FameEX Morning Crypto News Recap | April 28, 2023

SEC Chair Gary Gensler Criticizes Cryptocurrency Again in Educational Video
Gary Gensler, the SEC chair, took to Twitter on April 27 to post a video in which he referred to cryptocurrency assets as "investment contracts." He went on to urge platforms that offer such products to register with the SEC in order to safeguard American investors. The video lasted 4 minutes and was intended to educate people about the risks associated with investing in cryptocurrencies.

Hong Kong Authorities Remind Banks Not to Be Too Hasty in Rejecting Digital Asset Clients
The Hong Kong Monetary Authority (HKMA) reminded banks not to make it too difficult for companies to open accounts and to avoid a one-size-fits-all approach to Anti-Money Laundering (AML) on April 27. HKMA Deputy CEO Arthur Yuen attributed the increased activity in opening bank accounts in Hong Kong to the end of the pandemic and emphasized the need to balance AML measures and customer convenience.

Chinese Yuan surpasses US Dollar as the most utilized currency for cross-border payments in China
Official data from the State Administration of Foreign Exchange shows that the Chinese yuan has overtaken the US dollar to become the most utilized currency for cross-border settlements in China. This development follows Beijing's efforts to increase the internationalization of its currency for payments. The Chinese yuan has surged ahead of the US dollar, reaching the top spot in March.

ECB Chief Economist States It's Not the Appropriate Time to Halt Rate Hikes
Artificial intelligence (AI) is revolutionizing the music industry, transforming songwriting, music production, marketing, and distribution. With its increasing popularity, AI is making a significant impact on the music industry, enabling it to evolve into new and innovative forms of music creation. The article highlights how AI is influencing and shaping the future of the music industry, with its ability to analyze data, predict trends, and provide insights into listener preferences.

China conducts cross-border payment experiments with CBDC
Chinese authorities have announced their plans to use the country's central bank digital currency (CBDC) in cross-border transactions, specifically under the Belt and Road Initiative, with Xuzhou as a departure hub for Chinese goods to Europe. Xuzhou's location and 18 cross-border rail connections make it the ideal region to expand the digital yuan and increase adoption rates.

Government Services in California County to Accept Blockchain Digital Wallets
Santa Cruz County in California has partnered with San Diego-based data transactions firm HUMBL to develop blockchain-based digital wallets for use in government services. The initiative aims to streamline transactions and make them more secure. The Board of Supervisors has unanimously approved the partnership, which could lead to wider adoption of blockchain technology in public services.

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