US President Donald Trump.
Washington DC: On Friday, US President Donald Trump took a historic step and made it a law by signing the ‘Guiding and Establishing National Innovation for US Stabilcoins Act’ i.e. ‘Genius Act’ (Genius Act). The purpose of this law is to make America the world’s head in digital currency and further strengthen the king in the US dollar global financial system. Trump jokingly said, ‘This act is named after me. This is really amazing law! On this occasion, he warned BRICS countries (Brazil, Russia, India, China, South Africa) strictly that the effort to challenge the dollar power would be useless.
‘… then the BRICS will end soon’
Signing the Genius Act, Trump lashed out at BRICS countries, saying, ‘There is a small group called BRICS, which is rapidly weakening. These countries tried to challenge the dollar power and its prominence. I made it clear that we will impose 10 percent tariffs on any country of BRICS. After this, no one came to his next day meeting. Trump once again threatened that if the BRICS tried to weaken the dollar, his alliance would end quickly. He warned, ‘If we lost the status of the dollar global reserve currency, it would be like losing a world war. We will never let this happen. ‘
What is the purpose of Genius Act?
The Genius Act aims to create a clear and simple regulatory framework for dollars-based stables. Trump called it the biggest revolution after the internet birth in financial technology. He said, ‘This law will make America the king of the world of crypto and digital currency. We had promised that America would become Crypto Capital, and today we have fulfilled that promise. Trump praised the Crypto community and said, ‘You guys were made fun of for years, but you did not give up. This law is a victory for your hard work and passion. He also made it clear that the Central Bank Digital Currency (CBDC) will never be allowed in the US. (AP)
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