Aurelia Butler

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    in Cryptocurrency

    Your rights in the metaverse: The benefits and challenges of collaborating in the digital age

    Success stories in the metaverse include ABBA’s groundbreaking avatar show in London, which achieved an impressive 380,000 ticket sales within the initial couple of months. On the other hand, Decentraland’s Metaverse Fashion Week and Metaverse Art Weekhave also proved to be triumphant ventures. However, the metaverse isn’t just a creative paradise; it’s a battleground for intellectual property (IP) rights. Consider Nike’s recent encounter — the sportswear giant filed a lawsuit against a virtual sneaker company selling Nike-styled shoes as non-fungible tokens (NFTs). It’s a prime example of how the lines between physical and virtual IP rights can blur. Continue Reading on Coin Telegraph More

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    in Cryptocurrency

    China’s new AI regulations begin to take effect

    The regulations, which were published on July 10, are referred to as the “Generative AI Measures” and are the result of a joint effort between six government agencies including the Cybersecurity Administration of China (CAC), the National Development and Reform Commission and the Ministry of Science and Technology. Continue Reading on Coin Telegraph More

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    in Economy

    China banks: risky trusts overshadow larger lending peers

    Seen but not heard is an old-fashioned guide to children’s best behaviour. Today, Beijing bureaucrats ask that China’s young people not be seen either. On Tuesday the country’s statistics bureau announced it would suspend youth jobless data. This indicates the dire state of the Chinese economy and financial sector. China’s shadow lenders — trust banks — are feeling that pressure. This means the larger state-controlled banks must shoulder more credit risk. Rising youth unemployment numbers have set new records in recent months. Officials cited the need to improve the measurement methodology in the 16-to-24 age group. The move comes just after factory and retail sales data that missed expectations. Altogether, this poses a serious challenge for Chinese lenders.China’s $2.9tn trust industry started out 40 years ago amid a booming economy. When larger local banks could not satisfy loan demand from fast-growing companies, trusts stepped in to help. Given generous licences to invest in many types of assets, they focused on property developers and high-risk companies.The real estate crisis has taken a toll since then. The largest trust, Zhongrong International Trust, has missed at least two payments. It has investment products worth Rmb39.5bn due this year. As developers lose access to non-bank financing, the fallout among this group will spread.Shares of the largest banks, including Bank of China and Agricultural Bank of China, are up a fifth this year as the worst of Beijing’s sector-wide crackdown appears to have passed. Yet they still trade at about a third of tangible book value, well below regional peers. Hang Seng Bank in contrast is rated at almost 1.2 times.Investors worry that the largest local banks will need to replace credit lines, as they have done historically. Lenders had to bail out floundering property groups last year by offering more than $160bn in fresh loans. That emergency credit should now expand to other high-risk local companies. Meanwhile, profitability, as measured by net interest margins, has shrunk at the largest banks this year.As economic data reveals weakness, the renminbi has dropped to five-year lows against the dollar. State banks may therefore have to support the currency as well. With so many clean-up jobs ahead, investors should remain wary of China’s largest banks. More

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    in Economy

    Uganda central bank cuts policy rate to boost growth as inflation slows

    KAMPALA (Reuters) -Uganda’s central bank cut its main lending rate on Tuesday for the first time in more than two years, saying it aimed to boost economic growth after inflation fell faster than expected.The cut in the Central Bank Rate (CBR) to 9.5% from 10.0% came after inflation fell to 3.9% year-on-year in July, down from 10.4% in January and below the bank’s 5% target.Uganda’s economy has fared better than many of its African peers in the face of tightening global financial conditions, helped by favourable weather and improved harvests, but the central bank said on Tuesday that growth seemed to be slowing down partly due to weak demand.”Economic activity remaining below capacity over the next two years will exert further downward pressure on inflation,” Bank of Uganda Deputy Governor Michael Atingi-Ego said at a news conference.”In light of this outlook the MPC (Monetary Policy Committee) decided to lower the CBR to 9.5%, aiming to stimulate economic activity while maintaining inflation around the target.”The deputy governor linked the inflation slowdown to a drop in food and energy inflation, and tight monetary and fiscal policy among other factors.Razia Khan, chief economist for Africa and the Middle East at Standard Chartered (OTC:SCBFF), said the Bank of Uganda was typically an early mover on rate hikes, “which gives it more space to ease when conditions allow.”The central bank’s latest forecast is for economic growth of 5.3% in the 2022/23 fiscal year that ended in June, and for growth of between 5-6% in the current 2023/24. “Private consumption, investments in extractive industries, and improved exports are anticipated to drive this (2023/24 growth),” Atingi-Ego said. Uganda and international oil firms like France’s TotalEnergies and China’s CNOOC (NYSE:CEO) are implementing multi-billion dollar projects ahead of the planned start of commercial oil production in Uganda in 2025. More

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    in Cryptocurrency

    Mercurity Fintech’s Ucon Capital Hong Kong Approved to Enter “Cyberport”

    Ucon, as part of the MFH group, aims to offer comprehensive digital asset management services to clients across Asian markets, highlighting the synergies between MFH and Ucon, which will be further strengthened and leveraged to support the long-term growth of the enterprise.The Cyberport community is a collaborative initiative supporting over 1,900 technology companies and startups. It forms an integral part of Hong Kong’s strategy to establish itself as a global hub for Fintech, Web3, blockchain, and digital finance, boasting prominent members such as licensed cryptocurrency exchange, Hashkey Group, Web3 venture capital and game developer, Animoca Brands, and the Ethereum software firm behind the crypto wallet ‘MetaMask’, Consensys.Ucon’s acceptance into the Cyberport community will provide MFH with rich resources to fuel its future development. By utilizing the collaborative platform offered by Cyberport, MFH plans to establish its Asian headquarters in Hong Kong, complementing its North American headquarters in New York. This expansion will further the Company’s global presence and reinforce its positioning as a global leader in the fintech space.Furthermore, MFH intends to apply for the Trust and Company Service Provider License (TCSPL), or “trust license,” with the Hong Kong Monetary Authority (HKMA) to operate as a registered trustee and licensed custodian of client’s assets.Mercurity Fintech Holding, Inc. CEO Shi Qiu expressed, “We are honored to join this group of influential and carefully selected companies in the Hong Kong Cyberport initiative. In Hong Kong, cryptocurrencies such as Bitcoin, Ethereum, and USDC coins will be considered assets by regulators. This paves the way for our Company to use our subsidiary, Ucon Capital, and the Asian headquarters at Cyberport as a base to apply for compliance licenses and achieve our long-term goals of launching a comprehensive digital asset management platform for Asian market. Our acceptance into this unique, government-sponsored community of enterprising and entrepreneurial leaders in the digital space signifies a great admittance of MFH and Ucon’s capability. It will also open many doors for enhanced innovation through collaboration, leveraging the synergies between MFH and Ucon for sustained growth, and demonstrating our commitment to providing a comprehensive suite of asset management services to our clients throughout Asia.”About Mercurity Fintech Holding Inc.Founded in 2011 and headquartered in New York, Mercurity Fintech Holding Inc. (MFH) is a fintech firm powered by blockchain. The company’s origins were as the developer of the first online collective marketplace platform in China, dubbed the “Chinese Groupon.” In 2015, MFH was successfully listed on Nasdaq and the Company’s current business evolution includes distributed computing and storage, digital payment solutions, and a planned entry into online and traditional brokerage services and asset management.Forward-Looking StatementsThis announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results.For more information, please contact:International Elite Capital Inc. Vicky Chueng Tel: +1(646) 866-7989 Email: [email protected] Source: Mercurity Fintech Holding Inc. More