According to BlockBeats, as of September 17, the Federal Reserve's balance sheet has decreased to approximately $7.1 trillion, currently reported at $7.109 trillion. This marks a reduction of about $1.39 trillion since the beginning of the year, based on data from the Federal Reserve's official website.
According to Cointelegraph, the International Monetary Fund (IMF) staff members have issued a guide for policymakers and banking institutions on enhancing the global uptake of central bank digital currencies (CBDCs). The guide, titled ‘Central Bank Digital Currency Adoption Inclusive Strategies for Intermediaries and Users,’ was released on September 21 and emphasizes the need for inclusive strategies for both intermediaries and end-users. It introduces the REDI framework to facilitate CBDC adoption.The IMF staff members highlighted that successful CBDC adoption requires proactive strategic policy and design choices that benefit both end-users and intermediaries. They urged central banks to prioritize stakeholder engagement. The REDI framework, which stands for regulation, education, design and deployment, and incentives, is designed to assist central banks in improving CBDC adoption within their countries.The framework focuses on four key pillars. The regulation pillar explores potential regulatory and legislative measures to foster CBDC adoption. The education pillar recommends developing communication strategies to build CBDC awareness, with central banks serving as the central point of communication. The design and deployment pillar emphasizes the need for strategies targeting specific user groups and creating an extensive network of intermediaries. Lastly, the incentives pillar suggests introducing monetary and non-monetary incentives to encourage mass adoption of CBDCs, such as subsidizing setup costs, transaction fees, and taxes for merchants.The paper also called for further discussions on pre-existing concerns, including the sustainability of the CBDC system, ensuring the integrity of the system, and balancing adoption with financial stability. In a related note, in August, two IMF executives proposed that increasing the average crypto-mining electricity costs globally by up to 85% through taxes could significantly reduce carbon emissions. Shafik Hebous, deputy division chief of the IMF Fiscal Affairs Department, and Nate Vernon-Lin, climate policy division economist, suggested that a tax of $0.047 per kilowatt hour could drive the crypto mining industry to curb its emissions in line with global goals.
According to Cointelegraph, the United States Commodity Futures Trading Commission (CFTC) has fined a New York resident, William Koo Ichioka, $36 million for allegedly defrauding crypto investors by promising high returns and using the funds to support his lavish lifestyle. The CFTC's statement on September 20 detailed that Ichioka must pay $31 million in restitution to victims and an additional $5 million civil monetary penalty for operating a fraudulent foreign exchange (forex) and crypto scheme.The CFTC highlighted that Ichioka began the scheme in 2018, accepting money from investors with false promises of “10% returns every 30 business days.” While Ichioka did invest some funds into foreign currencies and crypto as promised, he commingled investor money with his own, using it for personal expenses such as rent, jewellery, and luxury vehicles. This decision follows an initial consent order of permanent injunction against Ichioka in August 2023, which banned him from trading in any CFTC-regulated markets and from registering with the CFTC.Regulators have been prioritizing the crackdown on individuals falsely promising high returns in crypto. On May 18, the Department of Justice (DoJ) charged crypto personality Thomas John Sfraga with wire fraud after he promised victims returns as high as 60% in three months. Similarly, in February, the Securities and Exchange Commission (SEC) charged crypto trading course instructor Brian Sewell for misleading 15 students into investing a combined $1.2 million in a hedge fund that promised lucrative returns.The amount of money lost by crypto investors to scammers continues to rise each year. On September 9, Cointelegraph reported that Americans lost $5.6 billion due to cryptocurrency fraud in 2023, a 45% increase from 2022. A report from the US Federal Bureau of Investigation (FBI) Internet Crime Complaint Center revealed that crypto-related complaints represented 10% of the total received but accounted for almost 50% of the losses that year. The report also found that of the 69,000 crypto-related complaints the FBI received in 2023, people over 60 were most often victimized, accounting for almost $1.6 billion of the losses.
According to the website, Ashigaru uses CoinJoin and other mechanisms to shield users from analytical heuristics and tracking.
According to the current Polymarket odds, 77% of participants believe Vice President Kamala Harris is favored to win the popular vote.
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.