What happened this week around blockchain and cryptocurrencies? The most relevant local and international events as well as appealing background reports in a pointed and compact weekly review.
Selected articles of the week:
The regulation of digital assets is a hotly debated topic in the United States. An Executive Order issued by the U.S. President underscores the demand for an acceleration of the regulatory efforts of all government agencies involved and also calls for a concrete CBDC development. The order focuses on assessing risk to consumers while ensuring that innovation is encouraged. Biden’s executive order represents a historic first overall government approach to regulate cryptocurrencies and blockchain technology in the United States.
U.S. President Biden’s Executive Order calls for acceleration of crypto regulatory and CBDC development efforts.
The list of major U.S. financial services institutions actively involved in the crypto space continues to grow. They are joined by State Street Corporation, the nation’s second oldest bank and the world’s largest custodian. The Boston-based financial institution will provide its institutional clients the infrastructure to safely store various digital assets by the end of the year. The institution’s current $43.3 trillion in custody comes primarily from mutual funds, corporate and public pension plans, insurance companies, endowments and foundations, and investment managers.
State Street will enable its institutional clients to have cryptocurrency custody infrastructure by the end of the year.
Once again, a lot has happened in Crypto Valley over the past two months. The city of Lugano announced the adoption of Bitcoins as legal tender, the CV VC annual report identifies continued strong growth in the industry, two crypto banks closed successful funding rounds in the triple-digit millions, and the Swiss National Bank (SNB) continues its experimental CBDC trials.
The Crypto Valley is known to be one of the most “crypto-friendly” regions in the world. A review of the past two months.
By hosting various crypto conferences and gradually regulating digital assets, the United Arab Emirates (UAE) is establishing itself as another hotspot for blockchain companies. The formation of a sector-specific regulator is expected to underscore efforts to foster innovation in the Middle East and attract talent to the state.
Prime Minister of the United Arab Emirates (UAE) Mohammed bin Rashid Al Maktoum wants to solidify Dubai’s position in the crypto sector.
In addition: Auditor PwC sees enormous potential in blockchain applications. The firm’s economists believe that the majority of all companies will use the technology by 2025 and estimate that the impact on global gross domestic product (GDP) at that time will be around $422 billion.
The latest report by PwC suggests that blockchain technology could add $1.76 trillion to the global economy by 2030.
