ICBC Chief Says Technology Cannot Replace Trust in Digital Currency
Industrial and Commercial Bank of China (ICBC) president Liu Jun delivered a pointed warning at the first Digital RMB Annual Conference during the 2026 Financial Street Forum: algorithmic design alone cannot make a digital currency credible. Speaking in Beijing, Liu argued that whether a digital currency can function as money hinges not on technical engineering but on how credit is supported, redeemed, and held accountable. He cautioned that if trust rests only on opaque technological black boxes without transparent oversight of underlying assets or algorithms, the credit system cannot stand. Liu also noted that while digital currencies open new possibilities for cross-border settlement, technology cannot conjure international status for a currency — the dominance of a digital anchor currency ultimately depends on comprehensive national power. He called for bringing diverse market participants into RMB internationalization and building adaptive global regulatory coordination mechanisms and regtech frameworks. The remarks come as China pushes forward with its central bank digital currency infrastructure.
UK High Court Lets 16,000 Chinese Victims Appeal Qian Zhimin Bitcoin Ruling
Just four days after Britain's High Court ruled that Chinese law governs the ownership dispute over 61,000 Bitcoin tied to convicted fraudster Qian Zhimin, roughly 16,000 Chinese victims pursuing claims in the UK won the right to challenge that decision. The High Court held another hearing and granted the victims permission to appeal the October 12 ruling on applicable law, according to Caixin. Lawyers also discussed litigation costs from the earlier conflict-of-laws dispute, whether individual applicants will continue their claims, and exit procedures. Separately, the UK Crown Prosecution Service confirmed that Qian's assistant Hok Seng Ling has paid his full £5.6 million confiscation order plus £1,990 in interest, most of it from crypto seized at his arrest. Qian defrauded more than 128,000 Chinese investors between 2014 and 2017. The appeal ruling could determine whether the UK government retains Bitcoin appreciation proceeds.
Malaysia's Central Bank Launches SSDS+ Tokenized Bond Platform with 24/7 Settlement
Bank Negara Malaysia unveiled SSDS+, an in-house developed platform for issuing, depositing, and custoding tokenized bonds and Islamic sukuk, on October 20. Built on cloud and distributed ledger technology, the platform supports both wholesale market issuance and government or corporate tokenized retail bond offerings. SSDS+ integrates with the RENTAS+ system to enable round-the-clock payment and settlement: the bond platform handles transfer and ownership records of tokenized securities, while RENTAS+ settles corresponding purchase payments in central bank money. The launch marks a significant step in Malaysia's efforts to modernize its capital markets infrastructure for digital assets.
MoonPay Partners with Upbit Parent Dunamu on Stablecoin Payments
Crypto payments firm MoonPay announced a strategic partnership with Dunamu, the parent company of South Korea's largest exchange Upbit. The two firms will explore new business opportunities in stablecoin-based global payments, treasury management, and fund flows. They also plan to expand global access to GIWA, Dunamu's Ethereum Layer 2 network, by connecting MoonPay's service network with Dunamu's blockchain infrastructure to help GIWA products enter overseas markets. Dunamu is currently pursuing a share-swap merger with Naver Financial and aims to launch stablecoin and payment services. Hana Bank earlier this year acquired a 6.55% stake in Dunamu for 1 trillion won (approximately $755.6 million).
Japan's Central Bank Poised to Declare 2% Inflation Target Finally Achieved
The Bank of Japan will assess at next week's policy meeting whether underlying inflation has hit its 2% target, according to Kyodo News, marking a symbolic turning point after nearly 14 years of aggressive monetary easing aimed at defeating deflation. First announced in January 2013, the 2% goal was repeatedly postponed despite massive stimulus programs. If confirmed, the milestone would signal a departure from the BOJ's long-standing anti-deflation policy orientation. The decision carries potential implications for crypto markets, as shifts in Japanese monetary policy historically influence yen carry trades and global risk appetite.
SK Hynix Completes Record 40 Trillion Won Buyback as Korean Stocks Surge
SK Hynix wrapped up a 40 trillion won share repurchase on October 21, completing the program a month ahead of its originally scheduled November 19 deadline. The company bought back 24.07 million shares — about 3.3% of its issued shares — and will cancel all of them, marking the largest share cancellation by a Korean listed company. The completion came as Korea's KOSPI index surged, closing up 3.29% at 5,735.67 points, with SK Hynix shares jumping 5.8% and Samsung Electronics rising 5.67%. The buy-side program trading circuit breaker was triggered earlier in the session as the benchmark rallied over 4%, rebounding sharply from a near-4% drop the previous day amid concerns over AI infrastructure spending profitability.
Hong Kong Retiree Loses HK$4.5 Million in Fake Tenant Crypto Scam
Hong Kong police reported more than 50 investment fraud cases in the past week, with losses exceeding HK$30 million. One case involved a retired woman in her sixties who met a man on a property trading platform claiming to be a potential tenant. The man posed as an investment expert, persuaded her to invest in cryptocurrency, and directed her to a fake investment website. The victim made 20 separate purchases of USDT at physical crypto exchange shops and transferred the funds to wallets specified by the scammer to buy ETH. She could initially withdraw some funds, but when she later tried to cash out, the scammer demanded HK$7 million in USDT as taxes — at which point she realized she had been defrauded, losing over HK$4.5 million in total.
Binance Prediction Adds Gold, Oil, and Hong Kong Stock Short-Term Markets
Binance Wallet announced that Binance Prediction has expanded beyond crypto assets to include 15-minute price direction markets for gold, crude oil, and Hong Kong stocks. The move represents one of the first major integrations of traditional Asian equities and commodities into a crypto exchange prediction market. The expansion follows the broader trend of crypto platforms offering exposure to off-chain assets, with Binance also listing tokenized versions of Berkshire Hathaway, KraneShares STAR 50 ETF, and other traditional securities this week.
JPYC Teams with SBJ Bank and LINE NEXT for Stablecoin Bank-Account Top-Up Test
Japanese yen stablecoin issuer JPYC signed a memorandum of understanding with SBJ Bank and LINE NEXT on October 20 to launch a proof-of-concept for bank-account-linked stablecoin top-ups. The three parties will combine SBJ Bank's account infrastructure, LINE NEXT's Unifi digital wallet, and JPYC's issuance and redemption functions to test the technical and operational feasibility of transfers between bank accounts and stablecoin wallets. The collaboration highlights growing interest among Japanese financial institutions in integrating stablecoins with traditional banking rails, particularly as the country's regulatory environment for digital assets continues to evolve.
Huobi HTX Analyst: Bitcoin Likely to Keep Range-Trading Ahead of Fed Decision
Bitcoin has been stuck between $80,000 and $84,000 for two weeks, and Cloud, chief analyst at Huobi HTX, attributed the deadlock to two offsetting forces: two consecutive weeks of ETF net outflows versus sustained exchange balance outflows and only mild profit-taking by long-term holders. With the Federal Reserve's rate decision one week away, Cloud expects continued range-bound trading, noting that CME pricing assigns only a 16% probability of an October rate hike while economists see odds closer to 50-50 — a gap that discourages capital from positioning early. If the market breaks direction, he sees a slightly higher chance of a downward test, citing elevated funding rates and persistent put-skewed options, though he noted the $80,000 level has repeatedly formed support over the past month, making a downside break more likely a false move.
