The crypto regulation news coming from the US has a big say not only in the crypto industry but also in the economic policies of countries worldwide. One such news that has caught the attention of those interested in traditional and alternative financial systems is the report from Grayscale.
According to the article, there are rumors suggesting that the next US president might support the implementation of Central Bank Digital Currency (CBDC). Although this news might seem good for the crypto industry, it also raises questions about what it means for other cryptocurrencies such as Solana, Stellar, and DogeMiyagi (MIYAGI). Let’s explore what might happen!
The Paradigm Shift In Regulatory Landscape
Before the US implements its Central Bank Digital Currency (CBDC), there’s a lot that needs to be done to make it work well. The US has to plan carefully, develop the technology, and, most importantly, make changes to the existing rules and regulations.
As governments worldwide are trying to figure out how to deal with the rapidly evolving digital asset ecosystem, introducing a US CBDC could mark a significant turning point. While normal cryptocurrencies mostly function without any big organizations controlling them, a CBDC could give governments more control over how people use digital money.
Solana – The Tough Competitor
Solana is known for its fast technology that helps transactions happen quickly and without costing a lot. As the crypto technology sector evolves and blockchain adoption accelerates, Solana’s capabilities make it a strong contender for high-level applications, DeFi platforms, and NFT marketplaces where people buy digital art.
Stellar – Linking Old And New Financial Systems
Stellar (XLM), the sister organization of Ripple and XRP, is designed to facilitate cross-border payments and provide financial services to the unbanked and has a unique mission in the crypto space. Its partnerships with established financial institutions and its commitment to inclusivity have positioned it as a contender to bridge the gap between traditional financial systems and the world of cryptocurrencies.
DogeMiyagi – Journey Of Innovation And Community
DogeMiyagi, a relatively newer player in the crypto space, has gained attention for its innovative approach and community-driven initiatives. Born out of the meme coin frenzy, DogeMiyagi has positioned itself as more than just a digital joke. It plans to launch NFTs and a crypto exchange soon.
Currently, in the presale stage, DogeMiyagi is offering its token MIYAGI for an affordable price. As the project gains momentum, the fifth stage of the presale nears completion. The next stage will witness a modest increase in the MIYAGI token’s price. Interested investors can secure tokens via the official website before the project moves on to the next stage and its price rises. One more interesting piece of information about DogeMiyagi is it introduces a referral scheme, enabling investors to earn a 10% commission on referred individuals’ investments.
Implications of a US CBDC Launch
The introduction of a US CBDC can potentially reshape the competitive landscape of cryptocurrencies. While the decentralized nature of cryptocurrencies like Solana appeals to those seeking independence from conventional financial systems, a government-backed digital currency may prompt reconsideration as it can be seen as a form of money backed by the government.
Notably, two presidents mentioned in Grayscale’s report, Joe Biden and Donald Trump, have historically taken positions against Bitcoin. Trump labeled it a scam, while Biden imposed a 30% tax on Bitcoin mining. If either were to secure a second term and advocate for a CBDC, it might dampen crypto adoption rates.
On the other hand, a government-backed digital currency could provide additional legitimacy to the broader crypto ecosystem, attracting more individuals to explore cryptocurrencies beyond established tokens like Bitcoin and Ethereum. The regulatory clarity ushered by a US CBDC could encourage institutions to partner with newer projects like DogeMiyagi, enhancing the industry’s growth trajectory.