According to PANews, Forbes journalist Eleanor Terrett announced on the X platform that a meeting hosted by California Congressman Ro Khanna, involving key figures from the cryptocurrency industry and US Vice President Kamala Harris, along with other Democratic leaders, is set to take place. The meeting is scheduled for Thursday at 11:45 AM Eastern Time (11:45 PM Beijing Time).
According to BlockBeats, on August 6, the Hong Kong Monetary Authority (HKMA) released a review report on virtual banks. The review indicates that the development of virtual banks has successfully achieved the three policy objectives set for their introduction in Hong Kong. Additionally, the technology-driven innovative banking model of virtual banks has been widely accepted in the Hong Kong market. By the end of 2023, the number of virtual bank account holders reached 2.2 million. The market has responded positively to the products and services offered by the eight virtual banks.In conjunction with the review, the HKMA has also initiated a one-month public consultation on the proposal to rename
According to Odaily, U.S. federal funds rate futures have continued their upward trend, suggesting an 89% probability that the Federal Reserve will cut interest rates by 50 basis points in September.
According to Odaily, the Taiwan Weighted Index experienced a significant decline on August 5, Monday. The index closed down by 1807.21 points, marking a decrease of 8.35%, and settled at 19830.88 points.
According to Odaily, Goldman Sachs economists have increased the likelihood of a U.S. recession next year from 15% to 25%. Despite this, they emphasize that there are several reasons not to be overly concerned about a recession, even with a significant rise in unemployment rates. Led by Jan Hatzius, the economists stated, 'We still believe the risk of a recession is limited. The overall economy appears to be in good shape, with no major financial imbalances, and the Federal Reserve has ample room to cut interest rates quickly if necessary.'It is noteworthy that Goldman Sachs' forecast for the Federal Reserve is less aggressive compared to JPMorgan and Citigroup. Hatzius' team anticipates the Fed will lower the benchmark interest rate by 25 basis points in September, November, and December. In contrast, JPMorgan and Citigroup expect a 50 basis point cut in September. Goldman Sachs' report states, 'Our forecast assumes that job growth will rebound in August, and the FOMC will consider a 25 basis point rate cut sufficient to address any downside risks. If we are wrong and the August jobs report is as weak as July's, a 50 basis point cut in September is possible.'The economists also expressed skepticism about the U.S. labor market facing a rapid deterioration risk. They argue that job vacancies indicate demand remains robust, and there are no apparent shocks triggering a downturn.
According to Odaily, Bank of America has revised its monetary policy outlook following weaker-than-expected data, including the ISM Manufacturing Report and the July non-farm payroll report. The bank now anticipates that the Federal Reserve will implement a 25 basis point rate cut at its September meeting. This adjustment reflects a broader expectation of gradual monetary easing by the Fed.In addition to this forecast, Bank of America has also lowered its expectations for the terminal rate of the upcoming normalization cycle. The bank now projects the terminal rate to be between 3.25% and 3.5%, a reduction of 25 basis points from previous estimates. This adjustment is based on the assumption that the economy may cool faster than anticipated by both the bank and the Federal Reserve, potentially reducing the need for a prolonged high-interest-rate policy stance.
According to Foresight News, several White House officials and cryptocurrency industry executives are set to participate in a roundtable discussion on digital asset policy. The event is organized by Representative Ro Khanna and will include notable attendees such as National Economic Council Director Lael Brainard, White House Deputy Chief of Staff Bruce Reed, and outgoing Senior Advisor Anita Dunn.
According to PANews, the High Court of Odisha in India has reiterated that cryptocurrency trading is neither prohibited nor considered illegal in the country. The court granted bail to Yes World CEO Sandeep Chowdhury, citing the absence of an official ban or illegal status for cryptocurrency transactions in India. Chowdhury had been detained on allegations of defrauding investors through a Ponzi scheme or multi-level marketing plan disguised as a cryptocurrency business.Despite the lack of specific cryptocurrency regulations in India, the government imposes heavy taxes on cryptocurrency transactions. Gains from virtual digital assets (VDAs) are subject to a 30% tax, and users cannot offset gains with losses as they can with stocks. Additionally, a 1% tax deducted at source (TDS) on digital asset transactions further impacts traders.
According to PANews, the U.S. Commodity Futures Trading Commission (CFTC) is investigating potential cryptocurrency fraud involving 15 different tokens, including the memecoin BEN. The investigation targets unknown individuals who may be involved in fraudulent activities. On July 16, the CFTC issued a subpoena to Hit Network, a media company focused on cryptocurrency, which had previously hired Ben 'BitBoy' Armstrong as a spokesperson. The subpoena requests information on the trading activities and digital wallets related to these 15 tokens, including BEN, which is associated with Armstrong.Armstrong, known for his YouTube channel, has recommended 14 other tokens in his videos, primarily before Hit Network was established. These tokens were suggested as potential investment opportunities. The CFTC's investigation aims to uncover any fraudulent activities linked to these recommendations and the associated digital wallets.
According to Odaily, Elvira Nabiullina, the Governor of the Central Bank of Russia, has stated that the regulatory body anticipates the widespread adoption of the digital ruble, Russia's central bank digital currency (CBDC), within the next five to seven years. Nabiullina emphasized that by 2031, the digital ruble is expected to become a familiar aspect of daily life. She highlighted the benefits of the digital ruble, such as free personal transfers and lower transaction fees for businesses, as key factors that will drive its adoption.