China is pushing for wider adoption of its digital yuan and exploring yuan-backed stablecoins to challenge the U.S. dollar's dominance in global finance, despite existing hurdles like currency convertibility restrictions. Hong Kong's stablecoin regulations and the e-CNY's growing use highlight the evolving landscape of digital currencies and their potential impact on international trade.
China is expanding its digital currency initiatives, including the e-CNY and exploring yuan-pegged stablecoins, to increase the global use of its currency and challenge the U.S. dollar's dominance. While facing obstacles like currency convertibility restrictions, China is making progress, particularly in Hong Kong, with the yuan's usage growing in trade financing and global payments.
Global economic fragmentation is reshaping trade, with regional groupings potentially boosting GDP, while the US dollar's dominance faces challenges from rising debt and the emergence of alternative currencies and financial platforms. This shift towards multipolarity could foster competition and stability, with leadership going to those who offer reliable digital financial solutions.
Changpeng Zhao, the founder of Binance, is leading a pardon campaign after pleading guilty to money-laundering violations, employing tactics similar to those used by high-profile figures seeking clemency. His efforts include lobbying and business dealings with the Trumps, highlighting the significant stakes for the cryptocurrency industry.
The House of Representatives passed the GENIUS Act, a landmark bill establishing federal regulations for stablecoins, with bipartisan support, and President Trump is expected to sign it into law. The House also approved bills concerning digital asset markets and central-bank digital currencies, though their future depends on Senate approval.
Trump Media and Technology Group, owned by President Trump, has invested $2 billion in bitcoin and related securities as part of its plan to become an investment firm. This move reflects the company's broader strategy to create a cryptocurrency reserve and develop investment products, aligning with Mr. Trump's increasing focus on digital assets.
Rachel Reeves is considering selling £5 billion in seized cryptocurrency to cover financial shortfalls, but an expert warns against the sale, citing potential losses and damage to the UK's fintech ambitions. The expert argues the sale could repeat past mistakes and undermine long-term strategy, especially given the growing interest in Bitcoin as a reserve asset.
President Trump signed the GENIUS Act, the first major US regulation on stablecoins, requiring them to be fully backed by liquid assets and boosting the cryptocurrency sector's push for broader legitimacy. While lauded by the industry, the law faces criticism for potential shortcomings in anti-money laundering protections and oversight of large issuers.
The House rejected a pro-crypto bill backed by President Trump, leading to his reported frustration and efforts to sway Republican votes. The text also touches on other political matters, including a potential tie-breaking vote and the President's comments on pharmaceutical companies returning to the U.S.
A cryptocurrency project, $NURA, is being promoted with features like a wallet app and potential for high returns, though initial reactions online are skeptical. Meanwhile, reports suggest escalating tensions regarding potential conflict with Iran, with various political figures weighing in on the situation.
Walmart and Amazon are reportedly developing their own stablecoins to facilitate cash and card transactions, aiming to reduce transaction fees and streamline payments for retailers. However, the implementation of this payment method hinges on the passage of the Genius Act, which would establish necessary regulations for stablecoins.
China's "Sky Net" campaign has repatriated over 14,000 fugitives and recovered $9.3 billion in illicit assets in the past decade, demonstrating the country's commitment to combating corruption and recovering stolen assets. The campaign continues to target corrupt officials abroad and strengthen international cooperation to combat cross-border corruption.
Japan's National Police Agency is considering limiting ATM withdrawals and transfers for individuals aged 75 and older to 300,000 yen per day to combat the growing issue of "special fraud," which disproportionately targets seniors. This measure aims to protect seniors from falling victim to fraudsters who lure them to ATMs to send money.
Junko Koeda, a former economics professor at Waseda University, has joined the Bank of Japan's Policy Board, becoming the second female member and bringing her expertise in macroeconomics and international finance to the table. Her appointment comes at a crucial time as the BOJ seeks to normalize its monetary policy after a decade of extensive stimulus measures.
A proposed takeover of Seven & i Holdings Co. by Canadian convenience store chain Couche-Tard has turned hostile, with both sides accusing each other of refusing to agree to key terms in the deal. The main points of contention are the inclusion of a non-hostile takeover clause in the contract and the number of U.S. outlets Couche-Tard would need to sell to avoid antitrust concerns.
Asian markets displayed a mixed performance on Friday, with Chinese markets experiencing a second consecutive day of decline and Japan's Nikkei 225 index rising. This mixed performance followed Wall Street's retreat, which was attributed to uncertainties surrounding U.S. President Donald Trump's policies.
Nearly half of buyers of high-rise condominiums in urban areas intend to sell them after prices rise, viewing them as an investment tool rather than a permanent residence. This trend is fueled by rising real estate values and the potential for significant financial gains, but experts warn of potential risks and the possibility of a market correction.
Demand for Japanese bonds surged to a two-year high in mid-March 2013, driven by safe-haven appeal amid concerns over U.S. tariff policies and a global equities selloff. Foreign investors were particularly active, purchasing a net 3.4 trillion yen ($22.82 billion) worth of long-term Japanese bonds, marking their largest weekly net purchase in two years.
Cathie Wood, CEO of Ark Invest, believes most meme coins will not experience significant price increases due to the lack of regulation and the high risk of significant price declines. However, she acknowledges that some meme coins, like President Donald Trump's $TRUMP coin, could become valuable digital collector's items.
The initiative, driven by generous contributions, provided 24 carefully assembled food packages to families facing hardship. Each package contained essential items like rice, pasta, sugar, chickpeas, cooking oil, cheese, fava beans, biscuits, and dates, offering much-needed sustenance and relief to those struggling to make ends meet.
