Daily Digest - 6th September 2022

Headlines

▌Russian Ministry of Finance Announces Cryptocurrency Cross-Border Payments May Be Imminent

Russian Deputy Finance Minister Alexei Moiseyev said in an interview with Russia 24 TV channel that the Ministry of Finance and the Bank of Russia have reconsidered their approach to cryptocurrencies and believe that in the near future, it will be necessary to legalize cross-border settlement of these currencies.

Cryptocurrency

▌UK's Newly Elected Prime Minister Publicly Supports Cryptocurrencies

Elizabeth Truss, the new leader of the British Conservative Party, expressed her support for cryptocurrencies on Twitter in January 2018, calling for regulations restricting the development of cryptocurrencies should be shelved. “We should welcome cryptocurrencies in a way that doesn’t limit their potential, freeing up free enterprise zones by removing regulations that limit prosperity.” Since then, though, Truss has not publicly expressed her support for cryptocurrencies, nor does he espouse friendly regulations. According to previous reports, Graham Brady, chairman of the “1922 Committee”, a conservative party member group in the lower house of the British Parliament, announced the voting results of the Conservative Party leader election. The current foreign secretary, Elizabeth Truss, has been elected as the new leader of Britain's ruling Conservative Party, beating former Chancellor of the Exchequer Rishi Sunak.

▌Financial Times: Singapore’s DBS Bank Plans to Expand Cryptocurrency Business

According to the Financial Times, Singapore’s largest commercial bank, DBS Bank, still plans to develop its cryptocurrency and digital asset business, and said it hopes to expand its digital exchange and support its more than 300,000 high-net-worth clients in Asia. The brokerage arm of DBS Bank received a cryptocurrency license issued by the Monetary Authority of Singapore last year, allowing its institutional and high-net-worth clients to access the DBS Digital Exchange by invitation. DBS chief executive Piyush Gupta said the bank currently has fewer than 1,000 members on the digital exchange, but will soon serve more than 300,000 high-net-worth clients in Asia, including private individuals, through its DBS mobile banking app, as well as banks, accredited investors, other exchanges and funds.

▌SPACE ID: The Bnb Domain Name Will Open for Public Registration at 13:00 on September 13

The full-chain domain name service provider SPACEID announced that the bnb domain name will open for public registration at 13:00 on September 13th, Beijing time. At the same time, a 5-day launch conference will be held to the public at 13:00 on September 7.

▌The BendDAO Liquidation Threshold Will Be Adjusted to 80% Tomorrow, and the Auction Cycle Will Remain 24 Hours

The NFT mortgage lending protocol BendDAO tweeted that according to the BIP#10 implementation plan, the liquidation threshold will be adjusted to 80% at 20:00 on September 6, Beijing time, and a new vote will be launched to decide whether to adjust the liquidation threshold to 75%. The auction period (24 hours) will not be adjusted due to the failure of BIP#10-2 to be voted. As previously reported, the BendDAO community released a new proposal, BIP#10, which aims to adjust the liquidation threshold and the implementation plan for the auction cycle. The liquidation threshold was adjusted from 90% to 85% on August 30. When the liquidation threshold reaches 80% (effective September 6), a new vote will be initiated to decide whether to adjust the liquidation threshold to 75% and 70%. Regarding the auction cycle, the 48-hour auction time will be changed to 24 hours on August 30, and the next two weeks will be voted to decide whether to change to 12 hours and 4 hours.

▌South China Morning Post: STEPN Announces Opening of Office in Hong Kong

In an interview with the South China Morning Post, Jerry Huang, co-founder of STEPN, confirmed that the company will move its regional headquarters to Cyberport, which is owned by the Hong Kong government. The company has not given a date for the relocation. In July, STEPN shut down its GPS service in China, causing the app's token, GST, to drop 10 percent following the announcement.