FameEX Morning Crypto News Recap | August 24, 2023

Bitcoin Miners Overcome Unprecedented Hurdles Amid August's Dual Difficulty Surge
Amid a second consecutive rise in mining difficulty, Bitcoin miners encountered heightened challenges this month. With a 6.17% surge on August 22 at block height 804,384, the cryptocurrency reached a new difficulty peak, amplifying the struggle for miners to ensure block reward security.

BRICS Bank Chair Asserts: Local Currencies Not Substitutes for the Dollar, but Rather for the System
The BRICS development bank, led by Dilma Rousseff, aims to foster a multipolar financial system by promoting lending in local currencies, including the South African rand and Brazilian real, among member states, emphasizing its commitment to diversifying the global financial landscape.

Economist States Chinese Yuan Poses No Significant Challenge to US Dollar's Dominance
An economist minimizes the Chinese yuan's impact on the US dollar's dominance, citing its meager global reserve share of under 3%. He emphasizes that the yuan doesn't pose a substantial threat to dollar hegemony. Many experts foresee a future 'multi-currency' world where the dollar's influence is diminished, according to the economist.

China Introduces Data Exchange Driven by Blockchain Technology
At the Hangzhou Summit, China introduced a blockchain-driven data exchange. Over 300 enterprises, including Alibaba Cloud and Huawei, joined the launch. The platform enables trading of Web3 data among companies, with Alibaba Cloud and Huawei among participants.

Crypto Background of Thailand's Incoming Prime Minister, Srettha Thavisin
Real estate magnate Srettha Thavisin was chosen as Thailand's next prime minister by the parliament on August 22. Previously heading Sansiri, a major real estate company, Thavisin has a connection to cryptocurrency through the firm's support for projects like XSpring during his tenure as CEO.

Citi Survey of Global Securities Firms: CBDCs Enhance Settlement Speeds
Citi's study reveals increasing year-on-year backing for CBDCs through domestic pilots and cross-border efforts across jurisdictions. The focus on shortening financial settlement cycles within five years has led many securities firms to consider central bank digital currencies (CBDCs).

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