Group made headlines by confirming its affiliates are seeking trademarks related to Korean won-based stablecoins. As reported by Yonhap News, BNK Financial Holdings has submitted an impressive 11 trademark filings, while Busan Bank and Kyongnam Bank have filed 10 and 4, respectively. But what exactly are these digital assets, and why does their emergence matter for the South Korean financial landscape? A stablecoin is a type of cryptocurrency designed to maintain a stable value, typically pegged to a fiat currency like the US dollar or, in this case, the Korean won. Unlike volatile cryptocurrencies such as Bitcoin or Ethereum, stablecoins aim to minimize price fluctuations, making them suitable for everyday transactions, remittances, and as a reliable store of value in the digital realm. A Korean won stablecoin would essentially be a digital representation of the won, allowing for faster, cheaper, and more transparent transactions on a blockchain network. The importance of these filings cannot be overstated. They indicate: Increased Trust and Stability: When a major financial institution like BNK backs a stablecoin, it inherently brings a layer of trust and regulatory oversight that independent stablecoins might lack. This could encourage broader adoption among businesses and consumers. Efficiency in Payments: Digital won stablecoins could streamline domestic and international payments, reducing transaction times and costs significantly compared to traditional banking rails. Innovation in Financial Services: This move paves the way for new financial products and services built on blockchain, such as decentralized finance (DeFi) applications tailored for the Korean market. How is BNK Financial Group Leading the Charge in South Korea’s Digital Finance? BNK Financial Group is not just dipping its toes into the stablecoin waters; it appears to be making a strategic dive. As a prominent financial holding company in South Korea, its decision to pursue these trademark applications through its key affiliates – BNK Financial Holdings, Busan Bank, and Kyongnam Bank – underscores a deliberate push towards embracing digital innovation. This isn’t merely about creating a digital currency; it’s about positioning the group at the forefront of the evolving financial ecosystem. The group’s engagement extends beyond just trademark filings. Both Busan Bank and Kyongnam Bank have also joined the Open Blockchain & Decentralized Identifier Association (OBDIA) . OBDIA is an organization dedicated to preparing for the issuance of bank-supported stablecoins, suggesting a collaborative approach to developing the necessary infrastructure and regulatory frameworks. This membership highlights BNK’s commitment to working within a structured, industry-wide initiative rather than operating in isolation. BNK’s proactive stance could serve as a blueprint for other traditional financial institutions in South Korea and beyond. By leveraging their existing customer base, regulatory compliance expertise, and financial stability, banks are uniquely positioned to offer reliable stablecoin solutions that could bridge the gap between conventional finance and the burgeoning digital economy. This strategic foresight could unlock new revenue streams and enhance customer loyalty in an increasingly digital world. What Does This Mean for the South Korea Stablecoin Landscape? The entry of BNK Financial Group into the stablecoin arena significantly reshapes the South Korea stablecoin landscape. For years, the country has been a hotbed of cryptocurrency innovation, but the involvement of major banks like Busan Bank and Kyongnam Bank brings a new level of legitimacy and potential for widespread adoption. This development could accelerate the pace at which stablecoins become an integral part of everyday financial transactions in South Korea. Until now, discussions around digital currencies in South Korea often revolved around the Bank of Korea’s potential Central Bank Digital Currency (CBDC) or privately issued stablecoins. BNK’s move introduces a third, powerful category: bank-backed stablecoins. These differ from CBDCs, which are issued and controlled by the central bank, and from private stablecoins like Tether (USDT) or Circle (USDC), which are issued by private companies and often face different regulatory scrutiny. The potential implications for the South Korean market include: Enhanced Financial Stability: Bank-backed stablecoins, with their direct links to regulated financial entities, may offer greater stability and less risk compared to some private alternatives. Increased Competition: This could spur other South Korean banks to explore similar initiatives, fostering innovation and competition in the digital currency space. Clarity in Regulation: As more traditional institutions enter, it could push regulators to provide clearer guidelines and frameworks for stablecoin issuance and usage, benefiting the entire ecosystem. This is a crucial moment for South Korea, potentially positioning it as a global leader in the integration of traditional banking with cutting-edge blockchain technology. Are Bank-Backed Stablecoins the Future of Digital Currency? The trend of traditional financial institutions exploring or launching their own digital currencies, often referred to as bank-backed stablecoins , is gaining momentum globally, and BNK Financial Group’s actions are a clear testament to this. These stablecoins offer a compelling proposition, combining the innovative efficiency of blockchain with the inherent trust and regulatory compliance of established banks. But are they truly the future? Benefits of Bank-Backed Stablecoins: Benefit Description Trust and Credibility Backed by regulated financial institutions, these stablecoins inherit a high level of public trust and regulatory oversight. Stability and Reliability Pegged to fiat currencies and typically fully collateralized, they offer price stability, crucial for payments and commerce. Faster Settlements Leveraging blockchain, transactions can settle almost instantly, especially for cross-border payments. Reduced Costs Lower transaction fees compared to traditional banking services, particularly for international transfers. Interoperability Potential to seamlessly integrate with existing financial systems and new blockchain-based applications. Challenges and Considerations: Regulatory Hurdles: While banks bring compliance, the specific regulatory framework for stablecoins is still evolving in many jurisdictions, including South Korea. Scalability: Ensuring the underlying blockchain can handle the volume of transactions required for mass adoption remains a technical challenge. Competition: They will compete with existing private stablecoins, CBDCs, and traditional payment systems. Privacy Concerns: Balancing the transparency of blockchain with the need for financial privacy for users. Despite the challenges, the inherent advantages of bank-backed stablecoins – particularly their potential to bridge the gap between the traditional financial world and the digital economy – make them a strong contender for widespread adoption. They offer a familiar and secure entry point for individuals and businesses hesitant to engage with less regulated digital assets. What’s the Outlook for Blockchain in Finance Korea? The active participation of Busan Bank and Kyongnam Bank in the Open Blockchain & Decentralized Identifier Association (OBDIA) is a telling sign of the future direction for blockchain in finance Korea . OBDIA’s focus on preparing for the issuance of bank-supported stablecoins suggests a concerted effort to build a robust, collaborative ecosystem for digital assets within the existing financial framework. This isn’t just about one bank’s initiative; it’s about a collective industry movement. The broader outlook for blockchain in South Korean finance is incredibly promising. Beyond stablecoins, the technology has the potential to revolutionize various aspects of banking and financial services: Enhanced Security and Transparency: Blockchain’s immutable ledger can improve the security of financial records and transactions, reducing fraud and increasing transparency. Streamlined Operations: Automation through smart contracts can reduce manual processes, leading to significant operational efficiencies in areas like trade finance, supply chain finance, and asset management. New Financial Products: The tokenization of real-world assets (e.g., real estate, art, commodities) could open up new investment opportunities and democratize access to previously illiquid assets. Improved Cross-Border Payments: Blockchain networks can facilitate faster, cheaper, and more transparent international remittances and corporate payments, benefiting both individuals and businesses. South Korea has consistently demonstrated its embrace of technological innovation, and its financial sector is no exception. With major players like BNK Financial Group taking concrete steps, the integration of blockchain into mainstream finance is not a distant dream but a rapidly approaching reality. The nation is poised to become a significant testbed for how traditional banks can successfully leverage distributed ledger technology to modernize their services and cater to the demands of a digital-first economy. In conclusion, BNK Financial Group’s proactive engagement in trademarking Korean won stablecoins and its affiliates’ involvement with OBDIA mark a pivotal moment for South Korea’s financial future. This strategic move by a major financial player underscores the growing inevitability of digital currencies in traditional banking. By offering stable, bank-backed digital assets, institutions like BNK are not only enhancing trust and efficiency in transactions but also paving the way for a more integrated and innovative financial ecosystem. The convergence of established finance with cutting-edge blockchain technology promises a future where digital won transactions are as commonplace and reliable as their physical counterparts, setting a compelling precedent for global financial evolution. To learn more about the latest crypto market trends, explore our article on key developments shaping blockchain adoption and institutional integration. This post Korean Won Stablecoin: BNK Group’s Revolutionary Step Towards Digital Finance first appeared on BitcoinWorld and is written by Editorial Team
Ethereum recently broke above the 200-day moving average and completed a pullback; however, the lack of strong bullish momentum suggests a higher likelihood of continued sideways consolidation. Technical Analysis By ShayanMarkets The Daily Chart After a period of consolidation between the 100-day and 200-day moving averages, ETH successfully broke above the 200-day MA at $2.5K, followed by a pullback. While this move is typically viewed as a bullish signal, ETH has failed to demonstrate strong follow-through, indicating weak market participation and insufficient bullish momentum. As a result, the likelihood of continued sideways consolidation has increased. Currently, the price remains trapped between the 200-day MA and the critical $2.8K resistance level, with a decisive breakout in either direction needed to establish the next major trend. The 4-Hour Chart On the lower timeframe, Ethereum’s recent rally was halted at a key bearish order block between $2,625 and $2,670, a zone that has consistently attracted selling pressure. The rejection has led to a retracement toward the $2.5K support level — a historically significant zone where buyers have previously stepped in. As anticipated, ETH found temporary support here and attempted a minor rebound. However, the current lack of trading volume and diminished bullish momentum suggests the potential for another rejection at the overhead resistance. Until a breakout above $2,670 or below $2.5K occurs, Ethereum is expected to remain range-bound. Sentiment Analysis By ShayanMarkets This chart presents the Binance Liquidation Heatmap, highlighting zones where significant liquidation events are likely to occur. These areas often act as liquidity magnets, attracting price action due to the concentration of leveraged positions. Large market participants, commonly referred to as whales, tend to exploit these zones to enter or exit positions efficiently. Currently, a prominent cluster of liquidation levels is situated just above the $2.6K mark, suggesting a strong likelihood that Ethereum’s price could gravitate toward this region. If reached, it may trigger a short-squeeze, fueling further upward momentum and potentially propelling ETH toward new local highs. Conversely, another substantial liquidity pool resides below the $2.5K level, implying the possibility of a downward move to tap into this zone. As a result, Ethereum remains confined within a tight range between these liquidity clusters, awaiting a decisive breakout to determine the next directional move. The post Ethereum Price Analysis: Is ETH Primed for Further Gains After Surge Past $2.5K? appeared first on CryptoPotato .
Cardano and Ethereum have emerged as the frontrunners in weekly developer activity, signaling robust innovation and sustained growth within their blockchain ecosystems. Recent GitHub data highlights a surge in coding
Even as Russia gears up to launch its digital ruble, some of the country’s top bankers still aren’t sold on the idea. As Russia moves closer to launching its own digital currency, questions are starting to grow louder about whether the country really needs a central bank digital currency . And most importantly, these concerns are coming not from critics abroad, but from within the country’s own financial system. One of those questions is now being raised by one of the most influential bankers in Russia. German Gref, the CEO of Russia’s largest state-controlled lender Sberbank, reportedly told reporters on the sidelines of the Bank of Russia’s annual Financial Congress that he didn’t see any scenario where the digital ruble would lead to a large-scale transformation of the economy. “Our finances are already fully digital. Everything the digital ruble can offer is already provided by cashless payments. Our banks are more than technologically advanced enough. I don’t see a single new product that couldn’t be done with the regular ruble.” German Gref Gref’s comments stand out not only because he leads Sberbank — what might be viewed as major indicator of Russia’s financial health given that it has over 100 million clients alone, or nearly 69% of the country’s population — but also because the bank is expected to play a central role in launching the digital ruble. The Bank of Russia, however, sees things differently. It argues that the digital ruble — as a third form of national currency alongside cash and cashless money — could bring huge benefits over time. You might also like: Russian lawmakers believe digital ruble will replace banks In its recent research report on the digital ruble pilot, the central bank highlighted several potential benefits: faster, more transparent, and more secure financial transactions. However, these advantages appear to serve authorities more than ordinary citizens, as the digital ruble primarily offers new tools for state-level financial management and expanding financial inclusion. Russia already has a solid digital payment setup, with its own versions of Visa/Mastercard plus some pretty advanced mobile banking apps. So, from a user’s point of view, it’s still not clear why anyone would really care to switch to a new payment method. Cashbacks, but for lenders Still, the Bank of Russia continues to highlight what it sees as long-term benefits. It plans to begin mass adoption of the digital ruble on September 1, 2026, and expects the system to become a regular part of financial life within five to seven years. To make the digital ruble more appealing — especially for everyday users — the central bank is waiving all fees on transfers between individuals. Businesses still have to pay commissions, but they’re lower than what current payment systems or card services charge. Financial tariffs for using Russia’s CBDC | Source: The Bank of Russia For example, sending money from a private user to a business comes with a max fee of 1,500 rubles (around $19) or 0.3% of the transfer amount. Utility payments cost even less, capped at 10 rubles or 0.2%. The central bank also offers incentives to banks and other participants helping to operate the digital ruble platform. These partners will receive small commissions for facilitating various types of transactions, although the amounts are tightly regulated. Payments are made in digital rubles and handled directly through the platform’s centralized accounting system. Long shot The Bank of Russia insists this is about the future. The digital ruble isn’t just another payment tool, the central bank says, emphasizing that it’s a step toward a more modern and flexible financial system. Officials believe the platform could make government payments more efficient, help track public funds more transparently, and even pave the way for new types of smart contracts and automation in finance. But the Sberbank CEO isn’t convinced, at least not yet. There’s still time for the picture to shift. The pilot phase for the digital ruble has been ongoing since August 2023, and more functionality is being tested gradually. Some might suggest that the real value of the digital ruble may only become apparent as international payment systems become more fragmented, and Russia seeks new tools to bypass sanctions and simplify trade with select foreign partners. In that scenario, the digital ruble might not change everyday life for most Russians, but could still become a useful instrument for the state. One way or another, the Bank of Russia appears determined to stay the course, even as some of the country’s most powerful bankers openly question what it’s all for. Read more: Russian ruble-backed stablecoin A7A5 moves $9.3B in four months: report
The Bitcoin blockchain is showing signs of declining user activity, despite the coin trading close to all-time highs. Bitcoin is changing hands slightly under $109,000, 2.7% less than its all-time high value, on an uptick of 7% from its 14-day lows, per Coingecko data. On Saturday, only around 5,000 transactions were waiting in the Bitcoin mempool, the virtual queue where unconfirmed transactions are held before being added to the blockchain by miners. At press time, the number had risen to 15,000, still a fraction of the 150,000 seen in late 2024 when BTC first crossed the $100,000 mark, according to Blockchain.com. Market fears low activity could become a permanent issue Last Saturday, podcaster and Bitcoin advocate Joel Valanzuela shared his sentiment on X that the drop in transactions signals a profound issue with actual network utility. “ Simply put, almost all of Bitcoin’s actual users have gone away. At all-time price highs, too ,” Valanzuela wrote. “ We’re facing a major crisis. Either the Bitcoin network goes bankrupt, undergoes major changes, or the asset becomes a completely custodial asset run by governments and institutions. ” Since March, mempool transaction counts have fluctuated between 3,000 and 30,000. Like Valanzuela, the community is concerned because the low figures are persistent, even though the asset has been trading above six figures in value for several months. Bitcoin's mempool (queue of transactions waiting to be processed) is almost completely empty. The percentage of miner revenue coming from fees (instead of inflation) is down to a fraction of a percent. 😱 Simply put, almost all of Bitcoin's actual users have gone away. At… pic.twitter.com/Kbk3j1e8c1 — Joel Valenzuela (@TheDesertLynx) July 5, 2025 Joao Wedson, CEO of crypto analytics platform Alphractal, believes the low mempool numbers are due to a lack of retail participation. “ When mempool transactions begin to rise again, it’s a clear sign that retail is back, because the growing backlog reflects increased demand for using the network ,” Wedson asserted. Institutional inflow is not filling the gap In its report published on July 3, Blockchain analytics firm CryptoQuant found that spot demand for Bitcoin was weakening, even though large institutions continue to acquire BTC through ETFs and treasury allocations. The report mentioned that net Bitcoin demand contracted by roughly 895,000 BTC over the past 30 days, suggesting that buying from ETFs and companies like Strategy (MicroStrategy) is insufficient to offset declines. Data on the analysis shows that ETF purchases over a 30-day period have dropped from 86,000 BTC on December 7, 2024, to 71,000 BTC by May 18, 2025, and further down to 40,000 BTC currently, a 53% decline. Strategy’s buying spree also fell to 16,000 BTC in the past 30 days, a downtick of 90% from its peak of 171,000 BTC in December. CryptoQuant’s Bitcoin Traders’ Behavior Dominance metric shows most market participants took profits after BTC reached $110,000 in late June. After the coin saw a pullback to $107,500, traders reportedly opened new short positions as BTC fell below $105,000, backing their bearish belief in the geopolitical differences between Israel and Iran. “ETFs and MSTR purchases are a portion of bitcoin demand, overall demand contraction is more than offsetting these purchases,” the analysis read. “The acceleration of overall demand growth is what drives price rallies.” The slowdown could mean institutional demand may no longer be enough to support the current price levels. Large-scale buyers may be reassessing their accumulation strategies. The Bitcoin treasury game may not work for everybody Speaking in a recent interview with Bloomberg, SkyBridge Capital founder Anthony Scaramucci said he was uncertain how sustainable corporate Bitcoin treasury strategies are. Scaramucci stated that while companies are copying what Michael Saylor and Strategy have been doing to make BTC purchases, the trend may not continue. He added that Strategy may be an exception because of its diversified Bitcoin-related operations. “ Saylor’s case is different, because he’s got a couple different products going now ,” Scaramucci continued, “ I’m not negative on the others, because I’m too bullish on bitcoin, but I would just say as an investor, you have to look through the underlying costs associated with each one of these treasury companies .” Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
According to data from onchain analyst Yu Jin, the short positions of @qwatio, known as the “insider whale,” were liquidated again during the crypto market rally. This investor, who has been liquidated many times before, seems to continue opening short positions until all of his collateral is melted. @qwatio, whose position had dropped to $43.68 million on July 3, recovered some of his position and added positions again as the Bitcoin price pulled back slightly. However, the collateral on the $16.28 million short position he opened is currently only $800,000, with the total loss on this position calculated at $15.48 million. The remaining position size after the latest liquidations is $47.34 million: 40x short position of 368 BTC: worth $40.05 million. The opening price is $107,724, and the liquidation price is $109,196. 25x short position of 2846 ETH: $7.28 million value. Opening price $2,452, liquidation price $2,611. On the other hand, according to data from chain analysis platform Arkham, a wallet believed to be associated with Abraxas Capital transferred 1,000 BTC (approximately $108.23 million) to the Kraken exchange. It is not known whether the transfer was for sale. *This is not investment advice. Continue Reading: Chinese Analyst Exposes Big Short Whale: About to Sink! Here Are Their Positions