China is reportedly looking to implement a system akin to its social credit system in the metaverse and other online virtual worlds.
According to a report by Politico, the state-owned telco China Mobile has proposed a digital ID for all metaverse and online virtual world users that work with “natural characteristics” and “social characteristics.”
The proposals say “to keep the order and safety of the virtual world,” the ID would harbour a slew of personal information and identifiable signs, including a person’s job. It further suggested that such data be permanently stored and shared with authorities.
The proposal mirrors China’s social credit system – an in-development infrastructure designed to improve behaviour that scores and ranks citizens across various metrics. It has also been an enforcement tool.
Bitget Mandates KYC Norms In Line With Global Regulations
Seychelles-based cryptocurrency derivatives exchange Bitget is updating its ‘know your customer’ (KYC) requirements for users in keeping with global regulatory guidelines.
According to the company, the new KYC requirements are being instituted to protect user rights and interests, shape a secure cryptocurrency trading environment, and comply with regulatory recommendations from various global watchdogs.
BitGet will adjust its KYC verification requirements from September 2023, with newly registered users required to complete level 1 KYC verification to access a variety of Bitget’s services, including deposits and trading of cryptocurrencies, Cointelegraph reported.
According to the report, users who sign up to the platform before September 1, 2023 will be required to complete the KYC verification by October 1, 2023.
The derivatives exchange said that users who have not completed the process through September can still deposit, withdraw and trade. However, from October onwards, such users who have not carried out the KYC verification process will be limited to withdrawals, cancel orders, redeem subscriptions and closing positions. They will be restricted from creating new trading orders.
Ordinals Still Make Up Majority Of Bitcoin Transactions
Ordinal inscriptions have continued to dominate activity on the Bitcoin network over the past week despite the cryptocurrency’s recent price decline and suggestions that the hype around Bitcoin non-fungible tokens (NFTs) have died.
On August 21, 2023 Ordinals developer “Leonidas” pointed out that Bitcoin had 530,788 transactions over the past 24 hours, with 450,785 of those transactions being related to Ordinals.
“In the midst of everyone claiming ‘Ordinals are dead’ they have literally accounted for 84.9 per cent of the activity on Bitcoin,” Leonidas said.
Data from Dune Analytics also backs up this trend. According to it, there were more than 400,000 ordinal inscriptions on August 20, while Bitinfocharts reported a daily Bitcoin transaction count of around 556,000. In essence, it means that more than three-fourth of the current network activity on August 20, 2023 related to Ordinals.
