China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again.
Important points from China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again:
1. China’s president Xi Jinping has expressed the country’s commitment to expanding the cooperation on Central Bank Digital Currency (CBDC) at the Shanghai Cooperation Organization (SCO). This move signifies China’s intention to strengthen its digital currency initiatives and explore potential collaborations with other SCO member countries.
2. Hong Kong’s crypto industry is facing a surge in licensing costs as the Securities and Futures Commission (SFC) has proposed substantial fee increases for cryptocurrency exchanges and other virtual asset service providers. The proposed fee hikes aim to enhance regulatory oversight and ensure compliance with anti-money laundering and counter-terrorism financing measures.
3. Multichain, a popular blockchain platform, has suffered another hacking incident, raising concerns about the security of decentralized systems. This breach highlights the ongoing challenges faced by blockchain projects in safeguarding user funds and protecting against malicious attacks.
Summary:
China’s president Xi Jinping has emphasized the expansion of CBDC cooperation at the SCO, indicating China’s dedication to advancing its digital currency initiatives. Meanwhile, Hong Kong’s crypto industry is grappling with increased licensing costs as regulators aim to strengthen oversight and compliance measures. Additionally, Multichain’s recent hacking incident underscores the persistent security vulnerabilities faced by blockchain platforms. These developments highlight the evolving landscape of digital currencies and the need for robust security measures in the crypto industry.