Tenacious crackdowns on crypto-related activities continue on Weibo, one of China’s leading social media platforms. Reportedly, the influence of more than 80 widely-trailed crypto personalities has been abruptly snuffed, an act believed to be China’s resolute determination to control the crypto space. The accounts, which, until now, were vibrant hubs for crypto discussions and promotions, are said to have breached eight major regulations in China which encompass marketing, trade, finance, and internet safety.
Meanwhile, the International Monetary Fund (IMF) and the Financial Stability Board (FSB) played their part in the global crypto discourse and released a joint paper. The paper awash with policy recommendations is intended for managing the ‘wild beast’ – the somewhat-uneven crypto space. Drafted at the request of the Indian G20 Presidency, it underlines comprehensive guidelines to curb the financial risks associated with crypto-asset activities, stablecoins, and more notably, the rapidly-evolving decentralized finance ecosystem.
In other news, The DFINITY Foundation, an influential contributor to the Internet Computer blockchain, has partnered with Lugano’s municipality, one of Switzerland’s cultural hubs. Collaboratively, they have initiated a one-million-dollar grant aimed at fueling Lugano-based startups’ innovative efforts on the Internet Computer. The MyLugano app, part of this collaboration, recently underwent a substantial update and now includes a multi-chain, multi-wallet solution.
Digital identity platform Unstoppable Domains has further raised the communication bar by adding .eth domain support to its Unstoppable Messaging service. The inclusion allows Ethereum users to utilize all features of the service interchangeably with any XMTP-linked messaging platforms.
Simultaneously, the gaming industry isn’t left out of the blockchain wave as Korean game publisher Neowiz plans game development on the Avalanche blockchain through its Web3 IntellaX arm. An exciting collaboration, it promises high-quality, immersive, Web3-oriented gaming experiences.
Some ripples in the stablecoin waters as well, as distribution of the Palau Stablecoin (PSC) will halt come September 8. Jay Hunter, a finance official asserted that the hold is to process retailer redemptions, and not out of fear of crypto volatility.
Finally, recently, pseudonymous producer ‘Ghostwriter’ generated heat in AI news. His track ‘Heart on My Sleeve’, utilizing Drake’s AI-generated vocals, has been submitted for Grammy evaluation, opening dialogue on the role of AI in the music industry.
Source: Cryptonews
