Connect with us

News

China is proposing to bring its social credit system to the metaverse

China is looking to implement a system akin to its social credit system in the metaverse and other online virtual worlds.

Published

on

China is looking to implement a system akin to its social credit system in the metaverse and other online virtual worlds.

POLITICO reported on Aug. 20 that 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 harbor a slew of personal information and identifiable signs including a person’s job and suggested such data be permanently stored and shared with authorities.

An example of the benefits of the system was provided with a problem user that “spreads rumors and makes chaos in the metaverse” — with the digital ID allowing police to quickly find and punish the person.

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.

In 2019, the Associated Press reported that authorities blocked social offenders from purchasing plane tickets 17.5 million times in 2018. Other social offenders were punished by being barred from purchasing train tickets 5.5 million times.

On July 5, China Mobile put forward the proposals as part of discussions with a focus group on the Metaverse put together by the United Nations’ communications technology agency the International Telecommunication Union (ITU).

The metaverse focus group meets again in October, when the proposals could be voted on.

If passed, they could majorly influence telcos and tech firms, as the ITU’s metaverse group is aiming to develop new standards for metaverse services.

Chinese firms taking part in the focus group are purportedly firing off many more metaverse proposals compared to those from the United States and Europe, according to one group contributor that spoke to POLITICO.

Business

Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

Published

on

Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

Continue Reading

Business

Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

Published

on

Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

Continue Reading

Business

Hackers are selling counterfeit phones with crypto-stealing malware

Published

on

Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk