Pakistan announces establishment of its first Bitcoin reserve at US event
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Economic Times
07-08-2025
- Economic Times
Trump signs GENIUS Act: What does this mean for Crypto policy in India?
Tired of too many ads? Remove Ads The importance of the GENIUS Act Crypto TrackerPowered By TOP COINS TOP COIN SETS Solana 14,851.31 ( 3.24 %) Buy Ethereum 3,24,447 ( 1.82 %) Buy XRP 263.38 ( 1.8 %) Buy BNB 67,311 ( 0.93 %) Buy Bitcoin 1,00,61,253 ( 0.54 %) Buy Global impact of US crypto legislation Popular in Markets 1. How to Start a Crypto SIP: A Beginner-Friendly Guide What does this mean for India? What's next? Tired of too many ads? Remove Ads (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) US President Donald Trump has made significant moves to establish crypto as a mainstream financial product. One of the key steps in this direction is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which he signed into law this past bill was passed by the House of Representatives and the Senate in July with overwhelming bipartisan support. The signing ceremony was attended by the CEOs of top American crypto companies, including Coinbase, Circle, Tether, and GENIUS Act officially recognises stablecoins as financial products and provides a legal and policy framework for them to operate with confidence. Currently, the stablecoin market is worth about $250 billion, with Tether (USDT) and Circle (USDC) accounting for $165 billion and $65 billion, respectively. Stablecoins offer privacy to users and allow faster, cheaper cross-border major corporations and traditional financial institutions are reportedly exploring the launch of their own stablecoins. These include JPMorgan Chase, Bank of America, Citigroup, Amazon, Walmart, Uber, Alibaba, Revolut, Mastercard, and Standard Chartered Bank. The Act mandates that each stablecoin issued must be backed 1:1 with liquid reserves such as cash or short-term two more crypto bills have passed the House and are now headed to the Senate — the CLARITY Act (Digital Asset Market Clarity Act of 2025) and the Anti-CBDC Surveillance State Act. Together, these bills aim to establish the US as a global leader in digital finance and the crypto US developments have had a massive impact on the global cryptocurrency market. Bitcoin (BTC) has surged past $100,000 and is approaching $150,000, pushing the total crypto market valuation past $4 trillion for the first time. A growing number of countries are following suit, including Pakistan and Bhutan. Pakistan's Crypto Council CEO, Bilal Bin Saqib, revealed that the country is planning to establish a Bitcoin reserve. Meanwhile, Bhutan has disclosed BTC reserves worth $1.3 billion — nearly 40% of its remains a major player in the global crypto space. While it has been a hotspot for Web3 innovation, formalrecognition has been lacking, and the current regulatory landscape remains challenging — particularly due to a heavy taxation the global adoption of stablecoins by mainstream financial institutions and tech giants could signal the beginning of policy changes. According to a government statement in Parliament, India collected Rs 437 crore in taxes from VDA (Virtual Digital Asset)-related income in FY 2022-23. This indicates significant crypto activity despite unclear users can buy and hold digital assets in India, using them for everyday payments — even stablecoins from KYC-compliant platforms — is still prohibited. While VDAs are acknowledged, India remains in a regulatory grey area awaiting clear legal the world's largest recipient of remittances (with $130 billion in 2024), India stands to benefit greatly from the efficiency and low costs of stablecoin-enabled transfers. It seems inevitable that India will adopt legislation to enable the secure, compliant use of stablecoins and other GENIUS Act offers a potential blueprint: simple licensing procedures, full reserve mandates, and transparency through audits — a model that could benefit Indian investors and regulators alike by fostering trust and innovation June, reports indicated that the Indian government was preparing a crypto discussion paper to seek public input on regulation. While this is yet to materialise, it's not a major concern. A crypto regulation bill has been pending in Parliament since 2021. With updated inputs reflecting the changing landscape of 2025, there is hope the bill will soon be tabled. If passed, it could offer clarity and fuel growth in a sector that can significantly contribute to India's economic story.(The author, Devika Mittal is the Regional Head at Ava Labs): Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
07-08-2025
- Time of India
Trump signs GENIUS Act: What does this mean for Crypto policy in India?
The importance of the GENIUS Act Live Events Global impact of US crypto legislation What does this mean for India? What's next? (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel US President Donald Trump has made significant moves to establish crypto as a mainstream financial product. One of the key steps in this direction is the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which he signed into law this past bill was passed by the House of Representatives and the Senate in July with overwhelming bipartisan support. The signing ceremony was attended by the CEOs of top American crypto companies, including Coinbase, Circle, Tether, and GENIUS Act officially recognises stablecoins as financial products and provides a legal and policy framework for them to operate with confidence. Currently, the stablecoin market is worth about $250 billion, with Tether (USDT) and Circle (USDC) accounting for $165 billion and $65 billion, respectively. Stablecoins offer privacy to users and allow faster, cheaper cross-border major corporations and traditional financial institutions are reportedly exploring the launch of their own stablecoins. These include JPMorgan Chase, Bank of America, Citigroup, Amazon, Walmart, Uber, Alibaba, Revolut, Mastercard, and Standard Chartered Bank. The Act mandates that each stablecoin issued must be backed 1:1 with liquid reserves such as cash or short-term two more crypto bills have passed the House and are now headed to the Senate — the CLARITY Act (Digital Asset Market Clarity Act of 2025) and the Anti-CBDC Surveillance State Act. Together, these bills aim to establish the US as a global leader in digital finance and the crypto US developments have had a massive impact on the global cryptocurrency market. Bitcoin (BTC) has surged past $100,000 and is approaching $150,000, pushing the total crypto market valuation past $4 trillion for the first time. A growing number of countries are following suit, including Pakistan and Bhutan. Pakistan's Crypto Council CEO, Bilal Bin Saqib, revealed that the country is planning to establish a Bitcoin reserve. Meanwhile, Bhutan has disclosed BTC reserves worth $1.3 billion — nearly 40% of its remains a major player in the global crypto space. While it has been a hotspot for Web3 innovation, formalrecognition has been lacking, and the current regulatory landscape remains challenging — particularly due to a heavy taxation the global adoption of stablecoins by mainstream financial institutions and tech giants could signal the beginning of policy changes. According to a government statement in Parliament, India collected Rs 437 crore in taxes from VDA (Virtual Digital Asset)-related income in FY 2022-23. This indicates significant crypto activity despite unclear users can buy and hold digital assets in India, using them for everyday payments — even stablecoins from KYC-compliant platforms — is still prohibited. While VDAs are acknowledged, India remains in a regulatory grey area awaiting clear legal the world's largest recipient of remittances (with $130 billion in 2024), India stands to benefit greatly from the efficiency and low costs of stablecoin-enabled transfers. It seems inevitable that India will adopt legislation to enable the secure, compliant use of stablecoins and other GENIUS Act offers a potential blueprint: simple licensing procedures, full reserve mandates, and transparency through audits — a model that could benefit Indian investors and regulators alike by fostering trust and innovation June, reports indicated that the Indian government was preparing a crypto discussion paper to seek public input on regulation. While this is yet to materialise, it's not a major concern. A crypto regulation bill has been pending in Parliament since 2021. With updated inputs reflecting the changing landscape of 2025, there is hope the bill will soon be tabled. If passed, it could offer clarity and fuel growth in a sector that can significantly contribute to India's economic story.(The author, Devika Mittal is the Regional Head at Ava Labs): Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Time of India
30-07-2025
- Time of India
Pakistan government fast-tracks crypto rollout; eyes mainstream integration: Report
AI-generated image Pakistan 's government is moving swiftly toward integrating cryptocurrency into its financial ecosystem, aiming to bring digital currencies into mainstream banking, forex operations, and gold trading, according to a Wednesday media report quoted by PTI. A high-level conference held Tuesday focused on incorporating digital currencies within the formal financial framework. Pakistan Crypto Council (PCC) CEO Bilal Bin Saqib—appointed in May as the Prime Minister's special assistant on blockchain and cryptocurrency with minister of state status—presented key insights on crypto adoption, as reported by Dawn. 'We were told that the cryptos are the future currency for the changed economic world,' an anonymous banker told Dawn. Sources, quoted by PTI, familiar with the discussions noted a sense of urgency from the government regarding the widespread adoption of cryptocurrencies and their economic integration. While some participants voiced concern over potential risks, Saqib reportedly downplayed speculation-linked fears. Despite cryptocurrencies being active globally for years, most central banks have remained cautious. However, Pakistan seems poised to break that mold. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brain tumor has left my son feeling miserable; please help! Donate For Health Donate Now Undo On July 9, State Bank of Pakistan (SBP) Governor Jameel Ahmed announced the upcoming launch of a digital currency pilot programme and the development of legislation for virtual assets. The SBP, in collaboration with the Finance Division and the Pakistan Crypto Council, is working to create a regulatory and legal framework to govern digital currencies. A financial expert told Dawn, 'Risks are still high, since the prices of cryptocurrencies fluctuate with a wide margin, like Bitcoin prices could jump from $35,000 to $70,000.' Nevertheless, the source indicated both the SBP and the government appeared ready to handle crypto transactions. Tuesday's session also informed stakeholders- including banks, currency exchange firms, and gold traders- about the benefits of digital currencies. Participants were briefed on the SBP's plans to issue cryptocurrency trading licences to financial institutions. One banking official suggested that regional crypto offices could be established in major cities to improve accessibility and boost adoption of digital transactions. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
