Hong Kong invites Coinbase, Bank of China, Digital Euro, Repo Rate | Crypto Weekly 11-17 June

The crypto market experienced a mixed performance, as global macroeconomic headwinds and inflation data weighed on investor sentiment. Experts predicted a rise in the crypto market by the end of 2023, as new regulations are expected to make crypto a more secure and accessible space.

Coinbase is invited by Hong Kong

 Hong Kong commits to regulation and a dedication to being a digital center. This provides an ecosystem that is favorable for industrial growth. 

A legislator from Hong Kong invited Coinbase and other cryptocurrency exchanges to set up businesses in the region. It also boasted about the city’s liberal policy on cryptocurrencies. 

Bank of China released $28 million notes on Ethereum

On June 12 BOCI division of the Bank of China’s investment bank announced plans to issue digital structured notes on Ethereum.

The worth of blockchain with a value of 200 million Chinese yuan ($28 million).

BOCI has made history by issuing tokenized securities in Hong Kong for the first time. 

As part of a joint venture with UBS and BOCI, the notes were issued and tokenized on the Ethereum network.

SEC asks for more time to answer Coinbase’s appeal

The SEC has finally replied to Coinbase after a judge’s seven-day deadline and request for an explanation.

The US securities regulator has asked for more than four months to answer Coinbase. Coinbase had filed a petition for clarity on regulatory matters relating to cryptocurrencies.

According to the regulatory authority, the SEC asked the judge “to deny mandamus petition.” Mandamus requires a government agency to act to fulfill its obligations.

Judge rejects the SEC’s request to freeze Binance’s US assets

A federal court reviewed the U.S. Securities and Exchange Commission’s case against Binance and Binance US.

The judge decided not to impose a temporary restraining order freezing the assets of the American trading platform.

 The court’s action would allow the firm’s U.S. division to continue functioning while negotiating restrictions with the regulator.

If the parties can agree on defined limitations themselves, there is “no need” for a restraining order, according to Judge Amy Berman Jackson of the D.C. District Court. 

The judge commanded Binance.US to provide the court with information on the company’s expenses.

EU has finalized steps to launch the digital Euro

The European Union’s executive body is preparing to unveil a proposal for a digital euro. To manage the use of digital money, the European Central Bank (ECB) must follow its prepared strategy. 

To guarantee monetary stability, the ECB has to decide the proper limit. 

These restrictions do not prevent digital euro transactions used in the eurozone and do not endanger stability. 

According to the preliminary proposal, restrictions on the use of the digital euro as a store of value. This will ensure the protection of monetary policy transmission, credit availability, and financial stability. 

Fed pauses interest rate hikes

The Federal Reserve opted to maintain interest rates stable on Wednesday, resulting in its first pause in 15 months.

Due to the continuous labor market trends and low rates of unemployment, as well as increasing inflation has influenced the committee’s decision according to the central bank’s statement released on Wednesday.

The Fed has suspended rate rises for the first time since commencing to raise rates in March 2022. The time frame lasted for 10 straight rate rise rounds. The Fed assumed that the effort would lessen the country’s biggest inflation.

This Inflation is the biggest in more than four decades. In this situation, Investors have been apprehensive about whether a smooth landing is conceivable. 

Russia will soon allow crypto mining

Anatoly Aksakov is the Chairman of the State Duma Committee on Financial Markets. Aksakov said that cryptocurrency mining may become legal in Russia as early as 2024. He also stated that cryptocurrency mining may become legal in Russia as early as 2024.

Aksakov attended the 2023 St. Petersburg International Economic Forum. There he discussed the possible impact mining can have on the Russian economy. 

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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