The President of the United States has signed the GENIUS Act, establishing a new legal framework for stablecoins.
This law promises to promote the development of cryptocurrency in the US by replacing previous rigid regulations with an advanced payment system based on Blockchain, while also strengthening the global position of the digital USD.
KEY CONTENT
The GENIUS Act creates a clear legal framework for stablecoins in the US.
The law promotes a modern payment system based on Blockchain.
Helps expand the global influence of the digital USD.
What is the GENIUS Act and what is its role in the cryptocurrency market?
David Sacks, the director of cryptocurrency and artificial intelligence at the White House, confirms that the GENIUS Act establishes clear legal regulations for stablecoins, ushering in a new era for the US cryptocurrency industry. This law has attracted attention because it will completely change the approach to cryptocurrency regulation compared to the past four years.
Thanks to the GENIUS Act, cryptocurrency businesses will have a strong legal environment while minimizing legal risks, facilitating innovation and growth in the global payment sector.
How does the GENIUS Act affect the payment system?
According to Mr. David Sacks, the new law helps replace outdated traditional payment methods with a groundbreaking Blockchain-based payment system. This enhances the speed, security, and transparency of transactions globally.
"This law will end the rigid management model and criminalization in the cryptocurrency sector, paving the way for a more modern and comprehensive payment system."
David Sacks – Director of Cryptocurrency and AI at the White House, July 2024
The new system allows for fast payments, low costs, and easy integration with DeFi applications, contributing to the digital transformation in the global financial sector.
How does the GENIUS Act expand the position of the digital USD?
The law aims to promote the construction of a global digital USD to maintain and expand the monetary power of the United States in the international market. The adoption of the digital USD will help the US maintain its leading position in the digital finance industry.
"The emergence of a global digital USD will further reinforce the central role of the United States on the world financial map."
Expert report, Institute of International Finance, 2024
Modeling the USD in digital form helps improve the speed of cross-border transactions, enhances transparency, and reduces fraud risk, increasing trust in the US financial system.
What are the main benefits of the GENIUS Act for the cryptocurrency industry in Vietnam and globally?
The GENIUS Act not only has a profound impact on the US cryptocurrency market but also creates a reference standard for other countries like Vietnam. This law helps standardize the issuance and use of stablecoins, thereby contributing to sustainable and transparent development.
Blockchain expert Nguyen Van An believes that clear laws are the premise for businesses to invest in and develop blockchain and cryptocurrency projects safely, thereby expanding the digital financial ecosystem.
Frequently asked questions
Does the GENIUS Act increase the value of stablecoins?
The law helps build trust and transparency, thereby supporting the value increase and stability of the stablecoin market based on a clear legal framework.
How does the law affect cryptocurrency investors?
Investors will be better protected thanks to a transparent legal environment, minimizing legal risks and increasing trust in the market.
How does the GENIUS Act support the payment system?
The law promotes the transition to a modern, secure, and transparent payment system based on blockchain, replacing outdated traditional methods.
What benefits does the expansion of the digital USD bring to the global economy?
The digital USD enables faster transactions, lower costs, increases transparency, and supports fraud risk control in the international financial market.
What impact does the GENIUS Act have on the cryptocurrency market in Vietnam?
This regulation creates a professional, reliable model for Asian countries to learn from and develop a cryptocurrency ecosystem safely and legally.
Source: https://tintucbitcoin.com/genius-act-doi-thanh-toan-bang-blockchain/
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