The Bank of Korea has successfully completed live cross-border payment tests using tokenized central bank reserves under the Bank for International Settlements-led Project Agora, processing transactions across six currencies and multiple payment scenarios.

According to the Bank of Korea, the central bank participated in the latest round of Project Agora real transaction testing alongside 27 other central banks and private financial institutions, confirming that the platform’s core functions and operating processes worked reliably in an environment designed to mirror real-world payment operations.

The exercise covered the Korean won, U.S. dollar, euro, British pound, Swiss franc and Japanese yen. South Korea’s participating commercial banks included KB Kookmin Bank, NongHyup Bank, Shinhan Bank, Woori Bank and Hana Bank.

Participating institutions processed transactions worth about 800,000 Swiss francs across 17 payment scenarios. 

The Bank of Korea said the tests successfully handled several cross-border payment use cases, including single- and dual-currency settlements between companies and banks, payment-versus-payment foreign exchange settlements and fund transfers within the same financial group.

Project Agora has linked tokenized reserves with cross-border payments

For its domestic test, the Bank of Korea worked with NongHyup Bank and Shinhan Bank to transfer 20 million won between the two lenders using tokenized reserve funds. According to the central bank, it received payment instructions from both banks before issuing, transferring, and redeeming tokenized reserves on the Project Agora platform.

The process also included a manual connection between Project Hangang, the Bank of Korea’s wholesale central bank digital currency platform, and the central bank’s existing financial network to validate interoperability during the transaction.

Separately, KB Kookmin Bank became the first South Korean commercial bank to complete a deposit token payment test with an overseas lender after conducting a yen-based settlement trial with Japan’s MUFG Bank. The bank said the results would support its participation in future phases of Project Agora.

The Bank of Korea said additional live transaction tests would follow as the project expands to cover payment types and operational scenarios that were not included in the latest exercise.

Project Hangang has supported South Korea’s digital payment plans

The latest cross-border testing builds on South Korea’s efforts to extend Project Hangang beyond institutional pilots and into commercial payment infrastructure.

As previously reported, the Ministry of Science and ICT and the Korea Internet & Security Agency launched a 9.6 billion won program earlier this month to connect Project Hangang with the country’s existing payment network. The initiative is led by the Korea Financial Telecommunications and Clearings Institute and includes nine commercial banks, payment gateway providers and large merchants testing deposit token payments for everyday retail transactions.

Instead of replacing existing payment terminals, the project allows banks to issue deposit token wallets while merchants continue using current point-of-sale systems. Government agencies also plan to test deposit tokens for public-sector payments before integrating the technology with South Korea’s digital public finance platform.

The Bank of Korea has consistently distinguished deposit tokens from stablecoins. Deposit tokens represent commercial bank deposits issued through a wholesale CBDC framework operated by the central bank, while stablecoins are separate digital assets backed by reserve assets under their own regulatory model.

Bank of Korea has continued to prioritize CBDCs alongside Project Agora

The successful testing also follows Governor Shin Hyun-song’s digital finance agenda announced after he took office in April.

In his inaugural speech, Shin said the Bank of Korea would continue expanding Project Hangang while participating in international initiatives such as Project Agora to strengthen cross-border payment infrastructure and support the Korean won in digital finance.

Although lawmakers have continued drafting stablecoin legislation under the proposed Digital Asset Basic Act, Shin’s speech focused on wholesale CBDCs and tokenized bank deposits rather than privately issued stablecoins.

His earlier work at the Bank for International Settlements argued that multiple privately issued stablecoins could fragment payment systems, though later reports indicated he had become more open to stablecoins operating alongside CBDCs under an appropriate framework.

South Korea has advanced stablecoin legislation separately

While the central bank continues testing tokenized reserves and deposit tokens, lawmakers and financial regulators have been developing a separate legal framework for stablecoins.

The Financial Services Commission recently told the National Assembly that it intends to consolidate ten pending digital asset proposals into a single Digital Asset Basic Act covering stablecoin issuance, exchanges, disclosures, governance and operational resilience. The regulator has not published a final draft or announced a submission date.

Separately, a policy report published by Hashed Open Research and the Solana Policy Institute recommended introducing interim licensing guidance for won-backed stablecoins before the full legislation is completed. Participants at the June symposium cited in the report argued that temporary rules could help regulated businesses prepare for stablecoin issuance and payment services while lawmakers continue negotiating the final framework.

The Bank of Korea has maintained that banks should play a leading role in any future stablecoin model because of monetary policy, foreign exchange and financial stability considerations. Ownership rules for stablecoin issuers, however, remain under discussion, with lawmakers and regulators continuing consultations before the proposed legislation moves forward.

Bitget Wallet will launch Assetback on Aug. 1, allowing eligible card users to convert purchase rewards automatically into Bitcoin, tokenized gold, U.S. equity tokens, an exchange-traded fund token or USDC.

The company said users can select one of seven assets: BTC, Tether Gold, tokenized Nvidia, Tesla and Alphabet shares, an S&P 500 product, or USDC. Rewards will be generated from qualifying purchases made with the Bitget Wallet Card.

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Telegram founder Pavel Durov has responded to Russia’s latest legal actions by accusing authorities of trying to impose mass surveillance and censorship on the messaging platform, while also claiming the state has moved to restrict his ability to publish online.

Speaking in a Telegram post on Thursday—one day after Russia announced new charges—Durov said Russian authorities labeled him a “terrorist” following his refusal to comply with government demands related to monitoring and restricting content on Telegram.

Key takeaways

• Durov says Russia designated him a “terrorist” after he resisted demands tied to mass surveillance and censorship of Telegram.
• He also claims Russian authorities barred him from publishing information on the internet.
• Russia’s Federal Security Service alleges Telegram failed to remove channels linked to terrorist groups and Ukrainian intelligence services.
• The Russian case follows a separate, ongoing investigation in France tied to accusations that Telegram inadequately moderates illegal content and does not sufficiently respond to law enforcement requests.
• Additional legal pressure is reportedly building in Australia through court proceedings over alleged failures to remove terrorism-related content.

Russia escalates allegations against Durov

According to the timeline reported earlier by Cointelegraph, the comments came a day after Russia’s Federal Security Service (FSB) accused Durov of facilitating terrorist activity. The FSB’s allegation centers on a claim that Telegram did not remove channels used by terrorist organizations and by what Russia described as Ukrainian intelligence services.

Durov’s response on Telegram frames the situation as part of a broader conflict over how governments seek control of online communication. He told Telegram users that Russia had also blocked him from “publishing information on the Internet,” and added that authorities appeared to be “confused about who can ban whom from the Internet.”

How the Russian investigation started

The current escalation builds on a criminal investigation Russia launched in February, as previously detailed by Cointelegraph. At the time, regulators accused Telegram of leaving nearly 155,000 channels, chats, and bots online despite Telegram’s position that such content did not violate relevant Russian law.

The investigation was tied to a wide range of alleged violations, including rules covering extremist material, terrorism, drug trafficking, and other illicit activity categories—suggesting that Russian authorities are treating Telegram’s moderation and compliance as a central issue rather than targeting isolated incidents.

Broader legal challenges in Europe and beyond

While Russia’s charges are the latest development, Durov’s legal problems extend beyond the country. Cointelegraph previously reported that Durov was arrested in France in August 2024 and remains under judicial investigation over allegations that Telegram facilitated criminal activity by failing to adequately moderate illegal content and respond to law enforcement requests.

Durov has denied wrongdoing, saying French authorities did not follow due process in efforts to obtain information from Telegram. His arrest also sparked an organized public push from the TON community, which—according to Cointelegraph—raised more than 9 million signatures on an open letter urging French authorities to release him.

The case has also involved changes to how restrictions on his movement were handled. Cointelegraph reported that French authorities allowed Durov to return temporarily to Dubai in March 2025, before lifting travel restrictions entirely later in 2025.

New pressure reported in Australia

Alongside Europe and Russia, Telegram is facing further legal scrutiny in Australia. Cointelegraph reported that Australian regulators this week launched court proceedings alleging Telegram failed to remove terrorism-related content.

For Telegram and Durov, these separate legal tracks underscore a recurring theme in cross-border platform enforcement: different jurisdictions are asking the same underlying question—how much responsibility a messaging provider should bear for removing content and supporting law enforcement access.

Durov’s privacy-and-surveillance messaging

Durov has portrayed himself as a defender of free speech and digital privacy, using recent statements to argue that compliance efforts can drift into broader surveillance. Cointelegraph noted that in April he warned the European Union’s proposed age-verification app could open the door to wider online monitoring.

That same month, Cointelegraph also reported that Durov linked alleged tax data leaks to a wave of crypto-related kidnappings in France, and said Telegram would leave the country rather than grant authorities access to users’ private messages.

In the current dispute with Russia, his public framing follows the same pattern: he positions government demands as attempts to expand control over messaging infrastructure rather than as targeted enforcement of specific legal obligations.

As Russia’s case develops and other jurisdictions—such as France and Australia—pursue their own enforcement actions, investors and builders in crypto-adjacent ecosystems may want to watch for any tangible changes in platform moderation, legal compliance requirements, and cross-border cooperation that could affect how TON and Telegram-related services operate in practice.

The Hong Kong Securities and Futures Commission has issued a restriction notice freezing assets worth up to HK$125.247 million in a client account at Futu Securities International Limited as part of an ongoing investigation into suspected IPO share manipulation.

According to the Hong Kong Securities and Futures Commission (SFC), the restriction applies to assets held by a certain entity suspected of participating in a fraudulent scheme designed to create a false or misleading appearance of demand for shares in an initial public offering.

The regulator said Futu is not the subject of its investigation and stressed that the restriction notice will not affect the brokerage or any of its other clients. The action targets a specific customer account and prevents the assets from being moved while the investigation continues.

SFC has restricted access to the assets

Under the notice, Futu must not dispose of, transfer, process, or otherwise deal with the assets held in the affected customer account without first obtaining written consent from the SFC. The restriction covers assets up to HK$125,247,000.

The regulator also instructed the brokerage to immediately notify it if it receives any instructions relating to the restricted assets. In addition, Futu must not assist, encourage, or cause another party to deal with those assets unless the regulator has given prior written approval.

Explaining the decision, the SFC said issuing the restriction notice is desirable in the interests of investors and the public. The investigation into the suspected scheme remains ongoing.

According to the regulator, the restriction notice was issued under Sections 204 and 205 of Hong Kong’s Securities and Futures Ordinance.

Futu has not been accused of wrongdoing

While the restriction notice involves an account maintained at Futu Securities International (Hong Kong) Limited, the SFC made it clear that the brokerage itself is not under investigation.

The regulator also stated that the order will not affect the firm’s day-to-day business or the accounts of its remaining customers.

Futu is licensed under Hong Kong’s Securities and Futures Ordinance to conduct multiple regulated activities, including securities dealing, futures contracts dealing, leveraged foreign exchange trading, advising on securities, advising on futures contracts, providing automated trading services, and asset management.

The latest regulatory action therefore relates only to the suspected conduct of a single client entity rather than the firm’s licensed operations.

Although the regulator disclosed the value of the restricted assets and the suspected nature of the scheme, it did not identify the customer entity involved or provide further details about the alleged conduct.

No enforcement action has been announced against Futu, and the SFC has not indicated when its investigation may conclude.

For now, the restriction notice remains in effect, preventing the affected assets from being handled without regulatory approval while investigators continue examining the suspected attempt to create artificial demand for IPO shares.

Futu has expanded its crypto services in Hong Kong

The restriction notice comes after Futu expanded its digital asset business under Hong Kong’s regulated virtual asset framework.

In June 2026, the brokerage received approval from the SFC to expand its Type 1 licensed activities, allowing eligible clients to use securities-backed financing for virtual asset trading. The approval made Futu the first brokerage in Hong Kong to provide financing for cryptocurrency transactions backed by traditional securities.

Under that arrangement, qualified investors became able to use securities held in conventional margin accounts as collateral to obtain financing for crypto trades, removing an earlier limitation that prevented such credit facilities from being used for digital asset transactions.

The approval followed another crypto-related rollout completed in May 2025, when Futu launched deposit services for Bitcoin, Ethereum, and Tether. Eligible investors were allowed to deposit those digital assets through the firm’s trading platform and trade them alongside Hong Kong, U.S., and Japanese stocks, exchange-traded funds, options, bonds, and other investment products from a single account.

At the time, Futu said the service allowed users to move more easily between virtual assets and traditional financial products through the same trading interface. The brokerage had already introduced cryptocurrency trading in 2024 after securing regulatory approval to offer virtual asset services to retail and professional investors.

Hong Kong authorities have continued expanding the city’s regulatory framework for digital assets through new licensing proposals covering virtual asset advisory and portfolio management services, alongside the existing oversight of trading platforms, custody providers, and stablecoin issuers.

SALT announced on July 30 that Ripple CEO Brad Garlinghouse will speak at the third annual Wyoming Blockchain Symposium, scheduled for Aug. 17–20 at the Four Seasons Resort and Residences Jackson Hole. 

The official speaker announcement confirmed his addition to the lineup but did not identify a session title, speaking time or discussion partner.

The invitation-only event is expected to bring together 500 investors, builders and policymakers. SALT and Kraken are hosting the gathering with support from the University of Wyoming Center for Blockchain and Digital Innovation and the Blockchain Association.

Pi Network price rallied to an intraday high near $0.085 on July 30 as an approaching node-upgrade deadline revived demand, but short-term charts show buyers are already meeting resistance.

Pi Network price rebounds from record lows

According to data from crypto.news, Pi Network (PI) price rose as high as $0.08496 on July 30 before easing toward $0.0826 at the time of writing. The move extended its recovery from the $0.074–$0.075 demand zone, where buyers stepped in following a multi-day decline.

PI remains down by about 9% over the past seven days despite the rebound. CoinGecko data placed its market capitalization near $907 million, with approximately $11 million in 24-hour trading volume.

The latest advance followed an extreme loss of momentum earlier in the week. PI’s daily relative strength index had fallen to around 27, signaling its most oversold condition since trading began.

Buyers subsequently produced a roughly 10% rebound from the local low. However, the daily chart shows PI still trading near the bottom of a much larger decline from its April high around $0.20.

The token is approximately 97% below its February 2025 all-time high of $2.99. That wider performance keeps the current move within relief-rally territory rather than confirming a long-term reversal.

Protocol 26 deadline drives renewed demand

The immediate catalyst was the Pi Core Team’s announcement that Mainnet node operators must migrate to Protocol 26 by Aug. 11. Nodes that miss the deadline risk losing their connection to Mainnet.

Pi Network’s official node page confirms that every Mainnet node must upgrade to version 26. The team described the release as the ninth upgrade completed during the current migration sequence, with Protocol 27 expected to finish the planned series.

“With 8 successful upgrades completed over the past few months, these final two upgrades will bring the network up to date with the latest protocol features, improvements, and functionality.”

Protocol 26 may improve confidence that Pi Network is advancing its technical roadmap. The project has connected the broader upgrade sequence with its plans for greater decentralization, open-source node infrastructure, and expanded network functions.

Still, the announcement does not remove the project’s supply problem. Around 128 million PI tokens are reportedly scheduled to unlock during August, worth more than $10 million at the current price. New supply could limit the rally if spot demand remains weak.

PI breakout faces resistance near $0.085

The 4-hour chart shows PI breaking above the upper boundary of a descending parallel channel that had controlled price action since July 20. The move represents an early bullish change in short-term market structure.

Momentum has also improved. The 4-hour RSI rose to 57.32, above its moving average of 46.73 and the neutral 50 level. That reading suggests buyers have regained control without pushing PI into overbought territory.

PI has now reached its 4-hour Supertrend resistance at approximately $0.0828. A sustained close above that indicator and the recent $0.085 high would strengthen the breakout and expose $0.090 as the next psychological level.

Above it, the daily Fibonacci chart places the next major resistance at $0.09796. That level represents the 78.6% retracement of the decline from roughly $0.20 to $0.0702 and sits close to the important $0.10 threshold.

Daily indicators show early signs of stabilization but not a completed reversal. The moving average convergence divergence histogram has turned marginally positive, while both MACD lines remain below zero. Stochastic RSI readings of 67.78 and 61.76 show strengthening momentum without reaching the overbought zone.

Losing $0.080 would weaken the breakout and bring the 4-hour Supertrend support near $0.0759 back into view. A deeper decline below $0.074 could expose the all-time-low region around $0.0702.

Analyst warns of double-top reversal

Crypto analyst Gopal identified a possible double-top pattern on PI’s one-minute chart after the token made two unsuccessful attempts to clear the same intraday resistance area.

“After two failed attempts to break resistance, buyers are losing momentum while sellers continue defending the ceiling,” the analyst noted.

The pattern’s neckline sits near the immediate $0.082 support region. A confirmed break below it could send PI toward the analyst’s downside target around $0.0814, although the setup would carry less weight than signals on the 4-hour or daily charts.

Reclaiming the two intraday peaks above approximately $0.083 with stronger volume would invalidate that short-term bearish pattern. Buyers would then have another opportunity to challenge $0.085.

For US traders, PI’s advance remains largely tied to project-specific developments rather than the institutional flows that support Bitcoin and Ethereum. Risk appetite also remains constrained after the Federal Reserve held interest rates steady, making sustained demand and the Aug. 11 upgrade execution important tests for the rally.

Protocol 26 has supplied a clear reason for PI’s recovery, but price must close above $0.085 and then reclaim $0.098–$0.10 before the broader chart begins to support a durable reversal.