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#AbuDhabiStablecoin $XRP $BNB $SOL Abu Dhabi is launching a dirham-backed stablecoin, a digital currency pegged to the value of the UAE dirham. This project is a collaboration between three of Abu Dhabi's largest institutions: ADQ, a sovereign wealth fund, International Holding Company (IHC), a conglomerate, and First Abu Dhabi Bank (FAB), the UAE's largest lender. The stablecoin will operate on the ADI blockchain, a domestically developed technology, and will be regulated by the Central Bank of the UAE. Its primary purpose is to provide a trusted means of payment for citizens, businesses, and institutions, supporting transactions in various digital scenarios. Recently, on June 5, 2024, the UAE Central Bank approved a new system for overseeing and licensing stablecoins, as part of the government’s financial infrastructure transformation (FIT) program. This initiative aims to enhance digital transactions, advance the country's digital economy, and foster innovation.
#ArizonaBTCReserve $BNB $XRP $SOL Arizona has passed the Strategic Bitcoin Reserve Act, authorizing the state Treasury and pension funds to allocate up to 10% of available funds into Bitcoin and other digital assets. If signed into law, Arizona would become the first U.S. state to legally invest public funds into Bitcoin. 💬 What’s your take on states holding Bitcoin? Could this set a precedent for others to follow? Share your thoughts!
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#TrumpTaxCuts US President Donald Trump in a new post has claimed that the imposition of tariffs will lead to a huge number of Americans seeing a decline in their income tax.
In a post on Saturday on his social media platform Truth Social, Donald Trump claimed that the tariffs will help reduce income tax for people, with the potential for being ‘completely eliminated’ for some.
The focus will be on those who earn less than $200,000 a year, he said.
“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year,” Trump said in his post.
The US President further emphasised that a massive number of jobs are being created already as companies are building and planning more factories.
Also Read | India faces $14-billion export losses over US tariffs, NIPFP warns “Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned. It will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS HAPPENING,” he said.
Donald Trump's tariff claim Donald Trump has time and again focussed on the benefits of the reciprocal tariffs that he and his administrations announce on April 2. According to him, the tariffs imposed on other countries will curb imports and make companies build their manufacturing facilities the US, thereby creating thousands of new job and giving a boost to the economy.
Donald Trump on April 2 imposed a series of tariffs on nations across the world including a 10 per cent tariff on virtually everything coming into the United States. The tariff on India has been set as 26 per cent, while China has taken the biggest with 145 percent levies.
Also Read | Trump draws the line: No tariff cuts$ETH $XRP $BTC China without ‘substantial’ deal Also Read | Trump claims tariffs up to 50% will benefit US economy.