1. For the week ending August 23, the number of initial unemployment claims in the US was 229,000, expected to be 230,000
For the week ending August 23, the number of initial unemployment claims in the US was 229,000, expected to be 230,000, and the previous value was revised from 235,000 to 234,000. The revised annualized quarterly real GDP for the second quarter in the US is 3.3%, expected to be 3.10%, previous value 3.00%.
2. Bloomberg: Former Governor of the People's Bank of China warns of the speculative risks of stablecoins, claims their cross-border payment advantages are limited
Former Governor of the People's Bank of China Zhou Xiaochuan warned in a closed-door meeting in mid-July that stablecoins could trigger speculative behavior, thereby undermining financial stability. He pointed out that stablecoins have limited advantages in terms of cost compared to China's existing retail payment systems, and added that the notion that traditional cross-border payment costs are 'extremely high' may be exaggerated. He also stated that the regulatory frameworks in the US, Hong Kong, and Singapore have not sufficiently ensured that stablecoins 'should be fully backed by liquid assets,' emphasizing the need to be cautious of fraud and systemic risks arising from their excessive use in speculative asset trading.
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3. Former Thai Prime Minister Thaksin proposes positioning Thailand as a digital asset treasury hub for ASEAN (Association of Southeast Asian Nations) Bitcoin
Former Thai Prime Minister Thaksin Shinawatra met with representatives from global digital asset companies such as Metaplanet and UTXO Management in Bangkok to discuss positioning Thailand as a digital asset treasury hub for ASEAN (Association of Southeast Asian Nations) Bitcoin, and to support the establishment of sovereign strategic reserves to enhance the resilience of the financial system. This initiative aims to address issues such as Thailand's economic slowdown and debt. Previously, former Prime Minister Thaksin had indicated that a cryptocurrency sandbox involving the private sector would be launched in Thailand in October.
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4. Shanghai prosecutors announce a virtual currency fraud case involving over 35 million yuan
Shanghai prosecutors announced a virtual currency fraud case. From July 2020 to December 2021, Wu and others induced victims to pay franchise fees under the pretext of promoting facial payment devices, receiving 'XD points' in return, and then realized cashing out by bundling the purchase of a fictitious 'GDFC virtual currency'. They falsely claimed that the currency was issued by an overseas company with appreciation potential, while it was actually a 'shitcoin' controlled by their company. After the GDFC currency plummeted, Wu introduced a 'GM fusion' mechanism, using a new currency ME to falsely drive up prices, creating an illusion of convertibility and appreciation to continue the scam. An audit revealed that they defrauded over 35 million yuan.
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5. Filipino Senator proposes recording the national budget on the blockchain
Filipino Senator Bam Aquino stated at the Manila Tech Summit that he suggested recording the national budget on-chain to achieve traceable public financial expenditures. The plan will expand on the existing blockchain platform of the Department of Budget and Management (DBM), which has already recorded some financial documents on the Polygon network.
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