Payment Expert’s Blockchain Bulletin analyses how the world of blockchain is constantly evolving and heavily impacting the payments industry, with cryptocurrencies, NFTs and the metaverse revolutionising the space.
This week, Donald Trump revealed his fears and worries surrounding central bank digital currencies and revealed that if he were to be elected as US President for a second time, he would block any movement of a US version.
Trump’s “very dangerous” CBDC admission
In a recent interview with FOX Business, Republican candidate Donald Trump spoke to Maria Bartiromo on his deep concerns over the potential risks that come with a US central bank digital currency (CBDC).
Trump believes that the digital currency is “very dangerous” which reaffirms his prior comments on CBDCs, stating at a New England rally last month that he would never allow a US CBDC to happen under his Presidential leadership.
Concerns surrounding the privacy and security risks involving CBDCs have been seemingly widespread across the Republican party, with Senator Ted Cruz introducing a draft bill to ban them last year, as well as former party candidate rival Ron DeSantis also confirming he would block a CBDC from ever happening.
Stablecoins regulation a topic of concern for US Treasury Secretary
Elsewhere in the US political spectrum, Janet Yellen, Secretary of the US Treasury, told the House Financial Services Committee this week that it is “critical” for there to be regulations surrounding crypto.
This was in relation to the growth in stablecoins, which was further bolstered by the launch of PayPal’s PYUSD, which raised widespread concerns on the potential of stablecoin issuers impact on the financial system.
Yellen stated: “The council is focused on digital assets and related risks such as from runs on crypto-asset platforms and stablecoins, potential vulnerabilities from crypto-asset price volatility, and the proliferation of platforms acting outside of or out of compliance with applicable laws and regulations.”
More UK woes for Binance
Binance is experiencing troubles re-entering the UK market due to local partners’ reluctance to work with the company.
Regulated firms in the UK are getting cold feet on working with Binance, with three entities rejecting proposals from the exchange to work under the Financial Conduct Authority’s (FCA) newly established digital asset rules.
Binance announced last October that it will stop taking on UK users as the FCA blocked its partnership with RebuildingSociety to help run its ads in the country.
ADGM commits to blockchain evolution with Solana
Abu Dhabi Global Market (ADGM) has announced a Memorandum of Understanding (MoU) with the Solana Foundation to bolster blockchain and technological innovation within the Middle East.
Solana will work alongside ADGM to cultivate new and innovative DLT solutions for Abu Dhabi financial institutions whilst aiming to encourage industry feedback and engagement in a region that has ramped up its efforts in diversifying its financial services.
Ethereum Name Service added as DNS to GoDaddy
GoDaddy has added Ethereum Name Service (ENS) to its selection of Domain Name System (DNS) services.
Customers using an ENS will access a streamlined experience by easily associating the Ethereum address with their current domain names, integrating with hundreds of applications across the Web3 ecosystem.
UXLink & OKX aim for Web3 adoption in $5,000 giveaway
UXLink is partnering with OKX Wallet to enhance its user experience to offer customers seamless access to a wide range of Web3 functions and features, ensuring safety and easy introductions, as well as increasing adoption.
The OKX Web3 Wallet Bundle Campaign will support UXLink by giving away $5,000 worth of USDT and UXUY to the latter’s customers to grow its user base.
