Donald Trump Praises Crypto as He Vows to Become the ‘Crypto President’
Former US President Donald Trump has accelerated efforts in regard to crypto advocacy. The decision was part of the election campaign efforts.
While attending a fundraising event in San Francisco hosted by Craft Ventures, he stated that he would become the next crypto president. The event was organized by Davic Sacks and Chamath Palihapitiya.
Donald Trump’s Support for the Digital Asset Sector
During his speech, he reiterated his support for the digital asset sector and shared plans for the development and growth of the industry. Speaking on behalf of the Democratic Party he talked about taking the opposite approach against the harsh regulations.
At the time, analysts claim that several crypto changes are taking place in Washington. Bitwise CIO Matt Hougan claims that the United States is making the shift to regulatory clarity. In this manner, the nation will be able to make the most of the $20 trillion financial advisory industry.
At the same time, the industry is not waiting for things to get better. Crypto exchange Coinbase made a $25 million donation to the super political action committee (PAC). The PAC is a digital asset advocacy group that intends to accelerate lobby efforts ahead of the next Presidential elections before November this year.
PAC has, thus far, raised and donated $160 million to finance the initiative. Other firms in the sector have matched the same magnitude of funding raised from Ripple and VC Andreessen Horowitz.
UAE Central Bank Finalizes Licensing System for Stablecoins
The board of directors at the Central Bank of United Arab Emirates (CBUAE) recently approved a new regulatory system that will oversee and license stablecoin projects. This initiative is directed towards boosting digital transactions and furthering the digital economy development efforts all the while fostering fintech innovations.
The lawyer stated that the regulatory system will bring legal clarity for stablecoin projects. At the same time, it will streamline the licensing efforts and make the supervision of dirham-backed payment tokens a more efficient task.
However, in order to qualify for a QCB certification the stablecoins have to be backed by UAE-issued dirham and not associated with other currencies, digital assets, or algorithms.
CBUAE announced the plans to issue a CBDC back in February. The issuance of the CBDC intends to introduce solutions for cross-border payments obstacles and foster domestic payment solutions.
Moving across the sea in El Salvador, the proposal for establishing a new Bitcoin bank has gained traction. As per a new report, the Bank for Private Investment is set to bring diversification for digital investors who hold dollars and Bitcoin.
El Salvador to Launch a Bitcoin Bank
Pro-Bitcoin Nayib Bukele recently presented the proposal to establish a Bitcoin bank. This bank will focus on private investment ventures within the nation. If the proposal is approved, it will allow Bitcoin investors to access a number of investment opportunities.
Milena Mayorga, Ambassador to the United States posted an update on X on 14th June noting that investors may be able to avail the USD and Bitcoin investment opportunities via Bitcoin bank.
Max Keiser, senior advisor to Bukele maintained that the plan is likely to bolster digital innovation in the sector. He also quoted remarks from Ark Invest CEO Cathie Wood who recently projected that El Salvador’s real GDP stands to grow by 10-fold in the next 5 years. Maria Luisa Hayem, the Minister of Economy of El Salvador has stated that the plans have not beeen approved yet.
She retained that the reform is still under consideration among government officials. At the same time, legislators are not discussing details with government officials regarding the BPI project.
In March, the legislative assembly of El Salvador approved plans to lower income tax on foreign investments and remittances from 30% to 0% without any effective limits. As per a social media update from Bukele, Congress reformed income tax laws for international investments and remittances.
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