Coinlive Morning Post - August 26

headlines

▌Binance issued an announcement to support the merger of Ethereum, and will suspend the deposit and withdrawal of ETH and ERC-20 tokens

Binance issued an announcement on supporting the Ethereum merger plan, saying that the upgrade and merger of Ethereum Bellatrix is expected to be carried out at 19:34:47 on September 6th and 8:30 on September 15th, Beijing time, and Binance will suspend ETH and Ethereum at that time. Recharge and withdrawal of ERC-20 network tokens. In addition, if no new tokens are generated after the hard fork, Binance will resume the deposit and withdrawal services of ETH and ERC-20 network tokens as soon as possible, and will make a separate announcement; if two competing blocks are generated after the hard fork Chain and generate a new token, the "ETH" code will be used in the Ethereum PoS chain, and Binance will also take a snapshot of the ETH position before the execution layer upgrade (estimated at the Ethereum mainnet block height 15540293 or Beijing Time September 15th 8:30), distribute forked tokens to users from the chain with less work completed at a ratio of 1:1, and will support the withdrawal of forked tokens, details of the distribution will be A separate announcement will be made.

cryptocurrency

▌Data: Nearly 75% of suspected illegal foreign exchange transactions in South Korea are related to cryptocurrencies

Illegal foreign exchange transactions in South Korea are increasingly dominated by exchanges linked to cryptocurrencies, with nearly 75 percent of suspected illicit foreign exchange transactions in South Korea now linked to cryptocurrencies, including cases involving about $1.1 billion this year. As previously reported, South Korean regulators said that abnormal overseas remittance transactions through encrypted exchanges totaled $3.37 billion.

▌Japanese officials plan to reform the tax system to prevent encryption start-ups from going overseas

The Japan Financial Services Agency and the Ministry of Economy, Trade and Industry have decided to discuss and review the collection of corporate taxes in encrypted assets (virtual currencies) issued by companies in the tax reform of fiscal year 2023, in order to facilitate the development of start-ups. In the new mechanism discussed by the Financial Services Agency and others, the cryptocurrency issued and held by the company may not be included in the taxable objects at the end of the period, but will be taxed when profits are generated from sales. The move aims to reduce the burden on startups and prevent promising startups from relocating overseas.

▌Former Twitter Finance Director David Bicknell joins Immutable as CFO

David Bicknell, who has served as the chief financial officer of Twitter and Facebook and the senior vice president of finance of AirWallex, joins Immutable as chief financial officer and will be responsible for Immutable's asset management, risk balance and future acquisitions.

important economic trends

▌Goldman Sachs' latest outlook on the US economy: the possibility of a recession next year is 30%

Goldman Sachs expects U.S. GDP to shrink by 0.1% year-on-year in the fourth quarter of 2022, mainly due to the negative impact of a huge fiscal drag and tightening financial conditions. In addition, there is a 30% chance of a U.S. recession in the next year and about a 50% chance of a recession in the next two years, though any recession is likely to be mild. Core PCE is expected to fall to 4.3% by the end of 2022, but supply chain disruptions, faster wage growth and strengthening inflation in housing spending could keep inflation high for a long time. The unemployment rate is expected to rise to 3.6% by the end of this year, 3.8% by the end of 2023 and 4.0% by the end of 2024.