India and the European Union (EU) have completed negotiations on financial services under the India-EU Free Trade Agreement (FTA). The two sides closed the chapter in the latest negotiating round. The outcome sets out an institutional and regulatory framework to support bilateral cooperation. It also aims to improve market access and enable closer integration between the two financial systems. The talks conclude against a backdrop of strong services trade. Total services trade between India and the EU ...

广发证券研报指出，数字人民币迈入2.0时代。中国人民银行出台《关于进一步加强数字人民币管理服 务体系和相关金融基础设施建设的行动方案》，明确新一代数字人民币具有商业银行负债属性，是数字 存款货币，可计付利息，纳入存款准备金和存款保险制度；意味着数字人民币从央行负债转变为商业银 行负债，实现从M0到M1的重要跨越。从全球CBDC发展情况看，路径显著分化，可归纳为三大趋势。 一是积极研发落地零售CBDC，锚定货币主权与支付自主。典型代表包括中国、欧盟、俄罗斯等。二是 聚焦支付系统创新以替代零售CBDC发行，持续推进批发CBDC与跨境协同。典型代表包括英国、加拿 大、日本等。三是暂缓或禁止CBDC推进。其中，美国对于CBDC的态度最为保守和极端，主要考虑数 字美元问世后可能大幅降低全球离岸实物美元的沉淀和需求，削弱美元特权带来的无息资本租金收益并 侵蚀国际金融地位。 ...

Core Insights - South Korean customs authorities have uncovered an international cryptocurrency laundering ring involving approximately 150 billion Korean won ($107 million) [1][8] - The operation reportedly ran from September 2021 to June 2025, exploiting legitimate cross-border payments for services such as cosmetic surgery and education to disguise illicit foreign exchange transactions [1][8] Operation Mechanics - The crypto laundering ring operated as a sophisticated, unauthorized foreign exchange network, with overseas clients primarily seeking cosmetic surgery or paying for university tuition in South Korea [2] - Operators converted funds into cryptocurrency on overseas exchanges, moved the crypto to wallets in South Korea, and sold it on local platforms for Korean won [3] - To obscure the trail, perpetrators routed funds through multiple domestic bank accounts under the guise of legitimate expenses, averaging nearly $27 million annually, totaling 148.9 billion won over its four-year run [3][4] Regulatory Environment - Despite South Korea's strict crypto framework, including real-name banking rules and the Virtual Asset User Protection Act introduced in 2021, gaps remain in enforcing the FATF Travel Rule across virtual asset service providers [5] - The case has renewed calls for stronger due diligence in high-value service industries, renewed data sharing between agencies, and greater scrutiny of crypto "off-ramps" [5] - Officials have pointed to the potential role of a future central bank digital currency (CBDC) in improving transaction transparency [6] Suspects and Connections - All three suspects involved in the operation are Chinese nationals, highlighting a direct link to China, with one suspect allegedly playing a central role in coordinating the operation [7]

Group 1 - The cryptocurrency industry has entered a new phase of deep integration with the real world since 2021, driven by macroeconomic factors and institutional participation [1] - Cryptocurrencies have evolved from high-risk alternative assets to a recognized macro asset class, leading to large-scale allocations within compliance frameworks [2][3] - Strategic corporate allocations of cryptocurrencies began in 2020, with companies like MicroStrategy and Tesla leading the way, significantly influencing market sentiment and acceptance [3][4] Group 2 - The approval of spot Bitcoin ETFs marks a historic turning point, facilitating institutional investment and attracting significant capital inflows, which has driven Bitcoin prices to new highs [5][6] - Major financial institutions are developing compliance infrastructure to support the growing demand for cryptocurrency investments, including custodial and auditing services [6] - Over 70% of large institutional investors have incorporated cryptocurrencies into their portfolios or are evaluating allocation paths by mid-2025 [6] Group 3 - The functionalization of cryptocurrencies in payments has been driven by real-world demand, with major payment platforms integrating cryptocurrency services [7][8] - Stablecoins have gained traction in high-inflation countries, becoming essential tools for daily transactions and savings, with significant adoption in countries like Argentina and Turkey [8] Group 4 - The tokenization of real-world assets (RWA) has accelerated since 2021, enhancing liquidity and providing new mechanisms for asset ownership and trading [9][10] - The cultural and entertainment sectors have led the way in RWA tokenization, particularly through NFTs, which have gained mainstream attention and facilitated new economic relationships [9][10] Group 5 - Financial asset tokenization is becoming a core strategy for traditional financial institutions, with significant developments in the issuance and management of tokenized funds [12][13] - Real estate tokenization is emerging as a new investment tool, allowing broader participation in the real estate market and enhancing liquidity through digital tokens [13][14] Group 6 - Developing countries are experimenting with the legalization of cryptocurrencies as legal tender, seeking financial autonomy from the dollar-dominated system [18][19] - The U.S. is shifting its cryptocurrency policy under the new administration, promoting private stablecoin development and considering Bitcoin for national reserves [20][21] Group 7 - The geopolitical implications of cryptocurrencies are becoming evident, with their use in international fundraising and transactions during conflicts, such as the Ukraine crisis [23][24] - The integration of cryptocurrencies into national financial strategies is reshaping the global financial landscape, with countries actively participating in the governance and regulation of digital assets [24][25]

Group 1 - The South Korean Financial Services Commission (FSC) has decided to allow listed companies to allocate 5% of their capital to mainstream cryptocurrencies, marking a significant shift in East Asian financial history [1][3] - This decision addresses years of capital outflow pressure due to domestic restrictions on overseas crypto investments, and aims to position South Korea favorably in the global digital asset landscape by 2026 [1][3] - The strategy limits investments to the top 20 cryptocurrencies by market capitalization and a 5% capital allocation cap, reflecting a cautious regulatory approach of "compliance first, then expansion" [1][3] Group 2 - The introduction of a stablecoin licensing system with a 100% reserve requirement is central to building a domestic digital currency ecosystem [2][4] - The expected launch of a spot Bitcoin ETF in 2026 will create a three-part structure in the South Korean market, consisting of direct holdings, financial products, and stablecoin payments, potentially attracting around 3,500 institutional entities and bringing trillions of Korean won in liquidity [2][4] - South Korea's plan to deeply integrate Central Bank Digital Currency (CBDC) into treasury management aims to challenge the traditional SWIFT payment dominance, with a goal of digitizing 25% of treasury funds by 2030 [2][4]

Core Insights - The global cross-border payment system is undergoing a significant transformation driven by technological advancements and the need for efficiency in a market that reached approximately $150 trillion in transaction volume in 2022, with nearly 90% stemming from business activities [1][4] Group 1: Market Size and Pain Points - The traditional cross-border payment system relies heavily on the SWIFT network, which involves multiple intermediaries, leading to high fees (typically 1%-3% of transaction value) and lengthy processing times (2-5 days for standard transfers and up to 30-45 days for complex transactions) [4] - This inefficiency poses substantial barriers for millions of SMEs, tying up working capital and eroding thin profit margins, while also stifling innovation in business models such as real-time settlements and cross-border e-commerce [4] Group 2: Technological Innovations - Blockchain technology offers a shared, immutable source of truth that can simplify or eliminate cumbersome reconciliation processes, enhancing transparency and reducing trust costs [5] - Smart contracts on blockchain can automate payment conditions, drastically reducing settlement times from weeks to minutes or even seconds, while mitigating counterparty risk [5] - AI is transforming operational aspects of payment chains by enabling real-time analysis of transaction data to identify anomalies, thus enhancing risk management and compliance [7] Group 3: Ecosystem Dynamics - The transformation of payment systems involves a complex ecosystem where traditional financial institutions are actively investing in and collaborating with new technologies to enhance cross-border payment efficiency [8] - Emerging fintech platforms leverage their technological advantages to create competitive ecosystems, exemplified by FTA's integration of various systems to unify data and cash flows [8][10] Group 4: Future Outlook - The ideal future cross-border payment network is envisioned to be seamless, intelligent, and inclusive, with payments processed in minutes and costs significantly reduced [12] - Automation and AI will optimize the payment process, transforming it into a proactive decision-making support system [13] - The inclusive nature of this transformation aims to lower barriers for SMEs and individuals in developing countries, promoting financial inclusion and unlocking economic potential [13] Group 5: Conclusion - The evolution of the global cross-border payment system is not a question of "if" but "how quickly" it will occur, with various stakeholders shaping the future landscape amid challenges such as standardization and regulatory coordination [14] - Companies like FTA that effectively integrate cutting-edge technology and understand global business needs are positioned to redefine the foundational agreements of future global trade [14]

🇪🇺 LATEST: The EU Council has endorsed the ECB’s digital euro design, backing both online and privacy-focused offline versions. https://t.co/CTi4wQEDfT ...

RT Jon Rice (@JonRice)As the first guest on the new podcast 'Not Dead Yet' discussing cypherpunk values, I argue that social media has been a precursor to a CBDC.We have been conditioned to 'allow all' and not question why we carry a surveillance tool in our pockets at all times.This is literally what a CBDC would be - a tool for total surveillance - and we, as a society, have become so used to the idea that we are the product, we trade our data and privacy for convenience, that a CBDC is no longer a stretc ...

Group 1 - Federal Reserve Chairman John Williams stated that current data is insufficient to confirm a sustained decline in inflation, and further assessment will rely on December data. The November CPI year-on-year was reported at 2.7%, below market expectations of 3.1% [1] - JPMorgan reiterated that the stablecoin market is unlikely to reach a trillion-dollar valuation by 2028, projecting a total market value of approximately $500 billion to $600 billion. The growth of stablecoins is primarily driven by crypto trading activities, and the expansion of payment scenarios may not significantly increase the required supply [1] Group 2 - The Bank of Japan raised its benchmark interest rate to 0.75%, the highest level in 30 years, citing an increasing likelihood of achieving its economic outlook. Following the announcement, the yen weakened against the dollar, trading around 156 yen [2] Group 3 - The liquidator managing the remaining assets of Terraform Labs has filed a lawsuit against Jump Trading, seeking $4 billion in damages. The lawsuit alleges that Jump Trading profited illegally and contributed to the collapse of the crypto empire [3] Group 4 - David Sacks, the White House's AI and crypto affairs lead, announced that the CLARITY Act is expected to enter the Senate for markup and revision in January. This bipartisan legislation aims to structure the crypto market and will proceed through the legislative process if approved by the Senate [4]

Rep. Keith Self Moves to 'Fix the Bill' With CBDC Ban Before Key Hearing► https://t.co/ktDicrVNZQ https://t.co/ktDicrVNZQ ...