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FameEX Morning Crypto News Recap | October 8, 2023

2023-10-08 12:47:15

BIS and Bank of Korea Collaborate on Wholesale CBDC Pilot Program

The Bank of Korea and the Bank for International Settlements (BIS) have initiated a pilot program to assess the capabilities of a Korean wholesale central bank digital currency (CBDC). This CBDC aims to streamline interbank transactions and enable banks to issue CBDC-backed digital currencies, which can be fractionally backed as needed, offering increased efficiency and flexibility in the financial system.

Elon Musk, Tesla CEO, Forecasts a 'Definite Transformation' of SEC with 100% Certainty

Elon Musk, the billionaire CEO of Tesla and SpaceX, has urged a thorough restructuring of regulatory agencies, including the U.S. Securities and Exchange Commission (SEC). He emphasized the necessity of establishing a commission to impose penalties on individuals who exploit their regulatory authority for personal and political advantage, highlighting the need for greater accountability and transparency in regulatory bodies.

Elon Musk Expands the 'Everything App' Initiative with Video Game Streaming Testing

X, previously known as Twitter, is expanding its "everything app" concept with Elon Musk's recent video game streaming experiment. Musk engaged in a 50-minute live stream on October 6, showcasing himself playing the popular online action role-playing game Diablo 4. This move suggests X's ambitions to diversify its platform beyond social media and into broader entertainment and content sharing realms.

Controversy Erupts as Elon Musk's X Platform Suspends Pro-XRP Account

Elon Musk, the executive chair and chief technical officer of X (formerly Twitter), has come under fire for suspending an XRP-related account. Crypto Eri, a prominent figure in the cryptocurrency community, reached out to Musk on X, seeking clarification regarding the account's suspension and questioning whether it was a mistake, prompting a debate about moderation and account actions on the platform.

House Republicans Call for Stricter Export Regulations on Advanced Semiconductor Chips

Two senior House Republicans have called on the Biden administration to bolster export control enforcement on advanced semiconductors destined for China. This request comes in response to Huawei Technologies' recent release of the Mate 60 Pro smartphone, which utilized chips produced by China's Semiconductor Manufacturing International Corporation.

Basel Committee to Explore Reporting Rules for Banks' Cryptocurrency Holdings

The Basel Committee, overseen by the Bank for International Settlements, is considering enhanced regulations on banks' cryptocurrency holdings. Although there are existing limits, the concentration of crypto assets within a few banks was a contributing factor in the March crisis, leading to multiple bank failures. Stricter rules are being contemplated to address this risk.

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

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