Home Finance News El Salvador and the United States Understanding the Importance of Stable Coin in Business Landscape

El Salvador and the United States Understanding the Importance of Stable Coin in Business Landscape

stable coin el salvador
  • Janet L.Yellen, Secretary of Treasury about prospective inter agency work about stable coins
  • El Salvador prospecting Colon Coin their national stable coin
  • Malaysian Government Confiscates Bitcoin Mining Equipment

Governments and regulators are beginning to give a closer look at the potential and destructive nature of cryptocurrencies. Regulators are getting to be more practical when it comes to genuine usage of cryptocurrencies, and they are cracking down on illegal practices alike in terms of the cryptocurrency industry. As a result, they are looking for more clarity to bring the potential of cryptocurrencies under the regulatory framework.

Regulators are very clear that blockchain, cybersecurity, and cryptocurrency regulation are fast-moving issues, which need to be addressed immediately. Nations are gearing up to prepare themselves with the best research to get ready for tomorrow by understanding the critical ideas provided by the blockchain. Regulators and governments are now very clear that it is not practical to ignore these essential ideas that are already transforming the landscape of businesses.

In the United States: Janet L.Yellen, the Secretary of the Treasury, announced intentions to convene the President’s Working Group on Financial Markets and also the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to discuss “prospective interagency work” related to stable coins.

Yellen expressed that the U.S. government should quickly establish a regulatory framework for stablecoins, a rapidly growing digital currency class.

Thus, regulators are prospectively set to discuss the rapid growth of stablecoins, which are digital currencies that peg their values to a conventional currency, like the U.S. dollar, according to the Treasury. The potential uses and the risks of stable coins to end-users are coming under the radar. The quick growth of stable coins and the urgent need to have regulations in place have been discussed.

The El Salvador government is developing a national cryptocurrency, which citizens can use to pay for services.

Previously, El Salvador approved the Bitcoin Law from the president. They decided to treat the original BTC cryptocurrency as a legal tender, requiring businesses to prepare themselves to accept it as a payment for goods and services in September 2021.

Reportedly, Ibrahim and Yusef Bukele, the brothers of the country’s president, Nayib Bukele, promised prospective investors about the national cryptocurrency, which is now known as Colon Dollar.  The “Colon Dollar” is the national cryptocurrency that is expected to be introduced by the end of 2021. This is likely to be a stable coin.

In Malaysia:  Bernama, the Malaysian News Agency, stated that about eight persons were arrested after the police in Malaysia seized nearly 1,039 bitcoin mining devices which were worth RM5.3 million (US$1.3 million).

During the combined operation with Sarawak Energy (SEB), which is the electrical company to the region involved in power generation distribution and more, and the police in the North-Eastern city of Miri confiscated the Bitcoin mining devices between February and April.

 

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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