FameEX Morning Crypto News Recap | August 25, 2023

BRICS Extends Invitation to 6 Nations for Membership, Encompassing Saudi Arabia, UAE, and Iran
The BRICS economic bloc concluded its 15th annual summit by inviting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE to join as new members. Agreement on expansion principles and procedures was reached, as stated by South Africa's president.

Prime Minister Modi Proposes Utilizing India’s UPI Instant Payment System for BRICS Nations
Indian Prime Minister Narendra Modi suggested that BRICS member states adopt India's Unified Payments Interface (UPI) system, highlighting India's leadership in digital transactions. The proposal was made during the annual BRICS summit in South Africa.

UK Contemplates Comprehensive Prohibition on Cold Calls for Crypto Investments
The UK Treasury has issued a consultation paper to assess the potential effects of a widespread ban on cold calls involving financial services. As the country plans to prohibit such calls, the Treasury seeks evidence on the impact on businesses and the costs of implementing the ban.

Naver Corp Introduces South Korea's Response to ChatGPT and Generative AI
South Korean internet company Naver Corp. has introduced CLOVA X, a Korean language chatbot comparable to ChatGPT. Utilizing Naver's knowledge of Korean language and culture, it engages in conversations, offers text summaries, and creates narratives, mirroring English counterparts like those from Google, OpenAI, Microsoft, and Anthropic.

Assessing the Positions of Leading Crypto Miners Amidst Stock Price Declines
In the past month, data from AltIndex.com reveals a collective 30% decrease in market capitalization for major crypto miners, including Riot Blockchain, Marathon Digital, Canaan Inc., Hut 8 Mining, and Cipher Mining Technologies. The combined value dropped from $9.5 billion in July to $6.7 billion last week, based on data from YCharts and CompaniesMarketCap.

Federal Reserve Revises Framework for Stablecoins, Digital Assets, and Emerging Technology Operations
The Federal Reserve's recent guidelines coincide with PayPal and Paxos Trust Company's significant stablecoin introduction. The release also aligns the Federal Reserve's approach with the nonobjection frameworks of the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), building upon its 2022 announcement.

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