Technology

China threatened by US stablecoins, G7 urged to tackle Lazarus Group: Asia Express

Posted on by Minakshi

Concerns Mount in China Over US Dollar-Backed Stablecoins

Stablecoins: A Threat to China’s Monetary Sovereignty?

Prominent Chinese academics are voicing concerns that the increasing popularity of stablecoins, particularly those backed by the US dollar, poses a significant threat to China’s monetary sovereignty. The argument suggests that the widespread adoption of these digital assets could further cement the dominance of the US dollar on a global scale, impacting China’s economic influence.

Implications for Sovereign Credit Systems and Global Governance

According to a recent commentary, the rise of cryptocurrencies, including stablecoins, carries significant implications for sovereign credit systems, global governance models, and the very future of money. The analysis highlights potential challenges to China’s existing financial infrastructure and its role in shaping the global economic landscape.

Thailand’s Tourism Hit by Crypto Scam Backlash

Thailand’s tourism industry has experienced a significant downturn, particularly impacting Chinese tourist arrivals. Reports indicate a 44% drop in Chinese tourist numbers following a series of high-profile cryptocurrency scams that targeted visitors. This highlights the importance of consumer protection and maintaining a safe environment for tourists.

Japan to Urge G7 Action Against North Korean Crypto Hackers

Japan is preparing to urge fellow G7 nations to take coordinated action against the Lazarus Group, a North Korean cybercriminal organization believed to be responsible for numerous cryptocurrency heists. These illicit activities are a major source of revenue for North Korea’s weapons programs, and international cooperation is seen as crucial to combating this threat.

Summary:

  • Chinese academics warn that US dollar-backed stablecoins threaten China’s monetary sovereignty.
  • Thailand sees a significant drop in Chinese tourist arrivals due to crypto scam concerns.
  • Japan plans to push for G7 cooperation in tackling North Korean crypto hacking group, Lazarus.
Key Takeaways:

  • The global rise of stablecoins presents complex challenges and opportunities for countries like India.
  • The incident in Thailand showcases the need for robust regulatory frameworks for crypto and tourism.
  • International collaboration is essential to combat cybercrime and protect the global financial system.
  • The dominance of a single currency in the digital realm could shift global power dynamics.
  • India must develop its own strategies to address the evolving landscape of digital finance and cybersecurity.