LianGuai Morning News | G20 leaders will discuss advancing the proposed roadmap for cryptocurrency regulation in October.

G20 leaders to discuss crypto regulation roadmap in October.

Headlines

▌G20 leaders will discuss the proposed roadmap for regulating cryptocurrencies in October.

On September 9th, G20 leaders expressed their support for the Financial Stability Board (FSB) and the International Monetary Fund (IMF) recommendations on crypto asset activities and markets, as well as global stablecoin regulation and supervision. The G20 will continue to closely monitor the risks posed by the rapid development of the crypto asset ecosystem, and G20 finance ministers and central bank governors will discuss the roadmap at their meeting in October 2023. The next G20 finance ministers and central bank governors meeting is scheduled to be held in Marrakech, Morocco. The G20 leaders’ summit declaration states, “We welcome the comprehensive document (including the roadmap) by the IMF-FSB, which will support a coordinated and comprehensive policy and regulatory framework, taking into account the universal risks as well as the specific risks of emerging market and developing economies (EMDE), and the FATF standards being implemented globally to address money laundering and terrorist financing risks.” G20 leaders also acknowledge the work plans of the FSB and standard-setting bodies (SSBs) on crypto assets, as well as the report by the Bank for International Settlements (BIS) on key elements and risks of the crypto ecosystem. G20 leaders also call for the swift implementation of the Crypto Asset Reporting Framework (CARF) and the Common Reporting Standards (CRS) amendments.

▌ Uzbekistan President signs legislation amendment including crypto mining licenses

According to LianGuai, the Uzbekistan President has signed legislation amendments that include mining licenses. The statement states that the law is being supplemented and amended to establish new types and subtypes of licensed activities (cryptocurrency exchanges, mining pools, cryptocurrency storage, and mining activities). The National Agency for Project Management (NAPP) will be responsible for licensing activities related to crypto assets, and legal entities must pay taxes after obtaining a license. Unauthorized cryptocurrency service providers and unlicensed mining activities will be fined.

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▌PEPE Official: Old Telegram account hacked, person with access to the account using it for scams

According to LianGuai, PEPE has announced that their old Telegram account has been hacked and is no longer under their control. The “lordkeklol” account has been compromised. The person with access to this account is using it for scams, deceiving people and launching other currencies. This person is lying and has no affiliation with PEPE or any current or past members. It is important for everyone to log into Telegram, report the PEPE group as a fake account so that it can be deleted, and create a new group with appropriate security measures. All official information from PEPE will be posted through this Twitter account in the coming weeks.

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Market

As of the time of writing, according to data from CoinMarketCap:

BTC recently traded at $25,904.3, with a 24-hour change of -0.01%;

ETH recently traded at $1,636.23, with a 24-hour change of +0.02%;

BNB recently traded at $214.5, with a 24-hour change of +0%;

XRP recently traded at $0.5036, with a 24-hour change of -0.18%;

DOGE recently traded at $0.063491, with a 24-hour change of -0.11%;

ADA recently traded at $0.2534, with a 24-hour change of -0.27%;

SOL recently traded at $19.498, with a 24-hour change of -0.22%.

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Policies

▌Ministry of Industry and Information Technology and other five departments: Expanding the entry of the metaverse, accelerating the scale promotion of XR headsets, naked-eye 3D, and other immersive display terminals

LianGuai News, the General Office of the Ministry of Industry and Information Technology, the General Office of the Ministry of Education, the General Office of the Ministry of Culture and Tourism, the General Office of the State Council’s State-owned Assets Supervision and Administration Commission, and the General Office of the State Administration of Radio, Film, and Television issued the “Three-year Action Plan for the Innovative Development of the Metaverse Industry (2023-2025)”. It proposes to enrich the supply of metaverse products, expand the entry of the metaverse, accelerate the scale promotion of XR headsets, naked-eye 3D, and other immersive display terminals, enrich metaverse applications based on mobile phones, computers, and televisions, support the research and development of cutting-edge products such as brain-computer interfaces. Innovate digital human and virtual space development tool components, promote the convenience, refinement, and intelligence of digital human production, and promote products such as virtual conference rooms, exhibition halls, business halls, and social spaces. Cultivate intelligent content generation products such as writing, painting, and composition. Develop highly immersive products such as holographic real-time communication and 3D panoramic maps.

▌US Congressman Tom Emmer Introduces Appropriations Amendment to Restrict SEC’s Enforcement of Cryptocurrencies

LianGuai News, US House Majority Whip Tom Emmer, who previously expressed concerns about the actions of the US Securities and Exchange Commission (SEC) in the cryptocurrency industry, introduced a significant amendment on September 8. In a statement, Tom Emmer criticized SEC Chairman Gary Gensler for overstepping his authority and causing negative consequences for the American people. Emmer urged Congress to use existing methods and appropriate procedures to prevent Gary Gensler and the SEC from potentially misusing taxpayer funds. Emmer plans to introduce an appropriations amendment that restricts the SEC from using funds for cryptocurrency enforcement until comprehensive rules and regulations are established. The lack of regulation in cryptocurrency supervision has raised concerns about the SEC’s significant spending in legal disputes with numerous cryptocurrency entities, which could waste taxpayer money.

▌The China Asset Appraisal Association has issued guidelines for data asset evaluation, which will take effect from October 1st.

LianGuai reports that according to the official WeChat account of the China Asset Appraisal Association, in order to standardize the practice of data asset evaluation, protect the legitimate rights and interests of the parties involved in asset appraisal, and safeguard public interests, the China Asset Appraisal Association has formulated the “Guidelines for Data Asset Evaluation”. The guidelines will be implemented from October 1, 2023. The guidelines indicate that the evaluation methods for determining the value of data assets include three basic methods: income approach, cost approach, and market approach, as well as their derivative methods.

▌France conducts advertising disclosure compliance training for cryptocurrency KOLs

LianGuai reports that the French government has launched a new program aimed at educating cryptocurrency and financial Key Opinion Leaders (KOLs) on advertising disclosure compliance. The program aims to increase transparency and help these individuals understand the importance of complying with advertising regulations. The launch of the program is in response to concerns about the lack of transparency in the industry, as many KOLs have failed to disclose their financial relationships with the companies they promote. The training will cover topics such as advertising regulations, disclosure requirements, and best practices for sponsored content.

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Blockchain Applications

▌Zhangjiakou City actively promotes the application of digital RMB in the public transportation sector

LianGuai reports that in order to further promote the publicity and promotion of digital RMB, and create a good atmosphere, the People’s Bank of China Zhangjiakou City Center Branch and various financial institutions are actively promoting the application of digital RMB in the public transportation sector in our city, in order to enhance the demonstration effect of pilot work in the jurisdiction. Digital RMB is a digital form of legal tender issued by the People’s Bank of China. It has the characteristics of payment and settlement, convenience, and security, and is an important financial infrastructure in the digital economy era. Our city is closely following the development trend of the national digital RMB and actively exploring its application in the public transportation sector.

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Cryptocurrency

▌USDC circulating supply decreased by $200 million in the past week

LianGuai reports that according to data from the Circle official website, as of September 7th, Circle has issued approximately 900 million USDC and redeemed approximately 1.1 billion USDC, resulting in a decrease in circulating supply by 200 million USDC. As of now, the circulating supply of USDC is 25.9 billion, with a reserve of 26 billion US dollars.

▌Data: 8,265.57 BTC flowed out of exchange wallets in the past 24 hours

LianGuai reports that data shows that 8,265.57 BTC flowed out of exchange wallets in the past 24 hours, 26,076.06 BTC flowed into exchange wallets in the past 7 days, and 34,148.83 BTC flowed out of exchange wallets in the past 30 days. As of the time of writing, the total balance of exchange wallets is 1,842,760.82 BTC.

▌Survey Report: 48% of institutional investors currently manage digital assets

LianGuai reports that a survey report by digital currency data provider Amberdata and Coalition Greenwich found that 48% of institutional investors currently manage digital assets. Despite recent market volatility, growth expectations remain strong. Over the next five years, three-quarters of managers expect the scale of assets under management (AUM) to expand, with over 40% of respondents expecting strong growth of 11-20% or more. 44% of asset management companies expect digital assets to become a growing business line in the next three to five years.

▌Report: Potential growth delta of $27.42 billion in the Web 3.0 blockchain market between 2022-2027

LianGuai reports that Technavio recently released a forecast and analysis report for the Web 3.0 blockchain market. The report shows that there is a potential growth delta of $27.42 billion in the Web 3.0 blockchain market between 2022-2027. Blockchain technology in Web 3.0 is attracting more funding. System configuration issues are one of the key challenges hindering the growth of the Web 3.0 blockchain market. The BFSI segment is expected to witness significant growth during the forecast period. Web 3.0 blockchain is widely used in financial credit services in the BFSI sector, including lending and secure confirmation of credit records. Tokens are widely used by multiple investment institutions for securities, bonds, and other assets. North America is expected to contribute 40% to the growth of the global market during the forecast period.

▌Data: NFT sales this week decreased by 6.75%

LianGuai reports that according to data from cryptoslam.io, NFT sales decreased by 6.75% this week. In the past 7 days, NFT trading volume declined by 4.33%. Despite the decrease in sales, the number of NFT buyers surged to 569,407, a growth of 17.77% compared to the previous week. Currently, Ethereum is leading in 22 different blockchain networks, with NFT sales of $42.61 million, accounting for 52.80% of the market share.

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Important Economic News

▌French people have no room to pay higher fuel prices, minister urges retailers to maintain low prices

September 9th news, the French Minister of Energy Transition intends to ask fuel retailers to maintain low prices at a meeting next week, in order to protect vehicle owners from the impact of cost increases. The French Minister of Energy Transition said that she will meet with representatives of fuel retailers in the country on Tuesday, asking them to extend price caps or lower prices through other special measures. The minister said, “The French people have no room to pay higher fuel costs. This is not something that can make big money.” Recently, with Saudi Arabia and Russia extending production cuts, oil costs have risen, and gasoline prices at gas stations have also increased. (Jinshi Data APP)

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LianGuai Encyclopedia

▌Superfluous Random Number

As the difficulty increases, miners usually have not found a block after cycling through four billion random number values. Because the coinbase script can store 2 to 100 bytes of data, miners began using this storage space as superfluous nonce space, allowing them to search for valid blocks with a larger range of block header hash values.

Disclaimer: LianGuai, as a blockchain information platform, publishes articles for information reference only and does not serve as actual investment advice. Please establish the correct investment concept and be sure to raise risk awareness.

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