Big week expected on cryptos with the Fed on Wednesday, the ECB on Thursday and US employment on Friday. But it is also Apple which returns to the scene on the results side on Thursday evening. In the United States there is always an imbroglio around crypto regulation. Territorial disputes over regulatory oversight are harming the industry and a clear set of rules must be established to ensure market stability and better protections.
The polarized political environment in the United States makes it difficult to find common ground on almost any issue between Democrats and Republicans. However, blockchain technology, which underpins digital assets and cryptocurrencies like Bitcoin and Ethereum, could bring these two sides together. To fully harness the potential of this technology, it is crucial that bipartisan support be garnered for crypto legislation. Blockchain technology has the potential to appeal to both parties and their respective priorities: Empowering labor unions and protecting workers' rights for Democrats, and promoting decentralization and individual autonomy for Republicans for instance. The crafting of any crypto legislation should prioritize preserving U.S. competitiveness, fostering inclusivity, and preserving national security. By working together, Democrats and Republicans can create a balanced and effective crypto legislation that harnesses the transformative power of blockchain technology for the benefit of all Americans without sacrificing consumer protection
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IMF Leader: CBDC are the Future, But…
Kristalina Georgieva, Managing Director at the International Monetary Fund (IMF), stated that central bank digital currencies (CBDCs) are the future, but some types may pose unknown threats. Georgieva differentiated between retail CBDCs, which can be used by individuals, and wholesale CBDCs, which would be designed for certain financial institutions. She stated that retail CBDCs could completely transform the financial system with potential consequences that remain unknown. An IMF report published last year called CBDCs “uncharted territory” that raises challenges and opportunities. Georgieva noted that roughly 110 countries are studying or implementing CBDCs, and the IMF is discussing the topic with roughly 50 nations. China has CBDC pilots across many provinces, and the Central Bank of the Bahamas launched its CBDC, the Sand Dollar, in 2020. President Biden signed an executive order in March 2022 that called for “placing urgency” on the research and development of a US CBDC, and the Federal Reserve has plans to roll out a real-time payments service, called FedNow, in July. It's not too early… Thanks to the SEC and CFTC The ground is set for CBDCs.
Paypal accelerates in crypto
PayPal is extending cryptocurrency trading and payments services to more than 60 million Venmo customers, according to an announcement made by the company. PayPal users in the US have been able to buy, hold, and sell cryptocurrencies on the platform since November last year, but the services have not been available to Venmo customers until now. Venmo users will be able to buy, hold, and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash within the Venmo app. The move is part of PayPal's efforts to expand its digital currency services and capture a larger share of the fast-growing market.
Sources : The Block, Blockworks, Investing