FameEX Morning Crypto News Recap | October 12, 2023

Celebrated Investor Jim Rogers Expresses Worries Over the Potential Decline of US Dollar Dominance, Designates Chinese Yuan as Exclusive Competitor

Prominent investor Jim Rogers, co-founder of the Quantum Fund alongside George Soros, reiterates his forecast of the US dollar's decline, underscoring that no currency maintains perpetual dominance. He asserts that the Chinese yuan stands as the sole contender capable of replacing the USD as the global reserve currency.

Peter Schiff Foresees a Halt in Interest Rate Increases Amid Middle East Tensions, Sounds Warning of an Approaching Crisis

Economist Peter Schiff compares the Israel attack to 9/11, highlighting its ominous beginning. He points out vulnerabilities in the fragile U.S. economy, suggesting it cannot endure peace, let alone war. Schiff cautions that Federal Reserve policies could induce runaway inflation, resulting in the collapse of the dollar, bonds, and the economy, forecasting an imminent crisis.

Members of Congress Push for IRS Implementation of Cryptocurrency Tax Reporting Rules by 2026

Seven U.S. Senators are pushing for the prompt implementation of cryptocurrency tax reporting regulations proposed for 2026 by the Treasury Department and IRS. Their goal is to ensure that crypto brokers adhere to these rules promptly for timely compliance.

Survey Unveils Low Awareness of Cryptocurrency Regulations Among Hong Kong's Retail Investors

According to a recent report by Hong Kong's Investor and Financial Education Council (IFEC), less than 50% of retail cryptocurrency investors in the region are familiar with cryptocurrency regulations. Notably, the survey shows a significant surge in crypto investments among young adults (18–29 years old), with nearly 25% having entered the crypto market in the past year, a substantial increase from the 3% reported in 2019.