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FameEX Morning Crypto News Recap | March 21, 2023

2023-03-21 12:07:20

Florida's Governor Ron DeSantis Affirms Rejection of CBDC Adoption
Florida's Republican Governor, Ron DeSantis, has taken a firm stance against Central Bank Digital Currencies (CBDCs), citing concerns over the state surveillance threat they pose. He joins a growing number of Republican politicians in the US who are against the adoption of CBDCs. According to DeSantis, CBDCs would enable the government to have direct access to all consumer activities, thereby compromising financial freedom and privacy. He has argued that CBDCs are different from decentralized cryptocurrencies like Bitcoin and should be banned in Florida to safeguard consumer privacy.

Central Banks Take Action to Address Banking Crises
In order to ensure the stability of the financial system during economic downturns in the US and Europe, the Federal Reserve has joined hands with five other central banks. The announcement was made on March 19, soon after UBS acquired Credit Suisse for $3.25 billion as part of a Swiss government-led emergency plan to safeguard the country's financial stability. The coordinated effort aims to maintain the flow of the US dollar and prevent any adverse effects of economic crises.

Belgium Requires Strong Risk Warning in Cryptocurrency Ads
Belgium's Financial Services and Markets Authority has introduced new regulations that require virtual currency firms to add a strong disclaimer to their ads, stating that "the only guarantee in crypto is risk." The move is part of a broader crackdown on the marketing of high-risk products by the regulatory authority. The regulations require virtual currency companies to disclose the risks and conditions in their advertisements and prohibit them from making any promises about future returns.

The European Union is set to hold a debate regarding the MiCA cryptocurrency law.
The European Union is scheduled to hold a debate on the 'transfer of funds regulation' and MiCA on April 18, 2023. This regulation requires crypto providers to verify their customers' identities. The MiCA legislation has received a 28-1 majority vote in favor from the Economic and Monetary Affairs Committee and an endorsement from national diplomats. The final vote on MiCA will take place on April 19, 2023, a day after the consultation.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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