FameEX Morning Crypto News Recap | April 28, 2023

SEC Chair Gary Gensler reiterates criticism of cryptocurrency in new educational video
On April 27, SEC Chair Gary Gensler used Twitter to share a 4-minute educational video where he labeled cryptocurrency assets as "investment contracts" and called on platforms that provide such products to register with the SEC to protect American investors. The video aimed to inform people about the risks involved in investing in cryptocurrencies.

Authorities in Hong Kong Caution Banks Against Quickly Rejecting Clients Dealing with Digital Assets
On April 27, the Hong Kong Monetary Authority (HKMA) emphasized the importance for banks to strike a balance between Anti-Money Laundering (AML) measures and customer convenience. HKMA Deputy CEO Arthur Yuen urged banks to avoid a one-size-fits-all approach and not to make it too difficult for companies to open accounts, linking the surge in account openings in Hong Kong to the end of the pandemic.

Chinese Yuan Becomes Top Currency for Cross-Border Payments in China, Surpassing the US Dollar
The Chinese yuan has taken over the US dollar to become the most utilized currency for cross-border settlements in China, according to official data from the State Administration of Foreign Exchange. This shift aligns with Beijing's aim to internationalize its currency for payments. As of March, the Chinese yuan has surpassed the US dollar and claimed the top spot in cross-border settlements in China.

ECB's Chief Economist Affirms that Stopping Rate Hikes Now is Inappropriate
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CBDC Cross-Border Payment Experiments Conducted by China
As part of China's Belt and Road Initiative, the country's central bank digital currency (CBDC) is set to be used in cross-border transactions, according to the authorities. Xuzhou, a key departure hub for Chinese goods headed to Europe, has been chosen for the plan due to its strategic location and 18 cross-border rail connections. The move is aimed at promoting wider adoption of the digital yuan and expanding its reach to new markets.

California County Approves Use of Blockchain Digital Wallets for Government Services
California's Santa Cruz County has joined forces with data transactions firm HUMBL to develop blockchain-based digital wallets for use in government services, with the goal of improving efficiency and security. The partnership has received unanimous approval from the Board of Supervisors, signaling a potential shift towards wider adoption of blockchain technology in public services.

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