This week there were no major price movements in the crypto market and the market was most of the time quiet. Rather than US Fitch Ratings, there was no major news that could drive the market.
Shanghai Leads the Blockchain Race
Shanghai has always been known as a prominent player in the tech industries and always aims to stay ahead of time. Shanghai has recently announced that it will enhance its digital infrastructure with the blockchain in the upcoming year till 2025.
Shanghai is trying to adopt blockchain in various industries like governance, public services, and the economy. The city stated that by 2025 it will shift digital operation to blockchain which will be more secure and traceable.
Kenya Halts Worldcoins Operation
Kenya has halted the registration activities of Worldcoin in the region.
Kithure Kindiki, the Cabinet Secretary stated that Worldcoin’s activities have privacy concerns and due to this government of Kenya is investigating its registration process.
Financial Services and Data Protection Agency is investigating Worldcoin’s registration process.
India Proposes Crypto Framework
India has been urging G20 nations that there must be coordinated regulations for crypto industries as it believes it will reduce the underlying risks.
India is the G20 president for this year and wants to use this power in forming a global regulation for the crypto industry. India has supported the guidelines suggested by IMF-FSB.
This suggestion provides a base framework for the nations which they can modify according to their priorities.
Hong Approves Retail Crypto Trading
In recent months Hong Kong has presented itself as a pro-crypto nation. Hong Kong has recently provided its first retail crypto license to Haskey.
Hashkey is the first crypto exchange to receive the license to provide retail crypto trading services.
Economists Warn Global De-Dollarization
The US Treasury was just downgraded by Fitch from AAA+ to AA, which has caused tremendous turmoil in the global economy. Fitch Ratings is a top credit rating agency in the US.
White House and Treasury Secretary Janet Yellen has disagreed with the reports and said it is baseless report.
Economists have warned that this rating will act as a catalyst in the global de-dollarization process and it will reduce the value of the dollar.