Wednesday 1 February 2023
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Official explains why China CBDC should not be as anonymous as cash

China’s central bank digital currency (CBDC) should not be as anonymous as cash, the head of the People’s Bank of China (PBoC) digital currency institute declared. Digital yuan project lead Mu Changchun spoke of China’s CBDC project at the 5th Digital China Construction Summit on Monday, local financial publication Sina Finance reported. Since debuting the digital yuan in 2020, the Chinese central bank has never targeted complete anonymity for the project, Mu said at the event. Instead, PBoC has been working to enable only limited anonymity in compliance with global Anti-Money Laundering (AML) regulations, the official stated. The Chinese authorities should be able to access CBDC data on people suspected of crimes, Mu noted. According to the official, partial anonymity is an important feature of the digital yuan project though, as it guarantees transaction privacy and personal information protection. However, a completely anonymous CBDC would interfere with the prevention of crimes li..

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SEC Philippines to investigate Binance over alleged illegal operations

Philippines’ think tank Infrawatch PH continues efforts to ban Binance in the country by asking more regulators to investigate the cryptocurrency exchange over alleged illegal operations. Infrawatch PH on Monday filed a twelve-page complaint calling on the Philippines’ Securities and Exchange Commission (SEC) to crack down on Binance’s activities in the Philippines. According to the think tank, Binance has been operating in the Philippines for several years without approval by appropriate authorities. Terry Ridon, the convenor for Infrawatch PH, claimed that Binance has no office in Manila and only uses “third-party companies that employ Filipinos for its technical and customer support services.” He also referred to former finance secretary Carlos Dominguez who publicly declared last month that Binance had no records with either the SEC or the Bangko Sentral ng Pilipinas (BSP). “The SEC has served the public well by banning unscrupulous online lending services. It should similarly do t..

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