Cryptocurrency wave in South Asia: scandals, innovations, and investments

Cryptocurrency Mining in South Asia

The South Asia region has become popular among Bitcoin miners following the actions of the Chinese government against cryptocurrency mining in 2021. Malaysia is also grappling with the issue of illegal Bitcoin mining using stolen electricity, leading to the arrest of seven suspects. Similar problems are also occurring in Thailand and Indonesia, where individuals involved in cryptocurrency mining are stealing electricity.

NFT Industry in China

Companies Beiwen Digital and JME Capital have announced a joint initiative to make cultural treasures of China accessible through NFTs (non-fungible tokens). This project focuses on the digitization and global distribution of China’s most significant cultural assets through NFT technology, opening up new possibilities for the country’s cultural heritage.

Fraud Related to Cryptocurrency Exchange Closures in South Korea

The Financial Services Commission of South Korea has issued an alert to consumers due to an increase in fraud related to impersonating cryptocurrency exchanges threatened with closure. Scammers send fake messages, urging users to withdraw cryptocurrencies from their exchange accounts, claiming the platform is about to shut down. Such actions can lead to financial losses for individuals who fall victim to these dishonest practices.

Metaplanet’s Investments in Bitcoin

Japanese investment firm Metaplanet continues its investments in Bitcoin, confirming the purchase of an additional batch of the cryptocurrency, increasing its holdings to 360,368 Bitcoins. This decision aligns with an investment strategy reminiscent of the approach taken by the American company MicroStrategy, which owns 226,331 Bitcoins. Investments in Bitcoin are becoming increasingly popular among various businesses seeking stable investment opportunities amidst the evolving cryptocurrency market.