Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ The Federal Reserve held its benchmark interest rate steady at 4.25%-4.5%, citing uncertainty about the economy and inflation. While the Fed downgraded growth forecasts and raised inflation expectations, it still anticipates a half percentage point of rate cuts this year. Chairman Jerome Powell emphasized the uncertainty caused by President Trump's policies, particularly tariffs, which are contributing to transitory inflationary pressures.
2/ The Swiss National Bank has reaffirmed its stance against holding Bitcoin or other cryptocurrencies in its foreign exchange reserves, citing concerns over volatility, instability, and regulatory challenges. Despite this, Switzerland remains a hub for blockchain innovation, with developments such as the approval of a blockchain-based trading system by the Swiss Financial Market Supervisory Authority.
3/ Pakistan is preparing to legalize cryptocurrency trading with a new regulatory framework to attract investment and provide clarity on digital asset activities. The country aims to become a Web3 hub, leveraging its young, tech-inclined workforce, with 15 to 20 million crypto users. Pakistan is also exploring the integration of crypto and AI into government operations, inspired by global trends like Donald Trump's national crypto strategy.
Check out our latest publication from this week 🔎: Where Are Our Airdrops Going?
