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De-dollarization is rapidly accelerating across Asia as the US dollar weakens over 9% against major currencies right now. BRICS nations and also local currency initiatives are driving currency substitution efforts, fundamentally reshaping Asia’s financial landscape and challenging traditional dollar dominance at the time of writing. Source: TradingView Also Read: BRICS Currency Alliance Impact on Global Markets Understanding Asia’s Drive For Currency Substitution, BRICS Ties & Local Currency Gains Source: Asia Times De-Dollarization Timeline and Market Response The de-dollarization process began over a decade ago, but recent developments mark a significant acceleration right now. Bloomberg’s Stephen Chu explains the timeline and also the current market dynamics. USD share of FX reserves has fallen – Source: JP Morgan Chu stated: “This period actually has started. I’d say over 10 years ago, in 2014 when there’s this Russia and Crimea incident. A...

Klaytn Foundation and Finschia Foundation propose a merger to create a joint ecosystem , with a new mainnet and a token. In a press release on Jan. 16, Klaytn Foundation and the Finschia Foundation announced their plans to create a joint ecosystem with a user base exceeding 250 million wallets. Klaytn says the new mainnet will inherit Klaytn’s integration with Kakaotalk and Finschia’s integration with LINE. After the merger , the combined foundation will continue to pursue ecosystem expansion in real-world asset tokenization and decentralized finance through collaborations with Japanese, South Korean, and Southeast Asian partners. You might also like: Chainlink (LINK) Partners South Korea’s Klaytn Blockchain Project for Oracle Solutions Additionally, KLAY and FNSA, the native coins of the two blockchains, will be replaced by a new native coin which will be issued based on the combined total amount of KLAY and FNSA. Holders of KLAY and FNSA will be able to ...

Investigating crypto scams around Tether’s stablecoin, journalist Zeke Faux uncovers a large human trafficking ring in Cambodia. Crypto scams and exchange hacks are becoming almost a regular occurrence in the digital assets space. But a recent revelation from Bloomberg’s investigative reporter Zeke Faux shows how crypto is being used as a fishing hook to run more sophisticated and larger criminal activities – in this case – human trafficking .  Faux’s journey began with a seemingly innocuous text message from a woman named Vicky Ho. Claiming to be a divorced woman running a chain of nail salons in New York, Vicky engaged Faux in conversation before eventually steering it toward cryptocurrency investments. Faux, suspecting a scam, played along to gather more information. Vicky introduced him to a crypto-exchange app called ZBXS and instructed him to deposit Tether to start trading. Bloomberg reporter and author Zeke Faux started off looking at Tether, but en...

The Spring Development Bank is Myanmar’s first financial institution to run entirely on crypto and blockchain. Myanmar’s first entirely crypto - based banking institution has announced a soft launch for July 22 — a move that could see the country’s shadow government given greater access to financial services and funding. The Spring Development Bank is named after the Spring Revolution, the opposition movement led by Myanmar’s exiled National Unity Government (NUG) against the ruling State Administration Council (SAC) — a military junta that seized control of the country in February 2021. The bank’s target demographic isn’t just the 55 million Burmese living in Myanmar, but also the two-million-strong “Burmese diaspora”, who live and work outside of Myanmar and frequently send money back to the country. Constructed on Polygon, the bank’s main goal is to make both domestic and international payments faster and more efficient, as well as offer international access to a broad array of...