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#PI# Check the wallet backend

#PI# A buddy bought PI yesterday morning. If he hasn't sold it yet, he's in a mountain top guard status.

Recently, an article by former Deputy Governor of the Bank of China, Wang Yongli, has attracted widespread attention in the financial sector. As a senior banker who once held a critical view of encryption currencies, Wang Yongli's perspective seems to have undergone a significant shift, which may signal certain new trends in the financial field. In a recently published article, Wang Yongli pointed out that the integration of blockchain and encryption technology is having a tremendous impact on the traditional cross-border payment clearing system. Compared to the traditional system dominated by banks and SWIFT, this emerging technology demonstrates clear advantages. He emphasized that blockchain technology has achieved global borderless coverage on a single platform, directly encoding operational rules into the system, which greatly reduces the need for intermediaries. Users can open accounts directly on a unified platform without going through clearing institutions, enabling peer-to-peer direct payments. This process is validated, stored, and recorded by distributed nodes, ensuring the transparency, traceability, and anti-counterfeiting of transactions, while significantly improving efficiency and reducing costs. Wang Yongli also pointed out that this revolutionary blockchain technology and platform not only promotes the development of native encryption assets such as Bitcoin and Ethereum, but also facilitates the rise of various tokens issued through ICOs, stablecoins (especially stablecoins pegged to fiat currencies), non-fungible tokens (NFTs), and real-world asset tokens (RWAs). Furthermore, it also paves the way for the tokenization of traditional financial products such as stocks, bonds, and money market funds. This technological advancement has made it possible for 24/7 uninterrupted trading and clearing on a global scale, accelerating the formation of a brand new, borderless 'encryption world'. Wang Yongli's shift in viewpoint may reflect the overall change in attitude of the traditional financial sector towards blockchain and encryption technology. As these technologies mature, their role in the global financial system may become increasingly important, warranting our continued attention.

The author has held the Fat Penguin NFT for over 1000 days, reflecting on the project's development and the upcoming Token issuance, believing that the Token will connect Web2 and Web3, promoting mutual growth. The article emphasizes important information such as the Token distribution mechanism, cultural positioning, and community support, looking forward to future development potential.

Hong Kong Passes the Stablecoin Ordinance Draft: Profound Impact on the Virtual Money Industry The Legislative Council of the Hong Kong Special Administrative Region recently passed the "Stablecoin Ordinance Draft," making Hong Kong the first jurisdiction in the world to establish a comprehensive regulatory framework for fiat stablecoins. This legislative action not only provides a clear legal framework for Hong Kong's Virtual Money industry but also brings profound positive impacts on the development of the Virtual Money industry in Hong Kong and mainland China by balancing financial innovation with risk control. 1. Positive Impact on Hong Kong (1) Strengthen Hong Kong's position as a global digital asset center The passage of the "Stablecoin Regulation Draft" further solidifies Hong Kong's leadership position in the global digital asset market. The bill clarifies the regulatory requirements for stablecoin issuers, including a registration capital threshold of HKD 25 million, a 1:1 reserve asset backing for the issuance amount, and mandatory guarantees for unconditional redemption rights. These strict yet clear regulatory standards provide stability.