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FameEX Morning Crypto News Recap | October 12, 2023

2023-10-12 12:23:00

Prominent Investor Jim Rogers Raises Concerns About the US Dollar's Supremacy Coming to an End, Identifies Chinese Yuan as Sole Contender

Veteran investor Jim Rogers, co-founder of the Quantum Fund with George Soros, reiterates his prediction of the US dollar's decline, emphasizing that no currency remains dominant indefinitely. He believes the Chinese yuan is the only currency with the potential to replace the USD as the world's reserve currency.

Peter Schiff Predicts Pause in Interest Rate Hikes Amid Middle East Conflict, Issues Caution of an Imminent Crisis

Economist Peter Schiff likens the Israel attack to 9/11, signaling a troublesome start. He underscores weaknesses in the already fragile U.S. economy, asserting that it can't sustain peace, let alone war. Schiff warns that Federal Reserve policies may trigger runaway inflation, causing the dollar, bonds, and the economy to collapse, ultimately leading to an inevitable crisis.

U.S. Legislators Call for IRS to Enforce Cryptocurrency Tax Reporting Regulations by 2026

Seven U.S. Senators are urging the Treasury Department and the IRS to expedite the implementation of proposed cryptocurrency tax reporting regulations, currently slated for 2026. They advocate for swift action on these rules for crypto brokers to ensure timely compliance.

Survey Reveals Limited Awareness of Cryptocurrency Regulations Among Hong Kong Retail Investors

A recent report from the Investor and Financial Education Council (IFEC) of Hong Kong reveals that less than half of retail crypto investors in the region are aware of relevant cryptocurrency regulations. The survey also highlights a substantial increase in crypto investments among young adults (ages 18–29), with nearly 25% having invested in cryptocurrencies in the past year, compared to just 3% in 2019.

JPMorgan Introduces Tokenization Platform with BlackRock as Key Client

JPMorgan, a leading U.S. bank, launched its proprietary blockchain-based tokenization platform, the Tokenized Collateral Network (TCN), on October 11. Bloomberg reported that TCN marked its first successful trade, with BlackRock, a prominent asset management firm, being one of its initial clients.

European Securities and Markets Authority Examines Decentralized Finance Risks in the EU Market

The European Securities and Markets Authority (ESMA), the EU's financial markets oversight body, published an article on October 11 discussing decentralized finance (DeFi) and its potential risks for the EU market. While acknowledging the benefits of DeFi, such as improved financial inclusion and innovative products, ESMA also addresses the associated risks to security, speed, and costs in financial transactions within the EU market.

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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