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On May 30th, Qu Guochun, Director of the Equipment Industry Development Center of the Ministry of Industry and Information Technology, stated at the 2026 Equipment Power Forum that after ten years of development, my countrys high-end equipment industry has seen "accelerated progress in catching up, a gradual increase in keeping pace, and a rapid emergence of leaders." The number of key areas at the worlds leading and advanced levels has reached 60.8%, and the industrys scale accounts for over 60% of the overall equipment manufacturing industry. The international competitiveness of the high-end equipment industry has significantly improved. Specifically, intelligent connected new energy vehicles, rail transit equipment, power equipment, information and communication equipment, new energy equipment, aerospace equipment, high-tech ships, and overseas engineering equipment are already at the worlds leading level. Engineering machinery, building materials equipment, and computer equipment are at the worlds advanced level. However, gaps still exist in areas such as industrial machine tools, agricultural machinery, aviation equipment, robots, instruments and meters, semiconductor equipment, and biomedical equipment.On May 30, local time, Canadian Prime Minister Mark Carney met with Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, in Ottawa on May 29. Wang Yi conveyed greetings from Chinese leaders to Carney, stating that the Prime Ministers successful visit to China had corrected the course of China-Canada relations and put them back on track. The two leaders decision to build a new type of strategic partnership between China and Canada provides strategic guidance for the development of bilateral relations. Facts have proven that the turnaround in China-Canada relations is in the interests of both countries, meets the expectations of all parties, and is the right choice for Canada. There are no fundamental conflicts of interest between the two countries, and there is enormous room for cooperation. China is willing to work with Canada to respect each other, meet each other halfway, seek common ground while reserving differences, strengthen communication, and deepen cooperation to promote the healthy, stable, and sustainable development of bilateral relations. Both sides should uphold multilateralism, adhere to the rule of international law, and maintain strategic autonomy, supporting free trade and an open world economy, which will benefit the people of both countries and inject stability from China and Canada into a volatile world.On May 30, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Canadian Foreign Minister Anand in Ottawa on May 29. Wang Yi stated that China is willing to work with Canada to maintain the correct direction of bilateral relations. He emphasized deepening cooperation in areas such as energy, finance, and law enforcement, and welcomed Canadas participation as the guest of honor at the China International Import Expo. He also stressed the importance of vigorously promoting cultural and local exchanges to solidify the public opinion foundation of bilateral relations. Finally, he called for strengthening multilateral communication and coordination to jointly reform and improve global governance.The Central Bank of the Philippines predicts that the annual inflation rate in May is likely to be between 7.1% and 7.9%.U.S. Defense Secretary Hergsays said the bold move was out of strategic necessity.

EU crypto rules set to cap dollar-pegged stablecoins

Skylar Shaw

Oct 09, 2022 14:11

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According to industry leaders, regulations imposed by the European Union to control crypto assets would reduce the market share of stablecoins not pegged to the euro starting in 2024, thereby reducing EU competitiveness.


The new Markets in Crypto Assets Regulation (MiCA), which was hammered out with the European Parliament in June, received the blessing of the 27 EU member states' ambassadors on Wednesday.

The regulations must be approved by the Parliament in order to become law; this is anticipated to occur in December or early 2023.


The ambassadors also released the full text of the agreement, which included information like the cap on the number of transactions and transaction value for stablecoins not pegged to the euro when sold within the euro zone, which is set at 1 million transactions and 200 million euros ($196 million).


The world's three largest stablecoins, Tether, USD Coin, and Binance USD, account for 75% of cryptocurrency trade volumes, and already exceed the transaction-count and volume limits outlined in the EU regulations, according to a joint letter from crypto industry groups Blockchain for Europe and the Digital Euro Association.


The limitation "would probably hamper the EU's competitiveness and innovative potential," according to Anto Paroian, CEO of cryptocurrency hedge firm ARK36.


The European Crypto Initiative, a crypto advocacy organization with offices in Brussels, warned that the result would be "burdensome."


However, it said that following "initial worries about the EU's financial stability and monetary sovereignty," a more benevolent perspective on euro-denominated stablecoins was expected to develop.


A stablecoin is a form of cryptocurrency that uses a 1:1 peg to a fiat currency to maintain a consistent value.


According to Fabian Astic, Global Head of DeFi and Digital Assets at Moody's Investors Service, "if the directive's existing language does not modified, it would considerably limit the usage of dollar-denominated stablecoins like as USD Coin, Tether, and Binance US."


In fact, this may boost the number of stablecoins linked to the euro, which is a positive development, said Stefan Berger, a member of the European Parliament who assisted in negotiating the final agreement, to Reuters.


With a market valuation of $68 billion, Tether's dollar-pegged coin is the third biggest cryptocurrency in the world, behind only the euro-pegged coin ($202 million), according to CoinGecko statistics.