China's stable warnings, South Korea's crypto fraud, etc.

Table of Contents

Welcome to Asia Pacific Morning Brief. An important digest of overnight cryptographic development that shapes regional markets and global sentiment. Grab some green tea and look at this space.

The former Chinese central bank chief minister warns against the adoption of Stabrecoin, citing systematic risks. The number of cryptographic voice phishing cases in Korea has increased 6.6 times this year. With the development of the entire APAC market, we continue to reconstruct the digital asset landscape.

Former PBOC Chief Stub Coin Warning

The former People’s Bank of China Governor has issued a comprehensive warning against adoption of stubcoin in China. A detailed analysis of Zhou, published by the CF40 think tank, outlined several risks from a central bank perspective. His remarks directly challenge the growing call from policy advisors to embrace digital currency.

Zhou has identified two major central bank concerns about Stablecoins. The first is “over issuing currency”, where operators lack 100% genuine reserves when issuing Stablecoins, and the second highly leveraged amplification effect creates a monetary differential multiplier impact during circulation. He criticized the US genius law and the inadequate regulatory framework in the Hong Kong ordinance.

The former governor questioned whether full tokenization could effectively replace account-based payment systems. Zhou also warned against excessive use in asset speculation, citing the risks of fraud and financial instability. He expressed concern about the threat to China’s capital management and financial sovereignty.

Surge in cryptographic voice phishing in Korea

Korean voice phishing scams using cryptocurrency have skyrocketed dramatically this year. Police data show that 420 cryptographic-related voice phishing cases occurred between January and July 2025, up 6.6 times compared to 64 cases in the same period last year.

Scammers usually pretend to be a prosecutor or financial officer, claiming that the victim’s account has been compromised. They are demanding that cryptocurrency purchases worth hundreds of millions of wins for “asset verification.” In recent cases, the loss of 190 million victims was won by tether and bitcoin transfers, respectively.