Cryptocurrencies will be a key political battleground in South Korea, with both leading candidates set to showcase some crypto-related policies in the March presidential election, Golden Finance reports. The ruling Democratic Party’s Lee Jae-myung has tried to appeal to young voters with a series of pro-crypto policies and talked about creating an international cryptocurrency “hub” through pro-business tactics. The latest Realmeter polling figures show that Lee is ahead of his main opposition People’s Power Party rival Yoon for the first time in 2021, after underperforming at the end of 2021. However, Yoon does not appear to be standing idly by, and Yoon will deliver a speech on Jan. 19 in which political sources say Yoon will promise to “create an environment where crypto-asset investors can invest with confidence.” Sources said the decision to speak early was made because Li had arranged to meet the CEOs of the country’s four largest cryptocurrency exchanges that same morning. Yoon’s pledge “may include measures aimed at “protecting investors,” as well as policies aimed at supporting the nascent NFT and Metaverse fields, the outlet said. Yoon will also formulate measures aimed at “revitalizing” blockchain and cryptocurrency exchanges Industry policy. (cryptonews)
LooksRare’s turnover in the past 7 days has exceeded 3 billion US dollars, more than 3 times that of OpenSea
Golden Finance reported that the emerging NFT market, LooksRare, had a turnover of US$3.41 billion in the past 7 days, ranking first. The turnover of OpenSea in the past 7 days is 1 billion US dollars. As previously reported, on January 10, the NFT market LooksRare announced its official launch and issued an airdrop of LOOKS tokens to users. From June 16, 2021 to December 16, 2021, the transaction volume in OpenSea exceeded 3 (including) ETH users You can get it by placing an order for one NFT.
Sam Bankman-Fried (SBF), CEO of FTX, said in an interview with Golden Finance: “For the past four years, most cryptocurrencies have been leaving due to the regulatory framework, and today only 5% to 10% happens on U.S. exchanges”. Expressing its “cautiously optimistic” view of the crypto regulatory environment in the U.S., SBF said the U.S. could still evolve into a more friendly crypto jurisdiction, stating: “I am cautiously optimistic — I do want to stress that ‘cautious’ is On the one hand…I wouldn’t be shocked if there was huge progress on this in the next year or two to the point that you might see a threefold increase in the ratio of onshore liquidity and volume. I think that could be Our biggest priority right now is to see if we can get there.” (Decrypt)
Bank of America (BoA) said in its report that not only will the Bank of England digital currency (CBDC) become a form of digital cash, it is more likely to replace checking accounts as the way consumers hold most of their money . “Such a structure could displace £440bn ($598bn) of daily deposit accounts, rather than just £30bn in cash, which could be 15 times larger,” the report reads. A checking account, or checking account as it is known in the UK, is the backbone of a commercial bank’s business and provides banks with long-term stable funding. In extreme cases, a UK CBDC could lead to a restructuring of the financial institutional framework, the BoA said. (Coindesk)
Golden Finance reports that Brazilian crypto asset management company Hashdex will launch a DeFi ETF. The product will be listed on the Brazilian stock exchange B3 in February. DEFI11, developed in partnership with global crypto index provider CF Benchmarks, will reflect the CF DeFi Modified Composite Index, which includes tokens such as Uniswap (UNI), Aave (AAVE), COMP (COMP), and Maker (MKR). According to Hashdex, the ETF will consist of 70% DeFi protocols, 15% smart contract platforms, the remainder supported by DeFi protocols, including authentication and scalability solutions such as Polygon (MATIC), Chainlink (LINK) and The Graph (GRT). (CoinDesk)
On January 18, chip giant Intel will launch an ultra-low voltage energy-saving ASIC chip for Bitcoin mining at this year’s ISSCC conference, tentatively named “BonanzaMine”. (tom’s HARDWARE)
On January 18, the United Kingdom plans to introduce a crypto asset regulation plan, proposing to remove the blockchain from the definition of crypto assets. Decentralized finance (defi) may be regulated but needs to be considered on a case-by-case basis, the U.K. says, with plans to tighten regulations on misleading cryptocurrency advertising. (Golden Ten)
Bank for International Settlements chief: Central banks are the institutions best suited to provide monetary trust in the digital age
Agustín Carstens, managing director of the Bank for International Settlements, said that central banks are the institutions best suited to provide monetary trust in the digital age, and will continue to do so. Digital innovations such as stablecoins and DeFi are exciting developments, but without the necessary oversight, they could tear the monetary system apart. It is not advisable to rely solely on private currencies. It can be convenient to pay with global stablecoins from big tech companies. But in doing so, users may hand over the keys to our monetary system to private entities driven primarily by profit. Such an arrangement could erode trust. Carstens also pointed to recent BIS research arguing that the decentralization promised in DeFi services is an illusion. Blockchain consensus mechanisms have a tendency to centralize power, which makes it easy for a few stakeholders to make big decisions. DeFi suffers from the same vulnerabilities that exist in traditional financial services, including high leverage, liquidity mismatches, and linkages to the formal financial system, which can affect the stability of the system. (Coindesk)
Development and Reform Commission: Remediation of the entire chain of virtual currency “mining” has achieved remarkable results
On January 18, Jin Xiandong, director of the Policy Research Office of the National Development and Reform Commission, said that positive progress will be made in preventing and resolving major risks in 2021. Consolidate local territorial responsibilities, departmental supervision responsibilities and corporate main body responsibilities, grasp the intensity and pace of risk disposal, and resolve risks in key areas in an orderly manner. Steady progress has been made in the prevention and resolution of hidden debt risks of local governments. Timely “precise bomb disposal” for a few high-risk financial institutions. Properly handle the risks of individual high-debt real estate enterprises. The rectification of the entire chain of virtual currency “mining” has achieved remarkable results. Important achievements have been made in anti-monopoly, anti-unfair competition, and preventing the disorderly expansion of capital. (Golden Ten)
On January 18, according to security agency PeckShield Twitter, some Crypto.com accounts appear to have been hacked, losing $15 million and at least 4.6K ETH, half of which is currently being laundered through TornadoCash.
CITIC Securities: The technical characteristics of NFT make it a possible solution to the problem of digital assets
On January 18, CITIC Securities pointed out that the technical characteristics of NFT, such as anti-counterfeiting, right confirmation, traceability, and transaction, are a possible path to solve the problem of digital assets, thereby further building the economic system of the Metaverse. After the explosive growth of NFT artwork and NFT games from July to August last year, the popularity has declined and the transaction volume has dropped. With the increasing attention of the NFT market, domestic companies such as Tencent have successively tried in the NFT field. We believe that the technical characteristics of NFT make it a possible solution to the problem of digital assets, but many issues such as commercialization and subsequent development paths are still unclear, and we need to pay close attention to market uncertainty and policy supervision guidelines. (Securities Times)
On January 18, “Several Policies and Measures for Shanghai to Expand Effective Investment to Stabilize Economic Development in 2022” was released. It mentioned that the comprehensive promotion of urban digital transformation. Support policy banks, development financial institutions, and commercial banks to establish special “new infrastructure” preferential interest rate credit projects with a scale of more than 100 billion yuan, promote the implementation of the policy of discount interest rates for new infrastructure construction projects, and appropriately extend the policy implementation period to guide social capital to increase Investment in “new infrastructure”. Accelerate the deployment and implementation of a number of major demonstration projects of new infrastructure in areas such as hospitals and smart factories in the future, and step up research and deployment of future virtual world and real social interaction platforms. (whip cow)
The Italian Securities and Exchange Commission has warned that the increasing number of Italians who are not financially savvy may pose risks to investing in cryptocurrencies, Golden Finance reported. The agency’s annual study of Italian investment trends shows a surge in private investor interest in online trading and cryptocurrencies. Private saving in Italy is high, yet financial literacy is low. Italians have more than 1.4 trillion euros in their private bank accounts, so investment potential is huge. But only half of the 2,700 people surveyed could answer basic financial questions. Additionally, nearly 40% of respondents said they received investment advice from friends and family rather than professional advisors. (Financial Times)
Golden Finance reported that on January 17th, according to the latest data, the issuance of USDC on the Ethereum chain exceeded US$40 billion for the first time, which was US$40,291,804,208 at the time of writing. The current total issuance of USDC is about 45.44 billion US dollars. In addition to Ethereum, the issuance of USDC on the Solana chain ranks second with about 4,042,554,443 US dollars.
On January 17, Malaysia’s central bank studied the demand for digital currencies. (Golden Ten)
On January 17, the world’s top auction house Sotheby’s announced that it will accept BTC, ETH and USDC for the upcoming auction of ultra-rare black diamonds. Previously, Sotheby’s had launched a select NFT platform called Sothebys Metaverse. (Coindesk)
Australia’s top financial regulator and the Securities and Investments Commission have warned Australians who manage their superannuation against dabbling in cryptocurrencies, Golden Finance reports. The agency described cryptocurrencies as a “speculative investment” following its recent warning about the rise of cryptocurrency-related scams. ASIC has registered an uptick in marketing campaigns targeting SMSF trustees on social media, urging investors to exercise caution. Don’t rely on advertisements on social media or online connections where someone promotes an ‘investment opportunity’. (u.today)
Monetary Authority of Singapore: Cryptocurrency service providers are not allowed to market cryptocurrencies to the public in Singapore
The Monetary Authority of Singapore (MAS) said today that cryptocurrency service providers should not offer services to the public in Singapore, as it introduced guidelines to discourage people on the streets from trading cryptocurrencies. The new guidelines say that digital payment token (DPT, or more commonly cryptocurrency) service providers should not market or advertise DPT services in public areas in Singapore (e.g. public transport, public transport venues, public websites), nor should they Social media platforms, broadcast and print media promotions, or the provision of brick-and-mortar ATMs. Also, providers should not market through the involvement of third parties such as social media influencers. The guidelines are understood to apply to DPT service providers including banks and other financial institutions, payment institutions under the Payment Services Act, and entities whose applications are currently under review by MAS. Penalties for non-compliance have not yet been specified. (businesstimes)
On January 17th, Blizzard Fund announced its establishment. The fund is invested by Avalanche Foundation, Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital, etc., and its scale exceeds 200 million US dollars. The fund will primarily support the development, growth and innovation of the Avalanche ecosystem.
Golden Finance reported that Tesla founder Elon Musk (Elon Musk) tweeted a GIF with the text “I was fighting in the Metaverse Prison Yard, where I spent a lot of time. Screenshot NFT”.