African economies show high potential for digital asset adoption
South Africa emerges as a leading digital asset hub, driving growth in crypto with proactive regulations and expanding platforms like VALR.
South Africa emerges as a leading digital asset hub, driving growth in crypto with proactive regulations and expanding platforms like VALR.
IMF staff members have introduced a high-level four-stage framework emphasizing regulation, education, design and incentives to enhance CBDC adoption.
The court order demands approximately 85% of the significant fine to be paid back to victims of William Koo Ichioka’s fraudulent scheme.
Bank of Canada Governor Tiff Macklem highlighted the potential risks AI poses to inflation and financial stability in the short term.
According to Odaily, Federal Reserve Governor Christopher Waller has expressed support for a 50 basis points rate cut, stating that recent inflation data justifies this decision. Waller mentioned that two weeks ago, he had considered a 25 basis points cut as a good option but remained open to a larger reduction of 50 basis points.
According to BlockBeats, on September 20, Federal Reserve Governor Christopher Waller indicated that the central bank might contemplate a 50 basis point rate cut if the employment market shows signs of significant weakening. This statement underscores the Fed's readiness to adjust monetary policy in response to economic conditions, particularly in the labor sector. Waller's comments come amid ongoing discussions about the health of the U.S. economy and the appropriate stance of monetary policy to support sustainable growth and employment. The potential rate cut would be a significant move, reflecting the Fed's commitment to mitigating economic downturns and ensuring stability in the job market.
According to Odaily, Visa's Head of Crypto, Cuy Sheffield, has forecasted a significant increase in the demand for stablecoins based on non-USD fiat currencies in the coming years. While the US dollar is well-suited for cross-border transactions, Sheffield emphasized the importance of fast and efficient local currency conversions, which presents a substantial opportunity for other local currency stablecoins. He predicted that every major fiat currency will eventually be represented on the blockchain. Sheffield welcomed the emergence of more stablecoins that differentiate themselves from USDT or USDC, describing this as an 'exciting' trend. He also highlighted that 2024 marks a turning point, with some non-crypto companies beginning to explore the use of stablecoins to address the challenges of paying overseas freelancers.
According to Odaily, analysts from Bank of America have indicated in a report that the Federal Reserve's increased focus on the weakening U.S. employment market may cause next week's inflation data to be less significant. Following the moderate CPI and PPI data released earlier this month, the personal consumption expenditure inflation for August is set to be announced next Friday. Bank of America forecasts a monthly growth rate of 0.1%, down from July's 0.2%. Weekly jobless claims will be released on Thursday. Bank of America economists stated, 'We still believe that a dovish Federal Reserve combined with a resilient economy will lead to a steeper yield curve, including a steeper breakeven curve.'
According to Odaily, JPMorgan Chief Economist Michael Feroli has expressed his expectation that interest rate cuts will occur more rapidly than the Federal Reserve's consensus. Feroli indicated that if the upcoming two employment reports show further weakness, there could be a 50 basis point rate cut at the next meeting in early November.
According to Odaily, a Reuters survey reveals that out of 107 economists, 86 believe the Federal Reserve will reduce interest rates by 25 basis points in both November and December, bringing the rate to 4.25%-4.50%. By the end of 2025, the Federal Reserve is expected to lower the federal funds rate to 3.25%-3.50%.