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FameEX Afternoon Crypto News Recap | March 31, 2023

2023-03-31 16:09:05

G7 Nations Advocate for Enhanced Digital Currency Regulations
G7 countries are expediting talks on regulating digital currencies, aiming to establish a cohesive framework. Following the 49th G7 summit in May, Finance Ministers and central bank governors will gather in Japan for a summit to continue the vital conversation on addressing challenges within the digital finance sector.

Japan Forms Specialist Committee to Examine Potential Digital Yen Development
Japan's Ministry of Finance intends to establish a specialist committee next month to assess the viability of a central bank digital currency (CBDC). Although the Bank of Japan has not yet committed to issuing digital currencies, officials predict that developing a digital yen framework may require time to address legal concerns.

US Crypto Industry Faces Challenges in Obtaining Banking Services, Report Indicates
In the US, the crypto sector faces increasing hurdles in accessing banking services. Banks are growing more apprehensive due to incidents such as the shutdown of Silvergate Capital Corp. and regulators seizing Signature Bank. Although not explicitly prohibited from serving crypto clients, financial institutions impose exhaustive application procedures, dissuading smaller crypto firms and select retail platforms, and sometimes excluding crypto enterprises altogether.

United States Lags in the Global Blockchain Competition
Blockchain and cryptocurrency industries are revolutionizing finance and the internet, but the US, a global powerhouse in finance and technology, seems to be losing ground in blockchain innovation. The country's market share has reportedly dropped by 2% yearly over the past five years, falling to 29% from 40% in 2017. This development threatens the US's leading position in finance and technology.

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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