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On May 25th, the State Council announced the following appointments and removals of state personnel: Gao Song was appointed President of Peking University; Zhang Yunming was removed from his post as Vice Minister of Industry and Information Technology; Gong Qihuang was removed from his post as President of Peking University; and Gao Song was removed from his post as President of Sun Yat-sen University.On May 25th, the Hangzhou Municipal Science and Technology Bureau drafted the "Hangzhou Action Plan for Building a National AI+OPC Entrepreneurship Hub (2026-2028) (Draft for Public Comment)," the "Several Policy Measures for Building a National AI+OPC Entrepreneurship Hub in Hangzhou (Draft for Public Comment)," and the "Hangzhou AI+OPC Community Construction Guidelines (Draft for Public Comment)." These documents are now open for public comment. The draft emphasizes strengthening the supply of computing power and models. It supports OPC communities in increasing investment in AI infrastructure, collaborating with leading blockchain companies and research institutions to build lightweight AI tool platforms, and providing OPCs with low-cost computing power, models, and other services. For OPCs, it recommends utilizing AI service vouchers (computing power vouchers, intelligence vouchers, model vouchers, and terminology vouchers), appropriately increasing the subsidy ratio to offset key costs in the early stages of OPC entrepreneurship. It also explores establishing "AI product experience vouchers" to support university students in Hangzhou in experiencing AI products released by the OPC online open community. By 2028, 30 outstanding intelligent agent applications with advanced performance and successful implementation will be selected, and the city and district levels will provide no less than 1 billion yuan in artificial intelligence service vouchers.Iranian Foreign Ministry spokesman: We have no expectations of the Israeli regime, except that they will undermine any process that could ease tensions in the region.On May 25, the Belgorod Oblast Operations Command in Russia stated on social media that the region had been hit by two large-scale missile attacks by Ukrainian forces, resulting in one injury. The attacks damaged energy infrastructure and an administrative building. Reports indicate power and water outages. On the same day, the governor of the Yaroslavl Oblast in Russia stated on social media that Ukrainian forces launched a large-scale drone attack on the region overnight, injuring one person. Ukraine has not yet responded to the Russian claims.On May 25th, analysts at Natixis stated in a report that expectations for a European Central Bank (ECB) rate hike appear overly optimistic following recent data showing the fragility of the Eurozone economy. They stated, "Current pricing in ECB policy expectations remains aggressive relative to the potential deterioration of the Eurozones growth outlook." Preliminary Eurozone purchasing managers data for May, released last week, was unexpectedly weak, as high oil prices dampened consumer and business confidence. Data from the London Stock Exchange Group shows that the Eurozone money market reflects an 80% probability of a 25 basis point rate hike by the ECB in June, fully accommodating expectations of two rate hikes before the end of the year.

Bitcoin Lightning Network-Based Strike Can Rival Visa – MS

Cory Russell

Apr 25, 2022 09:49

Morgan Stanley is optimistic about the bitcoin Lightning Network's potential as a consumer payment option.


They believe Strike, a Lightning Network-based payment technology, can compete with or even outperform Visa in the digital payments market.


Strike has partnered with Shopify and NCR, the world's leading supplier of point-of-sale payment solutions.


Morgan Stanley published a new analysis on the Lightning Network, bitcoin's Layer 2 fast payment system, and its potential to enable a "long-term move towards payments and settlements utilizing digital and cryptocurrencies rather than fiat currencies like the US dollar."


Morgan Stanley's positive analysis on the Lightning Network's potential for broader adoption comes after Strike, a US-based digital payments platform built on top of bitcoin's Lightning Network, announced earlier this month a new integration agreement with e-commerce giant Shopify.


Customers who paid in bitcoin will now be able to receive payments in US dollars from US Shopify businesses. Strike has announced collaborations with NCR, the world's leading supplier of point-of-sale (PoS) payment services.

Morgan Stanley Believes That Lightning Network Will Be Able to Compete With Visa

Morgan Stanley outlined why it believes Strike, a Lightning Network-based digital payment network, can compete with or perhaps exceed Visa in its recent study.


Morgan Stanley observes that "in essence, Strike is directly competing with Visa Direct, which provides real-time settlement," adding that "the primary distinction for merchants will be paid a significantly lower transaction cost."


"The customer advantage is that they may, if they choose, host their bitcoin on a private, secure network, enabling an element of secrecy connected with their transaction," the bank says.


Morgan Stanley emphasizes the importance of Strike's cooperation with NCR. "NCR software is used by one in every six PoS devices worldwide," the bank says, "so this news is important even if just a tiny percentage of retail businesses opt to add crypto capabilities."

Cons of Making Bitcoin Payments

The Morgan Stanley analysis points out some of the disadvantages of utilizing a bitcoin-based payment system, such as the cryptocurrency's underlying volatility on a day-to-day basis, which makes forecasting future buying power problematic.


Meanwhile, Morgan Stanley says that existing tax regulations, which require users to pay capital gains taxes on cryptocurrencies they sell, are a barrier to greater acceptance of bitcoin as a widely used means of exchange.


The bank, on the other hand, mentions the Virtual Currency Tax Fairness Act, which has been introduced in the US Congress. If passed, the law would exclude personal bitcoin transactions from taxation as long as the profits are less than $200.


Morgan Stanley, on the other hand, cautions that this plan may meet criticism, particularly from anti-crypto members of Congress, since it serves to establish bitcoin (and other cryptocurrencies) as credible alternatives to the US currency.


The Morgan Stanley analysis "suggests we are at the beginning of an age when more and more people may opt to pay for items using Bitcoin and cryptocurrencies over time," according to Alex Gladstein, who summarized it on Twitter.

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