Crypto Week Turns Dramatic: At a time when everyone is considering the future of digital currency, an event in America has heightened the discussion even further. On Tuesday, former US President Donald Trump made a move that gave bitcoin advocates new hope. With relation to the long-pending crypto bill in the US Parliament (House of Representatives), there may now be a glimmer of optimism.
Trump assumed leadership himself
Following the failure of a crucial vote procedure on Tuesday, shares of companies involved in cryptocurrency experienced a sharp decline. This was a sign that the eagerly anticipated cryptocurrency law would once more be in jeopardy. Trump, however, came forward shortly after this defeat, met with 11 of the 12 MPs in the Oval Office, and they decided to vote in favour of the plan the following morning.
Trump stated on social media that “all the MPs agreed to vote in favour of the rule after a short conversation.” ‘Crypto Week’ has political drama. The entire week was dubbed “Crypto Week” by the House Republican Party, which had plans to pass a number of significant laws.
The Stablecoin bill is a significant step toward stability.
‘Stablecoin’ is the most significant of the measures being addressed this week. One kind of cryptocurrency that lowers price volatility is called a stablecoin, whose value is correlated with the US dollar. They can be used quickly in transactions and may eventually be widely accepted as a form of payment. The crypto sector will consider this measure a major victory if it is passed.
The topic of Central Bank Digital Currency is also up for debate.
In addition, the Central Bank Digital Currency (CBDC) is a significant issue. Since it can offer the government more power over people’s private financial information, the proposed bill calls for the US government to refrain from issuing any sort of central digital currency. However, the Federal Reserve has not yet announced any such strategy, and this bill has not yet been sent to the Senate.
America will determine the course of the digital revolution
All of this suggests that the heated discussion surrounding digital money in America is now influencing actual legislation. Governments and parliaments want to make sure that these changes do not endanger the security and privacy of the general public, even while investors and the tech sector stand to benefit greatly from them.
Disclaimer: This article is based on available media reports and public statements. The views expressed in it do not confirm any official policy or decision. Please consult official sources and experts before making any investment or financial decision.
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