Trump Boosts Crypto Advocacy for 2024 Campaign; Qatar and UAE Make Major Crypto Moves
Summary:
Donald Trump, the former US president, has escalated his support for cryptocurrencies for his 2024 presidential campaign, drawing a contrast to the Democratic party's approach of imposing stricter regulations. In other news, the Central Bank of Qatar has launched the first phase of its central bank digital currency (CBDC) project, focusing on large payment settlements among major banks. Meanwhile, Worldcoin has paused its operations in Spain due to ongoing investigations into its data handling practices, while the Central Bank of the United Arab Emirates has approved a new licensing system for stablecoins to boost digital transactions and stimulate the country's digital economy.
Donald Trump, ex-president of the United States, is increasing his advocacy for cryptocurrencies as a key part of his 2024 presidential run. Trump announced himself as the “crypto president” at a San Francisco fundraiser hosted by David Sacks of Craft Ventures and tech tycoon Chamath Palihapitiya. Furthermore, he reaffirmed his backing of cryptocurrencies and his ambition to advance the sector, drawing a stark contrast to the Democratic party's intent to impose stringent regulations. Some industry pundits see a cryptocurrency wave sweeping across Washington. Matt Hougan, chief investment officer at Bitwise, believes the US is edging towards clear regulation, paving the way for the country’s $20 trillion financial advisory sector to explore crypto. Meanwhile, the sector isn’t idly waiting for regulatory shifts; crypto exchange Coinbase has donated $25 million to the crypto-centric super PAC Fairshake, as it bolsters its lobbying efforts in the lead-up to November's US elections. This donation takes the total fundraising tally for this election cycle to $160 million, which remedies recent contributions from Ripple and Andreessen Horowitz.
The Central Bank of Qatar (QCB) has finalised the base work for its central bank digital currency (CBDC) endeavor and has kicked off the inaugural phase of a pilot project. The QCB will focus on settlements of larger payments between major local and international banks. Few specifics about the project have been divulged. According to state media, it will explore distributed ledger technology and artificial intelligence to bolster liquidity and securities transactions. The project is slated to conclude in October. The CBDC project news came a day after the QCB unveiled its novel fintech sandbox called the Express Sandbox. This initiative offers a shortened testing period, accelerated testing cycles, and a streamlined evaluation process for suitable participants.
Worldcoin, a global financial network, has temporarily suspended its operations in Spain. The Spanish Agency for Data Protection stated that the Tools for Humanity Corporation, the parent company of Worldcoin, cannot resume data collection and processing until late 2024 or until ongoing investigations conclude. Moreover, the Bavarian data protection authority is also examining the firm's use of personal user data. Spain and Germany are among several nations expressing concerns over Worldcoin’s practices.
The United Arab Emirates' Central Bank (CBUAE) board has greenlit a new regulatory system for licensing stablecoins. This initiative is intended to stimulate digital transactions, propel the nation's digital economy, and encourage innovation. A local lawyer points out that this regulatory framework provides clear procedures for the issuance, licensing, and oversight of dirham-backed payment tokens. These tokens should only be backed by UAE dirhams and must not be tied to any other currency, digital assets, or algorithms. The CBUAE had declared in February its plans to launch a CBDC to address inefficiencies in cross-border payments and ignite local payment innovation.
Published At
6/10/2024 10:03:00 PM
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