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FameEX Morning Crypto News Recap | July 5, 2023

2023-07-05 14:15:40

Xi Jinping and Vladimir Putin Advocate for Expanded Use of Domestic Currencies in Settlements
Chinese President Xi Jinping and Russian President Vladimir Putin emphasized the importance of using national currencies in mutual settlements, particularly within the Shanghai Cooperation Organisation. They highlighted that over 80% of commercial transactions between Russia and China already occur in Russian rubles and Chinese yuan, as countries seek alternatives to the US dollar.

Former SEC Official Criticizes CBDC as "Absurd Financial Idea" Due to Unwarranted Risks, Privacy, and Cybersecurity Concerns
The former head of internet enforcement at the SEC criticized the concept of a central bank digital currency (CBDC) as the "most absurd financial idea in the history of monetary policy." He cautioned that CBDCs pose unnecessary risks to global financial stability and raise concerns about privacy, conflicts, and cybersecurity on a global scale.

New Thai Securities Guidelines Mandate Crypto Trading Risk Warnings for Digital Asset Platforms
Thailand's securities regulator has announced that digital asset service providers must issue risk warnings to potential investors regarding cryptocurrency trading. Additionally, starting from August 30, 2023, digital asset business operators will be prohibited from offering deposit-taking and lending services.

UK Finance Urges Limiting Digital Pound Holdings to £5,000 to Prevent Panic
UK Finance, a major finance membership organization in the UK, has advised the Bank of England on the introduction of a digital pound. They propose that individual holdings of the central bank digital currency (CBDC) should be limited to £5,000 to prevent panic and potential deposit flight.

Reality TV Star Phaedra Parks Empowers 13-Year-Old Son with $150,000 for Cryptocurrency and Rental Property Investments
Reality TV personality Phaedra Parks revealed in an interview that she provided her 13-year-old son with $150,000 to explore investment opportunities and gain financial knowledge. Parks mentioned that her son, Ayden, has a keen interest in rental properties and has also developed a fascination with cryptocurrency.

Bank of America Grapples with Over $100 Billion in Paper Losses Amidst High-Rate Environment
In the aftermath of the US banking crisis, Bank of America has come under scrutiny as it grapples with ongoing challenges. The Federal Deposit Insurance Corporation (FDIC) has reported that the bank faced paper losses of over $100 billion by the end of the first quarter, signaling ongoing concerns in the industry.

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