Morning Post - September 29

headlines

▌Facebook Pay officially changed its name to Meta Pay

Meta announced on Wednesday that Facebook Pay has officially changed its name to Meta Pay. The company pointed out that the change to Meta Pay is only a brand name change, and the current product features and overall user experience will remain the same. Meta CEO Mark Zuckerberg previously noted that while the service remains the same, the renaming represents Meta's first step in creating a digital wallet for the virtual world. Zuckerberg said his vision for a digital wallet in a virtual world would allow users to securely manage their identity, what they own and how they pay.

policy

▌The UK’s FMI sandbox will initially focus on DLT-based securities settlement systems

In a speech today, Bank of England Deputy Governor Sir Jon Cunliffe said that the UK’s FMI sandbox will initially focus on DLT-based securities settlement systems. Cunliffe outlined the potential pros and cons of using blockchain for securities trading and settlement. These include: reducing or eliminating the number of intermediaries, radically lowering costs; simpler processes can mean fewer potential points of failure, thereby reducing risk; instant or atomic settlement eliminates constraints on netting and holding margin; Need; decentralization can improve liquidity; smart contracts can enable automation and potential new business models.In April, the regulatory sandbox was announced as a joint initiative between HM Treasury, the Bank of England and the Financial Conduct Authority, to be launched in 2023.

cryptocurrency

▌ Chainlink will launch the staking reward function in December and plans to become the Web3 version of AWS

The oracle project Chainlink announced that it will launch a staking reward function in December. The initial staking pool size is 25 million LINK tokens. The amount of staking that users can participate in will be determined according to the LINK they hold and the degree of community participation.Meanwhile, Chainlink has also launched the BUILD program for early-stage projects, which will give them priority access to services and premium support in exchange for contributions to its native token. Projects such as Truflation, Space & Time and Bitscrunch have already signed up.Sergey Nazarov, CEO of the project, said that the various services provided by Chainlink — including price data feeds, weather data, random number generation for game applications, and cross-chain communication conducted — mean that Chainlink is becoming a decentralized A modernized data service platform, similar to the Web3 version of AWS.

▌Source : EU will ban crypto payments after Russia holds independence vote

The European Union is set to tighten restrictions on Russians investing in cryptocurrencies within the bloc due to Russia's independence vote for occupied Ukraine. The previous €10,000 ($9,600) cap on cryptocurrency holdings will be removed, which could mean Russians will no longer be able to hold any assets in EU cryptocurrency wallets, sources said.In April, the European Union announced that it would limit Russian payments to European cryptocurrency wallets to 10,000 euros, as it sought to prevent digital assets from being used to bypass restrictions on large bank transfers. Now new measures mean that number could drop to zero.

▌ Mike Novogratz: The next Bitcoin rally will focus more on utility than story

Singapore's "Token2049" summit event was held today. Bloomberg's Chief International Correspondent Haslinda Amin had a fireside chat with Galaxy's Mike Novogratz on Bitcoin and the current economic situation. Mike Novogratz believes that in terms of story and practicality, the next Bitcoin bull market must be very different from the historical cryptocurrency rally, and the next Bitcoin rally will have to focus more on practicality than story. One of the biggest rallies in history, the Bitcoin bull run of 2017, was largely a story about people distrusting governments and wanting more privacy and decentralization. It's a millennial revolution for Gen Z, it's global, and it's a powerful story. Novogratz predicts that the next bitcoin rally must be “50 percent story, 50 percent utility” compared to the aforementioned cryptocurrency bull run. In addition, Novogratz also believes that Web3 and NFT tokens will become an important part of the future gaming field.

▌UAE government official: Digital currency will become part of the mainstream financial system in the future

Omar Bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, believes that the future of finance is closely related to cryptocurrencies.In his view, "many of those involved in the initial development of cryptocurrencies and related technologies hoped to use them to circumvent mainstream financial institutions and the monetary system," but "for obvious reasons, this was neither a practical goal nor an ideal The goal".He believes: "Instead, the future of digital currencies is firmly in the mainstream financial system, and they can have a huge impact on several issues in the fields of payments, banking and investment."