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Hong Kong Monetary Authority Warns Against Fake Cryptocurrency Banks and Dollar Collapse Risks

Hong Kong Monetary Authority issues a critical warning about fake digital currency companies posing as banks and describing their products as “deposits,” while concerns rise about the potential collapse of the US dollar and exciting developments in the market.

In a significant development, the Hong Kong Monetary Authority (HKMA) has issued a stern warning to cryptocurrency firms falsely representing themselves as banks or labeling their products as “deposits.” HKMA states that this violates Hong Kong’s Banking Ordinance and could mislead the public into believing these companies are trustworthy financial institutions. Only licensed banks, restricted license banks, and deposit-taking companies are permitted to conduct banking or receive deposits in Hong Kong. Additionally, HKMA reminds residents that funds deposited with unauthorized crypto firms are not protected under the Hong Kong Deposit Protection Scheme.

On the global front, economist Peter Schiff has expressed concerns about a potential collapse of the US dollar, while certain cryptocurrencies have been removed from New York’s pre-approved list. There has been a surge in Bitcoin transactions and a noticeable increase in the activity of “sleeping Bitcoins.” Bank of Russia Governor Elvira Nabiullina has made statements about the future of cash. The article also discusses the dominance of a few Ethereum wallets, recent developments in Hong Kong’s cryptocurrency regulation, Nomura’s new Bitcoin Adoption Fund, and a former Deutsche Bank investment banker facing charges related to cryptocurrency fraud.

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