Love Pulse Posted March 17, 2022 Posted March 17, 2022 https://www.msn.com/ar-ae/news/featured/أمريكا-وأوروبا-والعملات-المشفرة-هل-حان-وقت-المواجهة؟/ar-AAV50Mv?li=BBqrI8k It seems that the United States of America and the European Union, are heading to pull the strings from under the cryptocurrency market. Last November, the arrival of the market value of cryptocurrencies did not pass the $3 trillion barrier, unnoticed by the owners of the largest currency around the world, the "dollar", to begin steps to accelerate the adoption of the digital dollar. The $3 trillion figure constitutes about 40% of the total global reserve assets denominated in US dollars, which amount to nearly $7.6 trillion, according to International Monetary Fund data. What is the digital dollar? .. America is holed up in the crypto-genie The figure also constitutes about 3.4% of the world's gross domestic product; Although the figure is down to an average of $1.7 trillion today, the cryptocurrency investment market is here to stay and expand. Challenges for the US Federal Reserve However, the challenge today for the US Federal Reserve is its ability to convince local markets to trust the digital dollar, which is still being prepared in cooperation with judicial and technological institutions. And ABC TV said last week that the digital dollar will be born in a weak state, because virtual currencies are gaining the confidence of investors around the world, while risks threaten the dollar more than ever. The second issue is that the United States, despite its progress in cybersecurity globally, is one of the countries most targeted by hackers in the world, which means that risks exist today before the birth of the digital dollar. European Union and Cryptocurrency As for the European Union, which is preparing with Washington to issue regulations restricting work in cryptocurrencies, it is looking through the European Central to launch a digital currency, which will constitute a backbone for payments during the coming periods. However, the attacks remain the main concern that may dominate the interest of individual customers, with hacking organizations in both Russia and China having advanced tools to penetrate digital banking systems if they are adopted. Today, cryptocurrencies are under great pressure, but despite their decline, they are still receiving increasing demand from various societies, to share with major currencies in the list of the largest currencies around the world. And the issue that the European Union has realized, is that cryptocurrencies can never be banned from any societies, so the statement of the European Parliament yesterday, Monday, was diplomatic towards cryptocurrencies. The European Parliament voted Monday to pass the Markets in Crypto Assets Bill, or MiCA, but omitted language that would have effectively banned cryptocurrencies. The MiCA Act, first introduced in 2020, aims to provide a regulatory framework for digital assets for EU member states by 2025. While the initial draft included explicit language that would ban bitcoin and other proof-of-work digital tools due to energy consumption concerns, the ruling was overturned after an outcry from the crypto industry. Microsoft and its partners may be compensated if you purchase something through the recommended links in this article.
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