Inside SCMP's Plan To Tokenize Hong Kong's History With NFTs

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Welcome to The Daily Forkast, November 23rd, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today’s show:

00:00 Coming Up
00:38 Inner Mongolia e-CNY scam busted.
02:03 Hong Kong’s South China Morning Post to release news archives as NFTs
03:56 DeFi emerges as enabler for pricing assets.


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First up, police in China’s Inner Mongolia region have busted another e-CNY fraud case, with one suspect arrested in what appears to be a telep-scam involving a total of eight million yuan. That’s US$1.5 million. China has seen a wave of fraud and money laundering cases involving the e-CNY over the past month. However, Shanghai based fintech consultant Richard Turrin told Forkast.News that criminals need to be aware that the e-CNY is the last place they should put stolen money. And July’s PBoC white paper did note that it is not a 100% anonymous system.

Over in Korea, the country’s Financial Services Commission says NFTs will be taxed from next year, contradicting what the finance minister said just last month. The FSCS vice chairman has now said that current regulations overseeing virtual assets can encompass NFTs as well, with the Finance Ministry preparing to tax them. However, the full scope of that tax is yet to be defined, and profit from virtual assets is set to be taxed as other income starting January 1st, though the National Assembly in Korea is pushing for a delay in that start date.

Meanwhile, Hong Kong based newspaper The South China Morning Post, is aiming to set a standard for recording history on the blockchain. In a newly published white paper, the SCMP says factual accounts of events should be immutable and ownership of them should be decentralized. But what could such a project actually mean for the future of media? With its Artifact Project, the 118 year old newspaper says it aims to tokenized historic news reports with assets including everything from single news stories and photos, to whole front pages. The white paper outlines how the project aims to set a metadata standard with its structure to be developed by an international committee of interdisciplinary experts. Artifacts will be governed by a nonprofit foundation which will look to get museums, publishers, universities and more involved. The first artifacts by SCMP collection covers events from 1997, the year of Hong Kong’s handover from the UK to China. SCMP has partnered with DapperLabs, the company behind the hot selling NBA Top Shot video collection, to build the Artifacts on its Flow blockchain.

In this decentralized world of finance, we dive into what’s top of mind as you make your way through it. The goal to avoid those hidden dangers. And this week we are talking about illiquid assets and how to price it. Could DeFi be one way? One man who can help break it down is David Lighton, co-founder of Lithium Finance.

Angie: All right. Let’s kick off with the big question of how do you figure out the right price for an asset now in the news, earlier this month, real estate info company Zillow pulled out of house flipping market because of the unpredictability of forecasting home prices. Now, if they can’t do it, how’s everybody else supposed to and extending that thought to crypto assets like NFTs? What’s the takeaway for digital assets? How do we think about pricing here?

David: In every industry from hedge funds up until the recent experience with Zillow. We’ve had a lot of very smart people building very, very technical, very elegant mathematical models on valuation that are driven by fundamentals. But despite how clever and sophisticated their models are, they happen to be wrong. And the reason that they’re wrong is that there are too driven by fundamentals data.

Angie: So where does DeFi fit into all of this?

David: Well, DeFi fits in the broadest sense in a way that people could start to trade more assets on chain like they were able to price them. Defi can enable more peer-to-peer commerce. Right. And that’s really the that’s the revolution of Web 3. We want to we want to eliminate all of these verifiers guarantors, financial institutions from from the flow, from the exchange of goods and services because we don’t really need them.

Angie: Thanks for the DeFi Download, David. That was David Lighton, co-founder at Lithium Finance.

#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #CBDC #DigitalYuan #SCMP #News #Archives #History #FinTech #China #NFTs

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