FameEX Morning Crypto News Recap | June 25, 2023
Increasing Credit Card Debt: Over Half of Americans Worried About Repayment amidst Inflation-Driven Reliance on Credit
A Newsweek poll by Redfield & Wilton Strategies reveals that 55% of Americans express worry about repaying their credit card debt this year. The nation's total credit card balance has surged to its highest level ever recorded, prompting Americans to rely on credit as a means to counter inflationary effects.
Venezuela Embraces Russian Mir Payments System to Drive De-Dollarization Efforts
Venezuela is collaborating with Russia to integrate the Mir payments system, an electronic card and transfer payments platform. President Nicolas Maduro supports this initiative as part of the country's de-dollarization efforts. Over 40,000 payment terminals are being modified to accept Mir-compliant cards.
Renowned Economist Peter Schiff Criticizes Fed Chair for Neglecting 'Far More Relevant' Economic Factors
Economist Peter Schiff strongly criticizes Federal Reserve Chairman Jerome Powell for neglecting critical aspects related to the U.S. economy, banking system, and the U.S. dollar. Accusing Powell of shirking his responsibilities, Schiff highlights significant economic factors that were overlooked in the chairman's recent congressional statements.
HSBC and Mastercard Expand Crypto-Related Trademark Applications
HSBC and Mastercard have both filed new trademark applications with the USPTO, expanding their involvement in the cryptocurrency domain. Mastercard's application emphasizes crypto and blockchain transactions, while HSBC's focuses on metaverse banking and services associated with non-fungible tokens (NFTs). This move demonstrates their growing interest in these emerging areas of finance.
Federal Reserve Chairman Acknowledges Crypto's Enduring Influence on US Economy
Federal Reserve Chairman Jerome Powell has recognized the lasting significance of cryptocurrency as an asset class within the U.S. economy. He also highlighted the central bank's perspective on payment of stablecoins as a form of money, emphasizing the need for a strong federal role in regulating stablecoins moving forward.
Hong Kong SFC Chief Recognizes Crypto Trading as Vital Component of the Virtual Asset Ecosystem
Julia Leung Fung-yee, CEO of Hong Kong's Securities and Futures Commission (SFC), emphasized the significance of crypto trading within the virtual asset ecosystem. This statement came in the context of Hong Kong's regulatory approach to Web3 following the FTX exchange's collapse in November 2022.
SEBA Bank Executive Views Increasing Institutional Interest as Bullish Indicator for Crypto
With institutions transitioning from mere interest to active investment in Web3 projects, the question of engaging with crypto shifts from "if" to "when," suggests an executive from SEBA Bank, a crypto firm focused on institutional clients. The growing institutional involvement underscores a positive outlook for the crypto industry.
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