Golden Morning Post | Economic Daily: Use technology to empower financial supervision

Headline

****▌Economic Daily: Use technology to empower financial supervision to create a digital intelligent supervision system

The Economic Daily article pointed out that it is necessary to use technology to empower financial supervision and create a digital intelligent supervision system. With the rapid development of financial technology, new financial formats emerge in an endless stream, and traditional financial supervision is already facing greater challenges. Therefore, strengthening technological supervision and building a digital financial supervision system has become an urgent need for current financial supervision. As the capital market continues to promote scientific and technological innovation, various regulatory agencies must continue to explore the use of technological means to enhance regulatory capabilities. In terms of strengthening the application of regulatory technology, big data, artificial intelligence and other technologies are used to collect and analyze financial market information in real time, and blockchain technology is used to reduce the risk of fraud. Efficiently store and process regulatory data through cloud computing to strengthen network security protection. Promote digital and intelligent supervision, strengthen the empowerment thinking of scientific and technological supervision, and provide a basic guarantee for promoting the construction of “Internet + supervision” and scientific and technological supervision.

▌Federal Reserve Director Bowman: Bank regulation is preferable to capital rules

Federal Reserve Governor Bowman said the U.S. banking industry needs better regulation, not higher capital requirements, which could hinder lending and competition. She also reiterated calls for an independent review of recent bank failures. We need to consider whether examiners have the proper tools and support to spot important problems and demand immediate correction, she said, adding that raising capital requirements would not address fundamental concerns about regulatory effectiveness. Federal Reserve Chairman Jerome Powell told Congress that the largest U.S. banks could face roughly a 20% increase in capital requirements and that they must set aside funds. The changes are part of an overhaul of international capital rules that began more than a decade ago in response to the 2008 financial crisis. With several U.S. banks failing, they were a top priority this year. Bowman reiterated his call for an independent third-party agency to investigate the recent U.S. bank failures and criticized the Fed’s internal efforts to investigate the issues.

Quotes

As of press time, according to coinmarketcap data:

The latest transaction price of BTC is 30471.2 US dollars, with an intraday increase and decrease of **-**0.38%;

The latest transaction price of ETH is 1899.99 US dollars, with an intraday increase or decrease of **+**0.72%;

The latest transaction price of BNB is $238.99, with an intraday change of -0.17%;

The latest transaction price of XRP is US$0.4897, with an intraday increase and decrease of +0.14%;

The latest transaction price of DOGE is US$0.0667, with an intraday increase or decrease of -0**.36**%;

The latest transaction price of ADA is US$0.2920, with an intraday increase and decrease of **-**0.47%;

SOL’s recent transaction price was US$16.956, with an intraday change of -0.86%.

policy

▌The Montana bill clearly states that digital assets are personal property and prohibits taxation of such currency transactions used for payments

With the passage of SB-178 in the last U.S. legislative session, Montana took a bold step toward welcoming the cryptocurrency industry to the Big Sky State. Approved by bipartisan votes in the House of Representatives and the Senate, with overwhelming support across the political spectrum, the new law establishes several important protections for digital asset miners and users and removes regulatory uncertainty . For example, it allows the industry to thrive in Montana without discrimination or unnecessary onerous requirements. This means that local and county governments cannot pass rules that treat cryptocurrency mining operations differently than other data centers. They cannot prevent digital asset mining operations from operating in areas of industrial use, nor can they prevent home digital asset mining in private residences, except in connection with existing noise ordinances. The bill clearly states that digital assets are personal property and prohibits taxation of such currency transactions used for payments.

Blockchain Application

▌The blockchain NFC protocol IYK releases a signature module based on the ERC-6551 standard

The blockchain NFC protocol IYK announced on the official push the launch of a signature module based on the ERC-6551 token standard. Users can use blockchain technology to leave signatures on digital items. IYK uses near-field communication (NFC) and blockchain technology to tag physical projects and IRL experiences. It offers a variety of NFC and blockchain-enabled products that can be linked to NFTs, attendance tokens, web links, and other exclusive content. At present, the module has been deployed on its IT-01 and IT-03 products and will provide signing opportunities for Paris Fashion Week. Participants of Paris Fashion Week have the opportunity to obtain digital signatures of artists gmoney and Jeff Staple.

Cryptocurrency

▌Former SEC Internet Law Enforcement Director: The crime scale of cryptocurrency is several orders of magnitude larger than that of traditional finance

John Reed Stark, former director of the SEC Internet Enforcement Office, tweeted that the single most prominent use of blockchain is cryptocurrency and DeFi, not just investor tricks and terrible plagues, but worse, cryptocurrencies, DeFi and Web3 The other parts form the basis of a criminal tool beyond imagination. For criminals, the regulatory vacuum of cryptocurrencies has allowed them to commit dangerous crimes never before seen. However, cryptocurrency has grown into a killer app for criminals, ushering in an epic wave of cryptocurrency crimes. The scale of crime in cryptocurrencies is orders of magnitude larger than that in traditional finance.

▌Bank of Italy launches CBDC pilot project

The Bank of Italy has launched a pilot to assess the viability of a central bank digital currency (CBDC). The pilot project, called Project Leonidas, also involved 18 Italian commercial banks and the Association of Italian Banks (ABI). The stated goal of the pilot is to “explore blockchain applications that promote financial stability and protect consumers.” Participating banks will use a shared ledger for interbank payments to streamline the process.

This is not the first digital asset pilot involving ABI. The association launched Project Spunta three years ago, involving more than 100 banks and sharing a reconciliation ledger of interbank payments. Several CBDC pilots are also underway across Europe, the most recent of which involve the Bank of England and the Bank for International Settlements.

▌****Cheaters create fake “WETH” and call the contract to transfer the fake “WETH” out and buy memecoin

According to Lookonchain monitoring, the scammer created a fake “WETH” and called the contract to transfer the fake “WETH” out of the famous wallet and into memecoin. You can mistake famous wallets for buying memecoin and follow famous wallets to buy memecoin.

For example: the scammer created a fake “WETH” and called the contract to transfer the fake “WETH” out of DWF Labs and into “PSYOP”. Whether we use Debank or Zerion to view this transaction, it is easy to mistake DWF Labs for purchasing PSYOP with WETH.

▌****Gemini: Customers affected by Voyager bankruptcy can create a Gemini account to withdraw cryptocurrency

According to Gemini officials, as of July 23, 2023, Voyager customers affected by Voyager’s bankruptcy can create a Gemini account and withdraw their cryptocurrency according to the claim allocation process.

▌****The balance of Ethereum on the exchange has dropped significantly in the past 30 days, and hit a new low of 12.6%

Glassnode data shows that in the past 30 days, the Ethereum balance on the exchange has dropped significantly and hit a new low of 12.6%. In November 2022, there was a similar drop in Ether transaction balances, followed by a massive 33% surge. Despite the potential for a rally, traders need to remain cautious as the drop in exchange balances may have been triggered by the SEC’s actions against Binance and Coinbase.

▌BVNK Announces Expansion to Asia-Pacific Region

Global payments company BVNK has announced its expansion plans in the Asia Pacific (APAC) region. With the appointment of Anthony Man as the new general manager of the Asia-Pacific region, in May, BVNK submitted an application for the MPI (Major Payment Institution) license to the Asia-Pacific region, marking an important step for its business in the region.

BVNK combines traditional payment infrastructure with distributed ledger technology (DLT) to create a modern money transfer tool that enables its customers to seamlessly send, receive and convert traditional and digital currencies in more than 61 countries.

▌Cyber apital founder: BTC management is effectively centralized under Bitcoin Core

Cyber apital founder Justin Bons stated on social media that the management of BTC is effectively centralized under Bitcoin Core. There is one main defender who has the final say; making it a dictatorship. Like all dictatorships, there are limits to what they can do. However, this is still a complete subversion of true decentralization.

Important economic developments

▌The probability of the Federal Reserve raising interest rates by 25 basis points in July is 74.4%

According to CME “Fed Watch”: The probability that the Fed will keep interest rates unchanged at 5.00%-5.25% in July is 25.6%, and the probability of raising interest rates by 25 basis points to the range of 5.25%-5.50% is 74.4%; The probability of a change is 22.0%, the probability of a cumulative rate hike of 25 basis points is 67.6%, and the probability of a cumulative rate hike of 50 basis points is 10.4%. (Golden Ten Data APP)

Golden Encyclopedia

▌****Sorter

Sequencer is a key technology in the field of cryptocurrency, which is used to sort transactions and create blocks. Before the block is confirmed, the pre-confirmation information will be sent to the user. The importance of decentralized sorters is that as more volume and liquidity move to layer two solutions (L2), centralized sorters may charge arbitrary prices and leverage user transactions. Therefore, finding a decentralized sorting solution becomes very important.