FameEX Afternoon Crypto News Recap | March 24, 2023
Central Bank Chief Reports 63% Increase in Digital Currency Transactions in Nigeria
Nigeria's central bank digital currency (CBDC) transactions increased by 63% to $47.7 million, with about 13 million e-naira wallets downloaded since October 2022, according to the Nigerian central bank governor. The rise in the value of CBDC transactions was attributed to the Nigerian government's use of the e-naira to transfer social welfare funds to marginalized groups.
Federal Reserve Chair Powell Indicates Rate Cuts Unlikely as Inflation Remains High
Federal Reserve Chairman Jerome Powell announced that he does not anticipate the Fed will lower interest rates this year due to high inflation and a tight labor market. Powell expressed that financial conditions might have tightened more than traditional indexes indicate. He pointed out that the US economy has been witnessing an inflation surge amid rising supply-chain disruptions, and he believes the economy is growing at a faster pace than expected, which suggests the Fed would need to tighten policy sooner rather than later.
Economist Peter Schiff warns inflation about to get 'a whole lot worse' — Americans' cost of living to 'go way up'
According to economist Peter Schiff, inflation in the US is expected to escalate significantly, which would lead to a noteworthy surge in the cost of living for American citizens. Schiff attributes this trend to the Federal Reserve's financing of a "massive bailout" for banks, emphasizing that the US population will bear a substantial financial burden. These warnings are coming at a time when there is increasing anxiety over the effects of inflation on the US economy.
SEC in a Pickle: Crypto's Tricky Trio Stirs Up Trouble in 2023
The US Securities and Exchange Commission (SEC) is set for a challenging year in 2023 as it grapples with various battles against the rapidly-evolving cryptocurrency industry. This includes high-profile cases against Ripple, Coinbase, and Tron, all of which present significant consequences for the SEC. The regulatory agency faces fierce opposition as it navigates these complex cases, highlighting the difficulties in regulating an industry that continues to innovate and evolve.
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