Daily Digest - 8th September 2022

Headlines

▌The Country's First "General Standard for Digital Collections" Was Released

The China Blockchain Financial Innovation and Development Conference and Digital Jinling Development Forum was recently held in Jianye, Nanjing. 1.0" was released at the conference.

Cryptocurrency

▌FCA Warns Against Trusting Cryptocurrency and Stock KOLs Online

The UK’s Financial Conduct Authority (FCA) has warned Britons not to follow the financial advice of KOLs in cryptocurrency and foreign exchange trading on the Internet. Financial influencers on YouTube and TikTok have reportedly been using the cost-of-living crisis to persuade viewers to try cryptocurrencies and app-based stock trading. An FAC spokesman said: "We have been working with the government to ensure financial content is included in the Online Safety Act, which means tech and social media companies will need to play a role in helping protect consumers.” UK regulators have been strongly warning against the promotion of crypto assets and other venture capital investments. The FCA announced in August that it had introduced tougher rules to govern high-risk investments targeting low-income investors and promising big returns.

▌Checkout.com Strategist Expects Ethereum Merge to Restore Some Confidence in Crypto Ecosystem

Jess Houlgrave, the head of the crypto strategy at payment giant Checkout.com, believes that despite seeing lower trading volume on the platform, the Merge is likely to renew some confidence in the cryptocurrency market. Houlgrave also stated that there’d been an increase in the number of crypto wallet addresses on most of the major “layer one” blockchains. Despite the reduced trading volume in the market, the platform is reporting a rise in wallet addresses and the creation of more wallets. These wallets might be owned by current crypto holders or by new holders who have just entered the market. “I think that’s actually being driven not necessarily by new traders coming online new retail traders who think of crypto as a kind of currency and investment asset but actually people who are beginning to use real-world applications of crypto including money remittance, purchasing NFTs, and other digital assets,” Houlgrave said.

▌Bitcoin’s 5-Year ROI Outperforms Major Banks Stocks Including Citi

According to data acquired and calculated by Finbold, Bitcoin’s return on investment over the past five years has outperformed five leading banks’ stocks - Citi, Wells Fargo, Goldman Sachs, JPMorgan Chase, and Bank of America - by 4,214% on average. Bitcoin’s performance can be considered a surprise, as the top cryptocurrency is challenging financial institutions that have been around for decades, and the asset is only a little over a decade old, the report said.