If the Cryptocurrency Working Group established by Trump is as enthusiastic as its mastermind, we could see some bold policy frameworks issued in the USA. Countries like India and the EU have been generally conservative in their approach to crypto, even though there is no outright ban.
The divergence in regulatory approaches highlights the ongoing debate over how best to oversee digital assets. While the SEC recently rescinded its controversial SAB 121 staff accounting bulletin—which had effectively prevented banks from offering crypto custody without congressional approval—it provided an alternative risk-management framework rather than eliminating oversight entirely.
Dubey highlighted concerns about cryptocurrency, pointing out that Reserve Bank of India (RBI) Governor Shaktikanta Das has consistently stated that cryptocurrencies are not legal tender. Despite this stance, the Supreme Court ruled against restrictions on cryptocurrency exchanges, allowing them to continue operations.
The study paints a fascinating picture of how crypto adoption is unfolding globally. While countries like the United States boast an extensive network of 29,834 Bitcoin ATMs, it’s the UAE’s high crypto ownership rate of 25.3% and an adoption rate of 210% that have propelled it to the top spot.
The PoC will assess the feasibility and benefits of using stablecoins for international trade, addressing key regulatory and compliance challenges along the way.
