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#WhiteHouseCryptoSummit White House Crypto Summit: Trump declares 'war on crypto is over,' announces Strategic Bitcoin Reserve & support for digital assets.
ISLAMABAD: The government has appointed young British-Pakistani entrepreneur Bilal Bin Saqib as the chief adviser to the finance minister on the proposed Pakistan Crypto Council.
In a statement issued on Wednesday, the finance ministry said that the appointment of Mr Saqib, 35, reaffirmed āPakistanās commitment to embracing technological advancement while ensuring sound policy measures that support the national economy, digital transformation, and a secure, transparent
#USCryptoReserve "U.S. crypto reserves are growing, signaling increasing government interest in digital assets. What does this mean for the future of regulation and adoption? #Crypto #Blockchain #DigitalAssets"
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In his recent address to Congress, President Donald Trump highlighted several initiatives related to cryptocurrency:
Establishment of a U.S. Strategic Crypto Reserve
President Trump announced plans to create a "Strategic National Bitcoin Stockpile," evolving into a broader "Crypto Strategic Reserve." This reserve aims to include various cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Solana (SOL), and Cardano (ADA). The initiative seeks to position the United States as the "Crypto Capital of the World" and support the growth of the digital asset industry.
Appointment of Elon Musk to Lead the Department of Government Efficiency (DOGE)
During the speech, President Trump praised Elon Musk for his contributions to the newly established Department of Government Efficiency (DOGE), attributing significant government streamlining efforts to Musk. However, a recent White House court filing states that Musk is neither the head nor an employee of DOGE, leading to legal challenges and debates about transparency and constitutional adherence.
Market Reactions
The announcement of the strategic crypto reserve led to immediate implications for the crypto market, notably affecting the trading volumes and price movements of major cryptocurrencies.
These developments underscore the administration's commitment to integrating cryptocurrency into national financial strategies and the complexities involved in such initiatives.
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