FameEX Afternoon Crypto News Recap | March 21, 2023

Top Official Says Hong Kong's Shift Towards Crypto has Generated an "Overwhelming" Reaction

https://www.fameex.com/en-US/news/crypto-trending-news-2023032103
According to Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury, the city's move to become a hub for virtual asset businesses has garnered an "overwhelming" response, with over 80 institutions and entities indicating interest in expanding their operations in Hong Kong. Hui attributed this success to the city's comprehensive regulatory framework for virtual assets, which includes provisions for payments, financial stability, and investor protection, and has helped to establish Hong Kong as a leading player in the cryptocurrency industry.

Mastercard Teams Up with Stables to Enable APAC Region to Accept Stablecoin Payments
Mastercard has partnered with Australian stablecoin platform Stables to allow retail customers in the Asia-Pacific (APAC) region to use their stablecoins at any merchant that accepts Mastercard payments. Stables has developed a stablecoin-only wallet with a payment card supported by Mastercard, allowing users to save and spend USD Coin (USDC). The wallet will accept deposits in several stablecoins, including Tether (USDT) and Binance USD (BUSD), but all deposits will be automatically converted to USDC at no cost.

India accounts for 53% of global crypto users in 2023, surpassing the US by 5 times
A report shared with BeInCrypto has shown that crypto users in India may exceed 150 million this year, giving the country over 50% of the global crypto user market share. Despite the Indian government's negative attitude towards the sector, there has been a significant rise in crypto investors in the past six years. The growth of fintech, mobile technology adoption, and the increasing popularity of digital payments are among the factors driving the growth of cryptocurrencies in India.

Cryptocurrency Flourishes Amidst Turmoil in Traditional Banking Sector
Bitcoin, the largest cryptocurrency, hit its highest level in nine months as investors shift their funds away from traditional banks. Its price has risen over 30% in the past week, trading close to $26,000 on Monday night, its highest point since the market crash last year. The second-largest cryptocurrency, ether, has also surged by 20% in the same period. This growth is due to the ongoing turmoil in the traditional banking sector, which is driving investors towards digital assets as a safe haven.

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