FameEX Afternoon Crypto News Recap | March 21, 2023

High-Ranking Official Reports that Hong Kong's Adoption of Cryptocurrency has Resulted in a Significant and Powerful Response
https://www.fameex.com/en-AU/news/crypto-trending-news-2023032103
Hong Kong's policy shift to become a hub for virtual asset businesses has received an "overwhelming" response, said Christopher Hui, the city's Secretary for Financial Services and the Treasury. Over 80 institutions and entities have expressed interest in expanding their operations in Hong Kong. Hui credited the city's regulatory framework for virtual assets, which encompasses payments, financial stability, and investor protection elements, for positioning it as a leader in the cryptocurrency industry.

Mastercard and Stables Partner to Expand Stablecoin Payments Acceptance in the APAC Region
Mastercard and Australian stablecoin platform, Stables, have joined forces to enable retail customers in the Asia-Pacific region to use stablecoins for payments at any merchant that accepts Mastercard payments. Stables has designed a stablecoin-only wallet with a payment card that Mastercard supports. The wallet will accept deposits in several stablecoins, including Tether (USDT) and Binance USD (BUSD), and convert them automatically and free of charge to USD Coin (USDC), which users can then spend.

India leads global crypto adoption with 53% of users in 2023, outpacing the US by 5x
According to a report shared with BeInCrypto, the number of cryptocurrency users in India is expected to exceed 150 million this year, representing more than 50% of the global crypto user market share. Despite the Indian government's historically negative stance towards the sector, the country has seen a significant increase in crypto investors in the past six years. Factors driving the growth of cryptocurrencies in India include the rise of fintech, mobile technology adoption, and the growing popularity of digital payments.

Amid Turmoil in Traditional Banking, Cryptocurrency Thrives
Bitcoin, the top cryptocurrency, reached its highest level in nine months as investors moved their funds away from traditional banks, with its price rising over 30% in the past week and trading near $26,000 on Monday night, the highest since the market crash last year. Ether, the second-largest cryptocurrency, also increased by 20% in the same period. The continuing turmoil in the traditional banking sector is pushing investors towards digital assets as a safe haven, contributing to the surge in the cryptocurrency market.

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