FameEX Morning Crypto News Recap | January 31, 2024

US Lawmaker French Hill Encouraged by Developments in Cryptocurrency Regulatory Framework

During a recent Foundation for Defense of Democracies event, Congressman French Hill of Arkansas discussed advancements in cryptocurrency legislation. He shared positive developments regarding two significant bills: the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act, emphasizing their progress in the legislative journey.

Google Modifies Cryptocurrency Advertising Guidelines to Include ETF Ads

Google's updated advertising policy, announced last December and now in effect, allows specific cryptocurrency financial products, like the latest bitcoin ETFs, to advertise on its platforms. Following this policy change, bitcoin ETF providers such as Vaneck and Blackrock have begun launching advertising campaigns across Google's diverse online platforms.

GBTC's Bitcoin Holdings Fall Below 500,000 BTC in the Wake of Rival Firms Boosting Accumulation

Grayscale’s GBTC Trust recently experienced a decline in Bitcoin reserves, falling below 500,000 BTC after losing 6,138.79 BTC. In contrast, Blackrock’s IBIT has expanded its Bitcoin portfolio by 4,603.24 BTC, valued at approximately $199 million. This scenario reflects a divergent pattern in Bitcoin accumulation between these two prominent entities in the cryptocurrency market.

China's Leading Company Redirects Strategy to AI in Response to Waning Gaming Profits

China's leading technology firm Tencent is shifting its strategic focus to artificial intelligence (AI), aligning with trends set by Silicon Valley giants. This change comes as a reaction to the diminishing revenues in its gaming sector, traditionally a major profit driver, accounting for about one-third of its earnings. This represents a notable redirection for the 25-year-old corporate powerhouse.

Visa Launches Crypto Withdrawal Feature for Debit Cards Across 145 Countries

Visa, collaborating with Web3 infrastructure firm Transak, has broadened its cryptocurrency offerings. Announced on January 30, this partnership introduces a novel conversion method from crypto to fiat currencies, utilizing Visa Direct. Users can now seamlessly withdraw and pay using cryptocurrencies, circumventing the need for centralized exchanges. This development signifies a crucial advancement in Visa's integration of digital currencies into worldwide payment networks.

Japan Aims to Settle Legal Framework for CBDC Issuance by Mid-2024

During a pivotal meeting on January 26, the Bank of Japan and Japanese government officials discussed creating a central bank digital currency (CBDC). Per NHK's report, they reached a consensus to sort out legal issues linked to launching a digital yen, aiming for a resolution by spring 2024, marking a significant step in Japan's CBDC development.

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