FameEX Morning Crypto News Recap | August 1, 2023

Robert Kennedy Jr. and Ron Paul Find Common Ground: America's Absence of a True Free Market
U.S. presidential candidate Robert F. Kennedy Jr. and former U.S. Representative Ron Paul concur on America's absence of a free market. Kennedy highlights the presence of a "crony corporatist system," a sentiment supported by Paul, who agrees with him.

Kevin O'Leary, Shark Tank Star, Issues Warning: Anticipating Further Bank Failures in the US
Kevin O'Leary, also known as Mr. Wonderful from Shark Tank, cautions about an impending rise in bank failures in the United States due to the Federal Reserve's increasing interest rates. He emphasizes the vulnerability of regional banks, which underpin a significant portion of the economy, and observes early signs of instability.

Eritrean President Isaias Afwerki Calls for a New Financial Architecture Independent of the Dollar and Euro
President Isaias Afwerki of Eritrea emphasized the importance of creating an alternative economic system, independent of traditional power centers. During the Russia-Africa Summit, he conveyed to President Vladimir Putin that the existing world order, dominated by the dollar, was printing money and using sanctions as a weapon to limit the rise of China and Russia.

Japan Blockchain Association Urges Tokyo for a Comprehensive Restructuring of Crypto Taxation
A Japanese industry organization proposes tax reform for crypto assets and transactions, citing the current regulations' negative impact on the Web3 economy's growth and discouraging cryptocurrency usage among taxpayers. The organization urges the government to revise the rules to foster a more favorable environment for the crypto industry in Japan.

Cato Institute Experts Affirm Dollarization Safeguards Purchasing Power for Ordinary People
Cato Institute experts assert that full dollarization of the Argentine economy safeguards ordinary people's purchasing power from corrupt politicians and potentially ineffective central bankers. They consider the loss of seigniorage as a negligible cost compared to the benefits and stability that dollarization offers.

Generative AI: A Potential Catalyst for Trillion-Dollar Growth in the Global Economy
A McKinsey & Company report reveals that generative AI technologies, such as ChatGPT, have the potential to significantly increase global economic output by trillions of dollars each year. Titled "The Economic Potential of Generative AI" and published on June 14, 2023, the study assesses the transformative impact of AI tools across various sectors.

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