FameEX Afternoon Crypto News Recap | March 31, 2023

G7 Countries Urge for Tighter Regulations on Digital Currencies
https://www.fameex.com/en-US/news/crypto-trending-news-2023033103
The G7 nations are accelerating discussions on digital currency regulations, working towards a unified framework. Central bank governors and Finance Ministers will convene in Japan for a summit shortly after the 49th G7 summit in May, furthering dialogue on this crucial issue in the digital finance landscape.

Japan Initiates Expert Panel to Investigate Digital Yen Possibilities
The Japanese Ministry of Finance plans to form an expert panel next month to examine the feasibility of a central bank digital currency (CBDC). While the Bank of Japan currently has no concrete plans to issue digital currencies, officials expect a digital yen framework will take time to finalize due to legal considerations.

Report Reveals Difficulties for Crypto Sector in Accessing Banking Services in the US
The US crypto industry is encountering growing challenges in obtaining banking services. Banks have become more cautious following events like Silvergate Capital Corp.'s closure and Signature Bank's seizure by regulators. While there is no outright ban on serving crypto clients, financial firms implement extensive application processes, discouraging smaller crypto companies and some retail platforms, and occasionally shutting out crypto businesses entirely.

The US Falls Behind in the Blockchain Race
The blockchain and cryptocurrency sectors are transforming money, finance, and the internet. However, the US, a global leader in finance and technology, is reportedly losing its edge in blockchain development. Over the last five years, its market share has declined by 2% annually, now accounting for only 29% compared to 40% in 2017. This trend jeopardizes US dominance in finance and technology.

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