FameEX Morning Crypto News Recap | June 25, 2023

Mounting Credit Card Debt: Majority of Americans Concerned About Repayment as Inflation Forces Reliance on Credit
Over half of Americans (55%) are concerned about repaying credit card debt this year, according to a Newsweek poll by Redfield & Wilton Strategies. The nation's credit card balance has reached an all-time high, leading Americans to depend on credit to counter the impact of inflation.

Venezuela Adopts Russian Mir Payments System to Accelerate De-Dollarization 

Venezuela and Russia are partnering to integrate the Mir payments system, an electronic card and transfer payments platform, as part of Venezuela's de-dollarization strategy. President Nicolas Maduro is endorsing the initiative, with more than 40,000 payment terminals being adapted to accept Mir-compliant cards.

Prominent Economist Peter Schiff Challenges Fed Chair's Oversight of 'Significantly More Pertinent' Economic Factors
Economist Peter Schiff strongly criticizes Federal Reserve Chairman Jerome Powell for neglecting critical aspects related to the U.S. economy, banking system, and the U.S. dollar. Accusing Powell of shirking his responsibilities, Schiff highlights significant economic factors that were overlooked in the chairman's recent congressional statements.

HSBC and Mastercard Ramp Up Trademark Applications in the Crypto Space
HSBC and Mastercard show increased interest in the cryptocurrency field by filing trademark applications with the USPTO. Mastercard's focus is on crypto and blockchain transactions, while HSBC's application centers around metaverse banking and NEFT-related services. This expansion indicates their growing engagement in these emerging financial sectors.

Federal Reserve Chairman Recognizes Crypto's Long-Term Impact on the US Economy
Federal Reserve Chairman Jerome Powell acknowledges the enduring importance of cryptocurrency as an asset class in the U.S. economy. He underscores the central bank's perspective on payment stablecoins, emphasizing the necessity for robust federal regulations to govern stablecoins in the future.

Hong Kong SFC Chief Acknowledges Crypto Trading's Critical Role in the Virtual Asset Ecosystem
Julia Leung Fung-yee, CEO of Hong Kong's SFC, highlighted the importance of crypto trading in the virtual asset ecosystem. Her remarks were made in the context of Hong Kong's regulatory strategy for Web3, which was shaped by the FTX exchange's collapse in November 2022.

SEBA Bank Executive Optimistic about Crypto's Future Amid Growing Institutional Interest
Institution-focused crypto firm SEBA Bank's executive highlights the shift in institutional interest towards active investment in Web3 projects. This transition transforms the question of engaging with crypto from "if" to "when," signaling a positive outlook for the crypto industry due to the growing institutional involvement.

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