Morning Post - September 8

headlines

▌The country's first "universal standard for digital collections" was released

The China Blockchain Financial Innovation and Development Conference and the Digital Jinling Development Forum were recently held in Jianye, Nanjing. The China Communications Industry Association Blockchain Professional Committee led and jointly initiated the country's first "Digital Collection General Standard" "Digital Collection General Standard 1.0" at the conference. Posted on

cryptocurrency

▌FCA warns against trusting online cryptocurrencies and stock KOLs

The UK's Financial Conduct Authority (FCA) has warned Britons not to follow financial advice from online cryptocurrency and forex trading KOLs. 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 that 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. British regulators have been strongly warning against the promotion of crypto assets and other risky investments. The FCA announced in August that it had introduced tougher rules to govern risky investments aimed at low-income investors that promise huge returns.

▌Checkout.com Strategist: The merger of Ethereum is expected to revive confidence in the encryption ecosystem

Jess Houlgrave, head of encryption strategy at payment giant Checkout.com, believes in an interview that despite the decline in transaction volume on the platform, the merger may reawaken people's confidence in the cryptocurrency market. Houlgrave also said that the number of crypto wallet addresses on most major “layer 1” blockchains is increasing. Despite a decrease in market volume, the platform reported an increase in wallet addresses and created more wallets. These wallets may be owned by current cryptocurrency holders or new holders just entering the market. This is actually not necessarily driven by new traders coming online, new retail traders who see crypto as a currency and investment asset, it's actually people starting to use real-world crypto applications, including remittances, buying NFTs, and other digital assets.

▌Report: Bitcoin's five-year return on investment exceeds that of five bank stocks including Citigroup

Finbold ROI data shows that compared with the five bank stocks of Citigroup, Wells Fargo, Goldman Sachs, JPMorgan Chase and Bank of America, Bitcoin's five-year return on investment has always had the upper hand. Bitcoin's performance could be considered a surprise, as the top cryptocurrency is challenging financial institutions that have existed for decades, while the asset is only a little over a decade old, the report said.