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Former World Bank President: USA must be a leader in stablecoins!
David Malpass, ex-World Bank President, calls for US leadership on stablecoins and clear regulations for trust and competition.
Former World Bank President: USA must be a leader in stablecoins!
David Malpass, the former president of the World Bank, makes a strong call for the US to take a leading role in the world of stablecoins. In a recent report by crypto.news he expresses concerns that both Europe and China are making rapid progress in the race for stablecoins. Malpass, who headed the World Bank from 2019 to 2023 and was then nominated by Donald Trump, sees an urgent need for action by the US government to introduce clear regulations that could increase investor confidence in stablecoin issuers.
Malpass particularly welcomes Fed Governor Chris Waller's proposal to introduce restricted master accounts for stablecoin firms and fintechs. Such measures could not only help create a more stable environment for digital currencies, but also significantly expand U.S. domestic and international trade.
The advantages of stablecoins
In his argument, Malpass highlights the advantages of stablecoins. These digital currencies could offer lower transaction costs and enabled real-time payments. They could also help reduce regulatory risks and avoid problems associated with devaluations. Implementing innovation-friendly crypto policies in the US is seen as necessary to avoid falling behind in the global competition for market share.
Malpass emphasizes that this is not just an economic issue, but also about the US's strategic standing on the world stage. The former World Bank president sees stablecoins as an opportunity to strengthen the U.S. economic position both domestically and internationally, while highlighting the challenges posed by the rapid development of competing markets.
Conclusion and outlook
Finally, David Malpass calls on the US to act proactively. Governments are required to create an environment that promotes innovation in the field of digital currencies. Otherwise, the backlog in the stablecoin space could negatively impact the economic potential of the US. Time is of the essence, and Malpass says the U.S. must act quickly to maintain its leadership position in this important sector.