With the advancement of information technology, currency and payments will undergo profound changes. Moving towards a stage of intangibility, digitization, and intelligence, where total supply is fully sufficient and units can be infinitely refined, is the inevitable direction of currency development. Utilizing advanced technology to maximize the expansion of payment clearing platforms and reduce clearing intermediaries, achieving point-to-point direct payments between the paying and receiving parties, is the inevitable direction of payment clearing development.
Currency must accelerate its progress towards digitization and intelligence.
The essential attribute of currency is the measure of value (unit of account), its core function is as a medium of exchange (payment tool), and its fundamental manifestation is the most liquid (which needs the highest authority or highest credit endorsement or protection) value token (a transferable certificate of value). These are the three indispensable elements to understanding currency, which have never changed from the beginning (if they change, it ceases to be currency). However, the carrier or manifestation of currency (such as shells, coins, banknotes, deposits, electronic wallets, digital currencies

Bowman:
At the recent Federal Open Market Committee (FOMC) meeting, I voted against the decision because I concluded that a 25 basis point reduction in the policy rate would be the appropriate stance. In my speech on July 17, I elaborated on the reasons for lowering rates at the July FOMC meeting, and my view has not changed since then. I will reiterate the reasons for doing so.
First of all, tariffs are a one-time increase in price levels, and apart from the temporary rise, they do not trigger persistent inflation. As long as inflation expectations are firmly anchored (and indeed they are), the standard central bank practice is to "look through" such price level effects.
Secondly, a large amount of data indicates that current monetary policy should be close to a neutral level, rather than a tightening state. In the first half of this year, the actual GDP growth rate was 1.2%, and it is expected to remain weak for the rest of 2025.

Editor’s note: With the arrival of August, the crypto market has experienced a significant pullback. Bitcoin briefly fell below $115,000 this morning, and Ether also lost the $3,700 level. Although the market successfully absorbed the massive sell pressure of 80,000 BTC last week, the aftershocks of this wave of selling seem not to have fully dissipated. Coupled with the decline in U.S. stocks and Trump’s reiteration of tariffs among other disruptive factors, market uncertainty remains high. Below is the original content:
Last weekend, Bitcoin's liquidity underwent a significant test as an early investor sold over 80,000 BTC through Galaxy Digital's OTC trading service. Nevertheless, the market displayed strong resilience, with the vast majority of investors opting to hold rather than realize paper profits.
Executive Summary
Last weekend, Bitcoin's liquidity faced severe challenges as an early large investor sold through Galax.

Author: Kava Source: medium
In 2025, U.S. policymakers are increasingly interested in regulating cryptocurrencies. The signing of the GENIUS Act has laid a modern blueprint for stablecoin regulation. Meanwhile, the CLARITY Act passed by the House commits to clarifying the government oversight responsibilities between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Together, these two pieces of legislation have created a refreshed and vibrant development environment for domestic cryptocurrency entrepreneurs in the United States.
In this emerging and cryptocurrency-friendly environment in the United States, a core and forward-looking narrative is gradually unfolding — that is, the full-scale construction of a strong and resilient Decentralized Physical Infrastructure Network (DePIN) system. This upgrade and reshaping of local infrastructure has significant implications.

The President of the Hong Kong Monetary Authority, Yu Weilun, emphasized that stablecoins must avoid speculation and financial risks, pointing out that stablecoins performed poorly in currency testing and have KYC loopholes. The implementation of stablecoins faces multiple challenges in technology, regulation, and market, making cooperation and division of labor crucial. Stablecoin licenses in Hong Kong are scarce, with regulatory prudence aimed at reducing speculation and Money Laundering risks, and relevant regulations are being adjusted in response to market feedback.