FameEX Morning Crypto News Recap | August 25, 2023

BRICS Offers Membership Invitation to 6 Countries: Saudi Arabia, UAE, and Iran Included
The 15th annual BRICS summit concluded by inviting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE to join the economic bloc. An accord on expansion principles and procedures was achieved, as confirmed by the president of South Africa.

Utilization of India’s UPI Instant Payment System Proposed by Prime Minister Modi for BRICS Countries
During the BRICS annual summit in South Africa, Indian Prime Minister Narendra Modi proposed the adoption of India's Unified Payments Interface (UPI) system among member states. He emphasized India's digital transaction leadership in the suggestion.

UK Ponders Complete Ban on Cold Calling for Crypto Investment
The UK Treasury's consultation paper examines the potential impact of a broad ban on cold calls related to financial services. As the nation considers the ban, the Treasury is gathering evidence about its effects on businesses and the associated implementation costs.

Naver Corp Launches South Korea's Alternative to ChatGPT and Generative AI
Naver Corp, a South Korean internet giant, has unveiled CLOVA X, a chatbot in Korean akin to ChatGPT. Drawing on Naver's expertise in Korean language and culture, it engages in chats, provides text summaries, and generates stories—similar to English counterparts by Google, OpenAI, Microsoft, and Anthropic.

Evaluating Major Cryptocurrency Miners' Status During Stock Price Downturn
Over the last month, prominent crypto miners like Riot Blockchain, Marathon Digital, Canaan Inc., Hut 8 Mining, and Cipher Mining Technologies experienced a combined 30% market capitalization decline. Their total value decreased from $9.5 billion in July to $6.7 billion recently, based on data from AltIndex.com, YCharts, and CompaniesMarketCap.

Federal Reserve Adjusts Guidelines for Stablecoins, Digital Assets, and Emerging Technology Initiatives
The Federal Reserve's new directives align with the notable stablecoin launch by PayPal and Paxos Trust Company. These guidelines also harmonize the Federal Reserve's strategy with the nonobjection frameworks of the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), further building on their 2022 announcement.

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