A subtle yet significant shift is taking place in Asia’s financial landscape, and Bitcoin is suddenly at the center of it — not from the usual crypto crowd, but from China’s own policy circles. Meanwhile, in Japan, a major traditional banking institution is making a bold leap into Web3. Here’s the latest roundup from across Asia’s evolving crypto scene.
China’s Financial Brain Trust Flirts with Bitcoin as a Reserve Hedge
In a surprising yet strategic move, the International Monetary Institute (IMI), a research entity backed by the Chinese state, has republished an article that nudges Bitcoin into the reserve asset conversation. Originally penned by former White House economist Matthew Ferranti and released via the Bitcoin Policy Institute last year, the report has now reemerged through the IMI’s official WeChat channel — this time with a noteworthy editorial framing.
The IMI’s editorial commentary suggests that while the U.S. dollar has historically held a dominant position as a global reserve currency, its appeal is being eroded by growing deficits, inflation, and a sharp drop in real yields. Gold, once the traditional hedge against such risks, is facing new competition — and that’s where Bitcoin comes in.
“Bitcoin is transitioning from a speculative asset to a strategic reserve asset,” the IMI noted in its republished version, urging continued attention to its evolving role in global finance.
For context, the IMI isn’t just any academic body. It’s a government-affiliated institution housed within Renmin University of China and was co-founded by the Ministry of Education and the Beijing Municipal Government. While its statements don’t carry the weight of formal policy, they do act as a barometer for where Beijing’s intellectual establishment is leaning.
What’s particularly interesting is that this quiet signal comes from a country that has repeatedly reinforced a ban on crypto trading and mining. Yet, despite strict domestic regulations, China remains deeply involved in digital financial infrastructure — especially with its own digital yuan (e-CNY). The IMI’s public exploration of Bitcoin’s value as a reserve hedge could reflect an evolving perspective at the state level, especially as concerns about U.S. dollar dependence persist.
South Korea’s Crypto Leadership Sees a Changing of the Guard
In South Korea, a major leadership shift is underway at Dunamu, the company behind the country’s largest cryptocurrency exchange, Upbit. Lee Sirgoo — South Korea’s longest-serving crypto exchange CEO — has announced he will step down effective July 1.
Lee, who’s led Dunamu since 2017, cited personal health and the need for fresh leadership as his reasons for leaving. “I made this decision based on the belief that new challenges and changes are necessary for Dunamu’s continued growth,” Lee said in a statement, emphasizing that the move also allows him time to recover from prolonged work-related fatigue.
The timing of his departure has sparked speculation, given that Dunamu has recently been in legal conflict with South Korea’s Financial Intelligence Unit (FIU). The FIU had imposed a partial three-month suspension on Upbit, citing alleged lapses in user verification and anti-money laundering protocols. Though a court later lifted the suspension, the regulatory scrutiny has cast a shadow over the platform.
However, Dunamu insists that Lee’s exit is not linked to the FIU’s actions. “His health concerns are not serious,” a company spokesperson clarified. “He simply needed to take a step back and recharge.”
Stepping into Lee’s role is Oh Kyung-seok, the current CEO of fashion company Panko and a former judge. Oh’s nomination as the next CEO is expected to be finalized at a shareholder and board meeting scheduled for June 27. His background outside the crypto industry marks a potential shift in strategy — possibly signaling Dunamu’s desire to bridge the gap between mainstream finance and the emerging world of digital assets.
Sony Bank Makes a Web3 Move
Adding to the week’s headlines is Sony Bank’s decision to enter the Web3 space. Though details remain under wraps, the bank — part of the Sony Group — has launched a dedicated crypto subsidiary aimed at exploring blockchain-based financial services. The initiative aligns with broader trends across Asia, where traditional financial players are increasingly experimenting with digital asset infrastructure and decentralized finance (DeFi).
As Asia’s top institutions — from state-backed think tanks in China to corporate giants in Japan and South Korea — continue to evolve their stance on digital assets, one thing is clear: Bitcoin and Web3 are no longer just fringe experiments. They are becoming part of the mainstream financial dialogue in some of the world’s most influential economies.
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