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Brazil, China Deny Crypto Siege as South Korea Set to Launch CBDC

An impending digital asset siege is set to happen in both China and Brazil. This development is coming on the back of Brazil’s big banks’ decision to freeze accounts belonging to crypto firms and other digital assets related trading accounts. Caixa Economica, which is owned by the government of the South American country, froze accounts but decided to release them after three days. Even though the reason why the move happened is still unknown, reports say that the accounts have now been suspended. Considering the fact that Caixa Economica is government-owned, the new development is going to affect every crypto adoption strategy and hurt the adoption of crypto around the region.

Chinese customers suffer crypto siege

In relation to the news in Brazil, banking and e-pay users in China are presently suffering crypto crunch after some of them saw their accounts suspended. The report which came from China Times, notes that user accounts suspended included Alipay users and Chinese banking institutions. With the news now rampant than in previous weeks, the service providers have come forward to debunk rumors that they are trying to sabotage the digital assets class.

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Tracking customer activities in the crypto market is not a new thing across China as crypto investors have always complained of close tracking. With the latest freezing allegations denied, the accusations are coming on the back of the digital Yuan that the government is trying to launch.

South Korea plans to launch CBDC creation

With China and Brazil denying the allegations leveled against them, South Korea is on the way to commence a series of processes to launch their CBDC. With a legal framework in place, the process is set to end with a pilot launch of the CBDC. With the Korean market big fans of the crypto space, the launch of a new digital currency will be an instant hit in the Asian country.

The recent development across South Korea has witnessed massive plaudits from members of the crypto community and the population at large. Boryeong, a city in the south Korean province, has launched its own stablecoin, which is set to undergo review and approval from the Korean minting and security printing corporation. According to a local news house in the country, other cities across the country have backed the project. The project has been scheduled to commence in the coming months, with the pilot test expected to happen around May 2021.

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Ifaenyi Egede (Nigeria)

Ifeanyi Egede is a new writer on Tokenhell, his articles are cryptocurrency news and platform review based. We recommend following his latest posts as they are always very informative and super interesting.

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