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Major crypto hit as Paypal halts sales from October

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Paypal has announced its decision to temporarily suspend cryptocurrency purchases for UK customers starting from October 1st, 2023.

This move is in response to forthcoming regulations aimed at restricting the promotion of cryptocurrencies within the United Kingdom.

The Financial Conduct Authority (FCA) in Britain is set to enforce more stringent rules governing the advertisement of crypto assets, including the mandatory inclusion of risk warnings and the discontinuation of “refer a friend” incentives.

According to an email sent to its clientele, PayPal revealed its intention to comply with the impending regulations by putting a pause on cryptocurrency buying on its platform. The new regulations are slated to take effect on October 8th, 2023.

When sales resume?

The company assured its customers that this measure is temporary and it plans to resume cryptocurrency sales in early 2024.

In the email shared with Reuters, PayPal stated, “PayPal consistently works closely with regulators around the world to adhere to applicable rules and regulations in the markets in which we operate.” While this temporary halt affects crypto purchases, customers will still retain the ability to hold and sell their existing cryptocurrency holdings without any disruption.

The decision by PayPal to suspend crypto sales in the UK reflects a broader trend of regulatory tightening in the global cryptocurrency market. This comes after a series of setbacks, including the collapse of several crypto firms like FTX, which led to substantial losses for amateur investors. These incidents have prompted regulatory bodies worldwide to take a closer look at the cryptocurrency industry and consider measures to mitigate potential risks.

Regulation nightmare

In a move that garnered attention earlier this month, PayPal made a significant announcement related to the cryptocurrency space. The company introduced a U.S. dollar stablecoin, a type of cryptocurrency designed to maintain a stable value by being pegged to a tangible asset.

PayPal initially ventured into the UK cryptocurrency market in 2021, enabling customers to buy and sell digital assets through its platform.

As the landscape of crypto regulation continues to evolve, PayPal’s decision to temporarily halt crypto sales underscores the challenges faced by financial technology companies in navigating the complex regulatory environment.

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Money

Aussie job market defies expectations with stable 4.1% unemployment rate

Australia’s unemployment held at 4.1% in May amid job loss; full-time roles surged, underemployment fell, and female participation rose to 60.9%, keeping RBA cautious despite rate cut speculation.

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Australia’s unemployment held at 4.1% in May amid job loss; full-time roles surged, underemployment fell, and female participation rose to 60.9%, keeping RBA cautious despite rate cut speculation.


Australia’s unemployment rate held firm at 4.1% in May, despite a small drop of 2,500 jobs—falling short of forecasts.

But dig deeper: full-time jobs jumped by nearly 39,000, underemployment hit post-COVID lows, and female participation reached a record 60.9%.

With labour market resilience still strong, the Reserve Bank is unlikely to be swayed—though markets see an 80% chance of a July rate cut.

The RBA remains in a balancing act, cooling inflation, without choking growth.

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#RBA #JobsData #AustraliaEconomy #Unemployment #InterestRates #LabourMarket #tickernews

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Money

Central banks struggle with economic uncertainty and rates

Central banks face challenges amid economic uncertainty, impacting policy decisions and investor confidence worldwide.

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Central banks face challenges amid economic uncertainty, impacting policy decisions and investor confidence worldwide.

In Short:
Central banks are grappling with economic uncertainty, prompting various interest rate cuts globally to stimulate growth. Many central banks, including those in Norway, Sweden, and Japan, are adjusting rates in response to inflation and trade concerns, while others like the Federal Reserve and the Bank of England are considering future cuts.

Central banks are facing significant uncertainty concerning economic growth and inflation, making their policy decisions increasingly challenging as they approach the end of their rate-cutting cycles.

This uncertainty is also impacting investors. Recently, Norway’s central bank surprised markets with an interest rate cut, while the U.S. Federal Reserve cautioned against relying heavily on its policy projections.

The Swiss National Bank responded to decreasing inflation and economic unpredictability by reducing its benchmark rate to 0% but may consider further cuts. The Bank of Canada has maintained its rate at 2.75%, suggesting a potential future cut in light of tariffs affecting the economy.

Sweden’s central bank cut its key rate as well, aiming to stimulate growth amid weak price pressures.

In New Zealand, expectations are for rates to remain steady after a recent reduction to protect its economy from global trade uncertainties. The European Central Bank has also cut rates, considering further adjustments to meet inflation goals.

The Federal Reserve is keeping rates steady, although further cuts are anticipated due to low inflation. In Britain, the Bank of England held rates but may continue cuts in response to weak labour indicators.

The Reserve Bank of Australia is prepared for rate cuts due to weak growth data and trade tensions, while Norway’s central bank has been cautious with its recent decision. The Bank of Japan remains the only bank in a tightening phase, balancing escalating tensions and tariff concerns with its monetary policies.

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Fed signals slower cuts amid rising risks

U.S. Federal Reserve revises economic forecasts downward, expecting growth slowdown and higher unemployment, but still plans rate cuts in 2024 and 2025.

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U.S. Federal Reserve revises economic forecasts downward, expecting growth slowdown and higher unemployment, but still plans rate cuts in 2024 and 2025.


At its latest meeting, the U.S. Federal Reserve revised its economic forecasts downward, with growth trimmed, inflation nudged up, and unemployment expectations now higher.

Despite this gloomier outlook, the Fed still sees two rate cuts in 2025, but just one in 2024 and one in 2026, a major dial-back from earlier projections.

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#FederalReserve #InterestRates #JeromePowell #Inflation #USEconomy #FedMeeting #tickernews

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