Trump's stablecoin salad.
STRENGTHENING AMERICAN LEADERSHIP IN DIGITAL FINANCIAL TECHNOLOGY
It's the Trump's Executive Order "to promote United States leadership in digital assets and financial technology while protecting economic liberty."
This struck me: "promoting and protecting the sovereignty of the United States dollar, including through actions to promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide"
So, as BRICS and the EURO grow in importance in trade, the plan is to keep the USD as relevant by backing non-US stablecoins.
OK, so, where does that leave e.g. the controls that the USA required SWIFT to impose and, equally, the control that the USA imposes via its banks on the global use of the US dollar.
Does it mean that dark pools of US-dollars, hidden behind stablecoins, will be readily available for trade, both legal and illegal?
On the face of it, yes.
So, he may think he's Trumped BRICS but in fact he's just created what many people think is a terrible idea when Venezuala kind of did it with its central banked backed currency.
And, isn't the whole idea of a stablecoin that it's backed by a basket of currencies not just one?
About this section
Opinion pieces or "Op-Eds" are the home-made bombs of the publishing world. So long as they meet editorial standards, are not intentionally offensive with a view to causing hurt or insult and are relevant to our field of endeavour, we will look at submissions.
We like contentious, we like contrarian views. We don't like pretty much any -ism . We recognise that Opinion pieces are one person's view and are not balanced (if they are balanced and reach a reasoned conclusion, they are probably more suited to the Articles section). We do not like acronyms and buzzwords.
Op-Eds are the author's personal views and do not necessarily represent the views of World Money Laundering Report or its publishers.
To submit an Opinion piece, please complete the Contact form.
