FameEX Morning Crypto News Recap | July 5, 2023

Xi Jinping and Vladimir Putin Promote Wider Adoption of National Currencies in Settlements
Xi Jinping and Vladimir Putin stressed the significance of national currencies in mutual settlements, especially within the Shanghai Cooperation Organisation. They noted that more than 80% of commercial transactions between Russia and China are conducted in Russian rubles and Chinese yuan, reflecting a growing trend towards seeking alternatives to the US dollar.

Former SEC Official Highlights Risks, Privacy, and Cybersecurity Concerns, Calling CBDC an "Absurd Financial Idea"
Former SEC internet enforcement head labels CBDC as the "most absurd financial idea" ever, citing concerns about global financial stability, privacy, conflicts, and cybersecurity. He warns that CBDCs introduce unnecessary risks and open up a Pandora's box of problems in the realm of monetary policy.

Thai Securities Regulations Impose Mandatory Crypto Trading Risk Warnings on Digital Asset Platforms
Thailand's securities regulator mandates digital asset service providers to provide risk warnings for cryptocurrency trading to prospective investors. Furthermore, starting August 30, 2023, digital asset business operators will be forbidden from offering deposit-taking and lending services.

UK Finance Calls for Restricting Digital Pound Holdings to £5,000 to Mitigate Panic
UK Finance, a prominent finance membership organization in the UK, has provided recommendations to the Bank of England regarding the implementation of a digital pound. They suggest capping individual holdings of the central bank digital currency (CBDC) at £5,000 to safeguard against panic and the risk of deposit flight.

Reality TV Star Phaedra Parks Gives 13-Year-Old Son $150,000 for Cryptocurrency and Rental Property Investments
Reality TV star Phaedra Parks shared that she gave her 13-year-old son a sum of $150,000 to delve into investment prospects and acquire financial acumen. Parks mentioned that her son, Ayden, displays a strong interest in rental properties and has also developed a fascination with cryptocurrency.

Bank of America Confronts Paper Losses Exceeding $100 Billion in a High-Rate Environment
Bank of America faces ongoing challenges and scrutiny following the US banking crisis. The Federal Deposit Insurance Corporation (FDIC) revealed that the bank incurred paper losses exceeding $100 billion by the first quarter's end, highlighting continued concerns within the industry.

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