Cryptocurrency

Welcome to The Daily Forkast, March 7th, 2022, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show: 00:50 - Regulation a watch word at China’s Two Sessions. 02:04 - Singapore announces Russia sanctions. 07:10 - Web 3 company CEO speaks on foundation of Aid For Ukraine DAO. --- #Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Ukraine #Russia #War #Community #Metaverse #Banks #Investment #Tokenising #NFT --- China's Two Sessions meetings are the country's most important annual political meetings where authorities lay out China's economic and social plans for the year ahead. And for the first time ever, the Metaverse is up for discussion with regulation being the watchword. After saying sanctions would be imposed early last week, the Monetary Authority of Singapore has now provided more details. Financial institutions have been advised to freeze assets and funds for four major Russian banks, and digital payment token service providers are prohibited from facilitating any transactions that could aid circumvention of the measures. Who better to ask about tokenizing the world than Henry Chong, CEO of Fusang. Fusang aims to reshape investment markets with blockchain technology, and it's great to have you with us, Henry. Always great to be here, Angie, and exciting to see the developments in the tokenized security space. As I've always said, as interesting as crypto and NFTs are, there is still much to be done in terms of tokenizing real world assets - shares, bonds, funds, real estate, really everything else you see in the world. And seeing a major player like the New York Stock Exchange and the parent company entering the market, I think is really proof that this is imminently about to happen. And really, my message when you talk about issuers and intermediaries would be that all of us, Fusung included we need to adapt and innovate. My belief has always been that the jobs to be done in the financial industry, they're not about to change. You're still going to need exchanges and custodians and investment banks and brokers. It's just that all of them better be able to adopt new technology. And I think there'll be a lot less intermediaries that we can start to combine all of these functions using the power of blockchain technology. And so again, financial institutions are going away. But if you are a legacy financial institution, as you say, that can't quite adopt the new technology, I really do think you'll be left behind, especially because there are plenty of firms today who are scaling at light speed. I'm convinced this isn't just a vision - that it's an inevitability because the reality is we used to a certain customer workflow with everything we do, whether it's buying things online through e-commerce or really buying or interacting with any company or firm. Today, we expect to be able to do it digitally, online and directly with the company. We're used to being able to view information about a company's product. Maybe we go on social media, see some reviews about it and then if we want to actually transact, we want to be able to do that directly and online. And this works for literally every industry in the world, and I think capital markets will be no exception. And capital markets need to start focusing on, Hey, what are the customer needs? Henry Chang of Fusung, always a pleasure. And finally, as the conflict in Ukraine rages on nearly 6000 miles away, unable to return home and feeling helpless as his family and friends battle for their lives and country, one Ukrainian is putting his computer engineering skills to good use. Teaming up with partners in the blockchain industry to launch the aid for UkraineDAO. Here is Sergey Vasylchuk, the CEO and founder of Everstake, a Web3 company. In his own words. Your parents, your friends, your employees, people that you talk to just feel it on their phone, and everything is just sent groups, and you see what’s happening in real-time. So after a few days, I was sitting here thinking [that] I can't just do nothing. I need to do something. What a human can do is just start with what he was doing before. I'm running the company for many years so I can do just a few things. I can fly the airplane and build crypto projects. Flying the airplane isn't enough, crypto is something that could help. So, that's why I just asked my partners to help us. Probably one of the leading companies in the world will be leading 50 plus blockchains. All those guys are technically competitors. But in this situation, everyone was calling me and saying, "Hey, how can I help you?" Solana is one of our partners, and I define the core team at Solana as my friends. Anatoly Yakovenko is also my friend, he was born in Ukraine. He moved to America, but he was born and raised in Odessa so he feels some magnetism with Ukraine [and] people from the Ukraine. He was the first to shake me and say, "Hey, let's do something!"