New Rules for Digital Currencies: Increased Transparency and Security
This act introduces new requirements for companies issuing digital currencies backed by traditional money. The goal is to enhance security and transparency, potentially impacting the stability of digital assets used by citizens.
Key points
Companies issuing digital currencies (stablecoins) must hold their reserves in secure assets like government securities or U.S. dollars.
These companies will be required to regularly publish audited reports on their reserves, increasing trust in digital currencies.
The aim is to protect the value of digital currencies, ensuring citizens that their digital money always holds the same value as the traditional currency it's pegged to.
Expired
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