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FameEX Afternoon Crypto News Recap | March 24, 2023

2023-03-24 16:34:20

Digital Currency Transactions in Nigeria Jump 63% According to Central Bank Chief
The central bank governor of Nigeria has reported that the country's CBDC transactions have grown by 63% to reach $47.7 million, and approximately 13 million e-naira wallets have been downloaded since October 2022. The governor attributed the increase in the value of CBDC transactions to the government's utilization of the e-naira to transfer social welfare funds to underprivileged groups.

Powell: Rate Cuts Unlikely as High Inflation Persists, says Federal Reserve Chair
Federal Reserve Chairman, Jerome Powell, stated that the Fed is not planning to reduce interest rates this year due to the combination of high inflation and a tight labor market. He noted that traditional indexes may not accurately reflect the degree of financial tightening. Powell highlighted the inflation surge in the US economy caused by supply-chain disruptions and indicated that the economy is growing faster than expected. This suggests that the Fed may need to tighten its policy sooner rather than later.

Peter Schiff, Economist, Warns Inflation Is About to Worsen Significantly - American's Cost of Living to Surge Sharply

Economist Peter Schiff has issued a warning that inflation in the US will soon get much worse, resulting in a significant increase in the cost of living for Americans. He cites the Federal Reserve's funding of a "massive bailout" for banks as the reason, and stresses that "this is going to cost Americans a lot of money." Schiff's warning comes amid growing concerns about rising inflation and the impact it could have on the US economy.

EC Faces a Dilemma: Three Cryptocurrencies Causing Trouble in 2023
2023 looks to be a tough year for the US Securities and Exchange Commission (SEC) due to its ongoing struggles with the ever-evolving cryptocurrency industry. The SEC is engaged in high-profile legal battles against Ripple, Coinbase, and Tron, with potential major consequences for the regulatory agency. The SEC faces significant opposition as it tries to navigate these complex cases, underscoring the challenges of regulating a constantly innovating and changing industry.

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