In a major development, the newly sworn-in US President, Donald Trump lived up to his expectations as a crypto-friendly president.
Donald Trump has banned the creation of Central Bank Digital Currency (CBDC).
Trump Bans CBDC
Now, what exactly is CBDC? Central Bank Digital Currency or the ‘Digital Dollar’ as touted by some, is a virtual currency on the lines of mainstream virtual currencies like Bitcoin and Ether, but one, that would be regulated by the central banking system, in this case, the US Federal Reserve System.
In what is one of the many executive orders signed by Donald Trump since his inauguration nearly a week ago, in January, this is seen as a major boost for cryptocurrencies.
The order from the 47th US President defined CBDC as a ‘form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.’
The focal point of the order was based on aspects of privacy, sovereignty, and financial stability.
Although, it is to be noted most cryptocurrencies have not been surrounded by the bulwark of stability. Volatility and consistent inconsistency have been a hallmark of these virtual currencies.
The Crypto President
This comes at a time when Trump himself created and launched their own meme coin $TRUMP, a day before his inauguration. This was followed by the US First Lady Melania Trump launching her own $MELANIA.
In addition, major cryptocurrencies have surged in since Trump’s victory in November.
Post the victory, the fortunes of these monetary components were further brightened after Trump announced the nomination of Paul Atkins, a crypto-advocate as SEC chair.
Currently, after the departure of former SEC head Gary Gensler, who was known for pragmatic and alleged anti-crypto moves, the market regulator is headed by another cryptoadvocate, Mark Uyeda as its interim head.
How Far Along Are Major Cryptos?
Where do these major cryptocurrencies stand, as we look at another major development in the world of virtual currencies?
$TRUMP
Starting with Donald Trump’s very own $TRUMP, the value of this memecoin stands at USD 30.41, as per latest data from CoinMarketCap.
$TRUMP |
$MELANIA
When we look at the value of Melania Trump’s $MELANIA, this crypto stands at USD 2.70.
Bitcoin
Then we come to the mainstream crypto-giants, Bitcoin, as per the latest data, stands at USD 1,05,113.80, having surged by a mammoth 57.01 per cent, just in the past 6 months of trade.
Ether
Then we come to the second most important cryptocurrency, Ether. Ether or Ethereum, is currently valued at around USD 3,346.76.
