Bitcoin is coming to the USA and UAE!
Might sound weird but, America’s favourite ‘Joe’ is causing a lot of turmoil globally; some positive and some, well… He’s recently got ruthless with the sanctions and at some point, we all thought he will be coming for our crypto. I mean, your crypto… I’m far away from the United states. I guess he did though, maybe not. But the warnings were stern throughout crypto twitter.
“Get your Bitcoin off the exchanges”, I came across that a number of times as America’s parliament prepares to draft a number of policies against cryptocurrency. First, I wouldn’t leave a tangible sum on exchanges, so that’s by the way.
Cryptocurrency is currently a wild west and personally I agree that some regulatory policies should be in place. Even though bans by governments always turn positive on the long run, some government influence is needed to keep cryptocurrency from being a menace.
That has been coming, one after the other. Before these past few weeks; many nations including the United States, have drafted policies to either contain or prevent cryptocurrency’s influence on its economy. Donald was literary scared that bitcoin will grow stronger than the United States dollar, I respect his opinion and once again; he might be right.
Bitcoin growing stronger than most fiat economies is already a thing and time might be all it takes before it grows stronger than even the strongest economy. With the right regulations put in place, this might even happen faster than we presume.
Despite over forty million Americans already invested in bitcoin, the latest set of policies signed by the United States’ president is the “The first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”
These policies principally recognize the position of digital assets in the global economy and also the risks that accompanies this space for both individuals and (national) institutions. This policy is thus an attempt on a national level to protect both institutional and individual role players in this space. Provisions of this policy includes charges to concerned departments to work towards placing the United states at the forefront of this emerging sector.
Concerned United States agencies will as a response to this policy work towards assessing and curbing the risks involved in digital assets investments, set up an international framework to build and allied responsive action towards digital assets and ensure that the United States is well represented in any of these actions.
The disappointing part is that the United States could be diving into CBDCs. Well, not so disappointing when you understand that centralized governments will always have a preference for centralized technologies.
Decent developments from this policy is that for the first time; the United States on a national level have recognized digital assets as a viable sector and have declared her interest to be a part of this space. Prior to this, most moves by the nation have been majorly about limiting the influence of digital assets on the national economy. This might still be the case…unfortunately.
Regardless, it is now safe to say that Bitcoin is (legally) coming to the United states!
In a similar news; United Arad Emirates’ Flamboyant emirate — Dubai, have also announced the creation of a regulatory and licensing authority. An independent authority to oversee the development of the best business environment in the world for virtual assets in terms of regulation, licensing, governance, and in line with local and global financial systems.
Thanks to series of clever economic decision these two have made a notable name for themselves in the global economy. Depending on how positive the regulations drafted by these bodies are, cryptocurrency is set to explore new dimensions.
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