#Ecny wechat pay mauskharpalcnbc full

“ using cryptocurrencies are especially hard to expose. One expert told Forkast.News it’s impossible to detect all illegal transactions using crypto. The bigger problem here is that these could also possibly fund tax evasion, illegal gambling or even drug smuggling. They would then sell them in exchanges in Korea to earn profit since many virtual assets are overvalued in South Korea due to the so-called ‘kimchi premium’. The unlawful transactions using virtual assets have brokers receive foreign currencies abroad where they purchase cryptocurrencies. So-called ‘hwanchigi’, or illegal foreign transactions trade different currencies with the Korean won without proper reporting to the banks to avoid remittance fees and high flows of money that would likely be unauthorized. Lawmakers Song Jae-ho attributes the surge to the rise of speculative forces in and out of Korea, as prices of virtual assets soared domestically and as the virtual asset market grew larger. The previous high was 784 billion won for the whole of 2018, while the amount fell to just 20 billion won last year.

And what’s more surprising here, perhaps only nine cases were actually responsible for all of that.įorkast.News Danny Park has all the details,Īccording to a report from Korean lawmaker Song Jae-ho using data from the Korea Customs Service, the amount of illegal foreign transactions using virtual assets has already broken a record this year, hitting 812 billion Korean won, or around US$684 million - and that’s only from January to August. More than US$600 million were traded unlawfully or illegally across the borders via crypto. A new government report reveals that illegal foreign transactions made using virtual assets surged nearly 40x compared to last year alone. Meanwhile, in Korea, crypto bad actors are acting up. If the service proves as popular as WeChat Pay and Alipay, it could be huge for China’s e-CNY rollout plans. ‘Message over 5G’ is being launched jointly by China’s three major telecoms operators China Mobile, China Telecom and China Unicom.

#Ecny wechat pay mauskharpalcnbc full

This is its first large scale official promotion, with Chinese state owned media saying a full rollout will likely take place this month. The service has already been under trial, but was only available on certain phones that had been tailored to support it. That’s in addition to messaging friends with text and audio, video, location and contact cards just like WeChat. The new ‘Message Over 5G’ service will also allow users to transfer money directly in a chat box. And with WeChat Pay already allowing users to transfer money directly via its chat box, many in the country are already used to making such payments. That’s a significant number out of a population of 1.4 billion. According to data from Statista, Alipay has almost 700 million users, and Business of Apps suggests 900 million WeChat Pay users. Now, the ‘Message Over 5G’ wallet will allow users to transfer money, check balances and bills within the chat function, similar to the way the massively popular WeChat Pay service operates.įorkast.News Carolyn Wright reports on what this could mean for the rollout of the country’s digital currency.Ĭhina has already wholeheartedly embraced mobile payments. China’s largest communications company China Mobile has partnered with the country’s biggest bank - ICBC - to launch the wallet. Let’s get you up to speed from Asia to the world.įirst up, two Chinese giants have teamed up to offer a digital yuan wallet accessible via a chat window on your mobile phone. We’re going to talk about that and a whole lot more coming up.

The launch of an e-CNY wallet based within a chat application could see things really taking off in China. I’m Angie Lau, Editor-in-Chief of Forkast.News covering all things blockchain. Welcome to The Daily Forkast, October 4th, 2021. Here’s a clue - most of China is connected on phones, linking to that would be a whole new ball game. If last week was all about China’s crypto crackdown, this week is going to be all about the country’s digital e-CNY rollout plans.