Thailand’s Digital Wallet Scheme Faces Delay
Thailand’s digital wallet scheme, which aimed to distribute 10,000 baht ($275) to citizens over 16 years old, has been postponed. The Deputy Finance Minister, Julapun Amornvivat, stated that more time is needed to develop a stable and secure system for the distribution. Amornvivat assured that the program will be ready within the first quarter of next year, despite a sub-committee’s failure to reach a conclusion on the funding sources. This news comes as a setback for citizens who were expecting the payout by February 1. The Bangkok Post reported the delay.
Crypto Wallet Downloads Decrease
Data from AltIndex.com reveals that crypto wallet downloads have decreased by 32% in the past year. After reaching a record high of nearly 186 million downloads in 2021 due to a bullish market, the number of monthly downloads dropped significantly in 2022 and continued to decline in 2023. In September alone, there were only 5.8 million downloads, marking the lowest number in three years. Despite this downward trend, the total number of crypto wallet downloads since January 2015 remains impressive at over 490 million worldwide.
Reddit Moderators Removed for MOON Token Trading
The moderators of Reddit’s r/CryptoCurrency subreddit were dismissed after trading its native token MOON just before the platform announced the termination of its “Community Points” program. CoinDesk reported that all moderators who sold MOON tokens prior to the announcement have been removed from their positions. Two moderators have already been removed, while an investigation is ongoing for three others involved in potential insider trading. The decision aims to address concerns about fairness and transparency within the community.
Blockaid Secures $33 Million in Funding
Web3 security company Blockaid has emerged from stealth mode with $33 million in funding from prominent investors in Fintech, Cybersecurity, and web3. The funds will be used to fuel the company’s growth, expand the team and product, and provide security solutions for all web3 companies seeking protection against fraud, phishing, and hacks. Blockaid, co-founded by former Israeli military cyber intelligence personnel, counts MetaMask and OpenSea among its clients.
Hong Kong Faces Money Laundering Risks in Crypto Shops
The recent JPEX platform scandal has highlighted regulatory gaps in Hong Kong’s cash-for-crypto shops. The South China Morning Post reported that the commissioner of customs and excise, Louise Ho Pui-shan, emphasized the need to address money-laundering risks associated with cryptocurrency transactions. While regular money changers fall under the purview of the Customs and Excise Department, over-the-counter (OTC) cryptocurrency versions operate without licensing or regulatory oversight. Hong Kong is now intensifying international cooperation to combat money laundering facilitated by crypto transactions.
Hot Take: Crypto Wallet Downloads Decrease Amidst Market Shifts
The decline in crypto wallet downloads reflects a shifting landscape within the crypto market. After experiencing a surge during the bullish period of 2021, downloads have steadily decreased throughout 2022 and 2023. While this trend may raise concerns about slowing adoption, it is important to note that over 490 million apps for cryptocurrency storage have been downloaded since 2015. This indicates a significant interest and potential for continued growth in the crypto space. As the market evolves, new strategies and innovations will likely shape the future of digital wallets.
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