FameEX Morning Crypto News Recap | January 31, 2024

US Congressman French Hill Positive About Advancements in Cryptocurrency Legislation

At a recent event hosted by the Foundation for Defense of Democracies, Arkansas Republican Congressman French Hill discussed progress on cryptocurrency legislation. He provided encouraging updates on two key bills: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act, highlighting their forward movement in the legislative process.

Google Revises Crypto Advertising Rules, Permits ETF Advertisements

Google recently implemented an advertising policy update, first announced in December, enabling certain cryptocurrency finance products, such as newly approved bitcoin ETFs, to feature sponsored links on its platforms. This change has led to bitcoin ETF issuers, including Vaneck and Blackrock, initiating advertising campaigns on Google's various online channels.

GBTC Holdings Decline to Under 500K BTC Amid Increasing Accumulation by Competitors

Grayscale's GBTC has seen its Bitcoin holdings drop below 500,000 BTC, with a recent reduction of 6,138.79 BTC from its reserves. On the other hand, Blackrock's IBIT has increased its Bitcoin holdings by 4,603.24 BTC, equivalent to a value of $199 million, indicating a contrasting trend in asset accumulation between the two entities.

China's Top Valued Firm Shifts Focus to AI Amid Declining Gaming Revenue

Tencent, China's top tech giant, is steering its business strategy towards artificial intelligence (AI), following the trend of leading Silicon Valley companies. This strategic shift is a response to the declining revenue in its gaming division, which has historically contributed nearly a third of the company's profits. The move marks a significant pivot for the 25-year-old company.

Visa Introduces Cryptocurrency Withdrawal Functionality on Debit Cards in 145 Nations

Visa, in partnership with Web3 infrastructure provider Transak, has expanded cryptocurrency services, introducing a new method for converting crypto to fiat currencies. The collaboration, announced on January 30, leverages Visa Direct, enabling users to withdraw and make payments with cryptocurrencies, bypassing centralized exchanges. This initiative marks a significant step in Visa's continued integration of digital currencies into global payment systems.

Japan Targets Legal Resolution for CBDC Issuance by Second Quarter of 2024

The Bank of Japan, in its initial formal meeting with the Japanese government, addressed the development of a central bank digital currency (CBDC). As reported by NHK, the meeting on January 26 led to an agreement to address and resolve legal matters concerning the issuance of a digital yen by the spring of 2024.

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