FameEX Morning Crypto News Recap | March 21, 2023
Governor Ron DeSantis States Florida Will Not Adopt CBDC
Florida Governor Ron DeSantis, a Republican, has expressed strong opposition to the state surveillance threat posed by Central Bank Digital Currencies (CBDCs), according to a recent report. He joins a growing number of Republican politicians in the US who are against the adoption of CBDCs. DeSantis has stated that CBDCs would provide the government with direct access to all consumer activities and compromise financial freedom and privacy. He believes that CBDCs are different from decentralized cryptocurrencies like Bitcoin and should be banned in Florida to protect consumer privacy.
Central Banks Strengthen Swap Lines to Tackle Banking Crises
The Federal Reserve has teamed up with five other central banks to maintain the flow of the US dollar during banking meltdowns in the US and Europe. The announcement came on March 19, hours after UBS acquired Credit Suisse for $3.25 billion as part of a Swiss government-led emergency plan to ensure the country's financial stability. The coordinated effort aims to ensure the stability of the financial system and prevent any adverse effects of economic crises.
Belgium Mandates Crypto Advertisements to Include Strong Risk Warning
Belgium's Financial Services and Markets Authority is enforcing a new regulation requiring virtual currency firms to include a stark warning in their advertisements: "The only guarantee in crypto is risk." The new measure is part of a wider campaign against the marketing of high-risk products by the regulatory authority. In addition, virtual currency firms must detail the risks and conditions in their ads and are prohibited from making any promises about future returns.
EU Plans to Discuss MiCA Cryptocurrency Law
The European Union will debate the controversial 'transfer of funds regulation' and MiCA on 18 April 2023. The 'transfer of funds regulation' requires crypto providers to verify the identities of their customers. The MiCA legislation has been voted in favor by the Economic and Monetary Affairs Committee with a 28-1 majority and has been endorsed by national diplomats. The final vote on MiCA is set to take place on 19 April, a day after the consultation.
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