Trump’s CBDC ban to boost crypto adoption, Musk’s dad plans $200M memecoin raise: Finance Redefined

Trump’s CBDC ban to boost crypto adoption, Musk’s dad plans $200M memecoin raise: Finance Redefined

US President Donald Trump’s latest executive order may bolster institutional cryptocurrency adoption, as his ban on central bank digital currencies (CBDCs) signals a “bet” on the existing crypto ecosystem, industry watchers told Cointelegraph.

Capitalizing on the recent success of the Trump family’s memecoins, Elon Musk’s father seeks to raise up to $200 million from a meme token already launched at the end of December.

Trump’s executive order a “game-changer” for institutional crypto adoption

Trump’s executive order banning the creation of central bank digital currencies (CBDCs) in the United States may mark a significant shift in institutional cryptocurrency adoption, according to industry executives.

The executive order, signed Jan. 23, prohibits the establishment, issuance, circulation or use of CBDCs, citing concerns over their potential to threaten financial system stability, individual privacy and national sovereignty.

The executive order’s CBDC ban is a “game-changer” for the crypto industry in the US, according to Anndy Lian, an author and intergovernmental blockchain adviser.

Likewise, Trump’s new crypto task force signals a clearer, “more structured” crypto regulatory landscape, Lian told Cointelegraph.

Elon Musk’s dad plans $200M raise with “Musk It” memecoin

Elon Musk’s father may be the next influential figure to raise funds through a memecoin amid growing interest in celebrity-backed meme tokens.

Retail investor interest returned to memecoins after President Donald Trump launched the Official Trump (TRUMP) memecoin on Jan. 18, followed by the Official Melania (MELANIA) token on Jan. 19 on the Solana network.

Joining the ranks, Elon Musk’s father, Errol Musk, is reportedly looking to launch his own memecoin token project called Musk It (MUSKIT).

Musk’s father hopes to raise as much as $200 million from the memecoin project, which he plans to use to support a for-profit think tank called the Musk Institute, he told Fortune.

Crypto mobile wallets hit 36M record high amid growing retail adoption

Mobile cryptocurrency users have reached a new all-time high, as Increasingly more passive cryptocurrency holders are turning into active users, showcasing growing mainstream adoption.

Mobile cryptocurrency wallets reached a new all-time high of over 36 million in the fourth quarter of 2024, according to Coinbase’s quarterly crypto market report published on Jan. 29.

“Mobile wallets can play a critical role in turning passive crypto owners into active crypto users,” wrote Daren Matsuoka, data scientist at a16z Crypto.

While crypto owners only hold digital assets passively, they are considered cryptocurrency users after actively interacting with decentralized finance (DeFi) or other blockchain-based applications.

Crypto hacks drop 44% YoY in January, CeFi top target with $69M loss

Cryptocurrency hackers continue stealing user funds, but cybertheft in January was less than in the year-earlier period, flashing a positive sign for the crypto industry.

Crypto hackers stole over $73 million of digital assets across 19 incidents in January, marking a 44% decrease from $133 million in January 2024.

Still, January’s $73 million was a ninefold month-over-month increase from December, when hackers only stole $3.8 million worth of cryptocurrency, according to a Jan. 30 Immunefi report shared with Cointelegraph.

The attack on Singapore-based crypto exchange Phemex was the biggest hit, accounting for over $69 million worth of stolen value, while the $2.5 million hack on Moby Trade options platform was second.

Ethereum price may stick below $3.5K until these 3 things happen

Ether price fell below $3,500 on Jan. 7 and has since struggled to trade above that level. The altcoin has declined by 8% over the past 30 days, while the broader cryptocurrency market capitalization increased by 6%. This underperformance is concerning for Ether investors, especially with the launch of the spot Ethereum exchange-traded fund (ETF) in July 2024.

Traders’ disappointment comes after a period of average Ethereum transaction fees exceeding $2, steady growth in the ETH supply, significant criticism regarding the lack of support from the Ethereum Foundation and memecoin trading shifting to competitor blockchains, particularly Solana.

Three factors could potentially push Ether above $3,500, although some depend on external elements such as regulatory changes.

These include Ethereum’s upcoming Pectra upgrade in the first quarter of 2025, proposed changes in United States ETF regulations and the continued growth of Ethereum layer-2 solutions.

DeFi market overview

According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the red.

The Pudgy Penguins (PENGU) token was the week’s biggest loser in the top 100, falling over 44%, followed by Solana-based memecoin Fartcoin (FARTCOIN), down nearly 30% on the weekly chart.

 

Source: https://cointelegraph.com/news/trump-cbdc-ban-boost-crypto-adoption-musk-dad-200-m-memecoin-raise-finance-redefined

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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“CBDC is the beginning of another evolution” Anndy Lian told Blockchain Today Magazine

“CBDC is the beginning of another evolution” Anndy Lian told Blockchain Today Magazine

South Korea leading blockchain magazine “Blockchain Today Magazine” published Anndy Lian’s thoughts on CBDC. This quote can be found on Blockchain Today Magazine, Volume 29 Special Edition, page 43.

암호 화폐 지불에 대한 수요가있을 때 암호 화폐 채택 으로 시장을 이끌 것이고, CBDC는 또 다른 진화의 시작입니다. 개인 적으로 가장 매력적인 사용 사례는 CBDC라고 생각합니다. 투명한 외환으로 연중 무휴 24 시간 국제 거래를 돕는 디지털화는 믿을 수 없을만큼 강력합니다. XRP, BNB, LTC 또는 스 테이블 코 인은 CBDC 이니셔티브에 맞춰 디 지털 법정 화폐를 교환하기위한 브리지 자산 역할을 할 것입니다. 블록 체인 및 암호 화폐 회사가 코 인과 블록 체인 기술이 미래 CBDC의 형성에 어떻게 도움이 될 수 있는지 보여주기 위해 이제 첫 번 째 단계를 밟아야합니다.- Anndy Lian, Advisory Board Member, Hyundai DAC

When there is demand for cryptocurrency payments, it will lead the market to cryptocurrency adoption, and CBDC is the beginning of another evolution. Personally, I think the most attractive use case is CBDC. Digitization is incredibly powerful, helping international trading 24/7 with transparent foreign exchange. XRP, BNB, LTC, or stablecoin will serve as a bridge asset to exchange digital fiat currencies in line with the CBDC initiative. Blockchain and cryptocurrency companies must now take the first step to show how coins and blockchain technology can help shape the future CBDC. (Direct translation by Google Translate)

CBDC stands for “central bank digital currency,” a new type of currency that governments around the world are experimenting with. Central banks have constantly evolved through the centuries, and history shows that. CBDCs is one o which. For a start, CBDC would ensure that economies go digital. It is more than just another way to pay. It is a catalyst for currency innovation.

Original Source: https://ebook.etarae.com/blockchain_today/02/#p=43

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Anndy Lian Shared his views on the role of Central Bank Digital Currencies and Cryptocurrencies at Singapore Cloud & Datacenter Digital Summit

Anndy Lian Shared his views on the role of Central Bank Digital Currencies and Cryptocurrencies at Singapore Cloud & Datacenter Digital Summit

Anndy Lian moderated a session on Fintech Market Analysis: The Impact of Interconnectivity in Singapore at the Singapore Cloud & Datacenter Digital Summit on 26 November 2020. In his speech, he shared his views future of the Fintech market and the role of Central Bank Digital Currencies and Cryptocurrencies (CBDC).

“I think at the right time, and when there is a demand for cryptocurrency payments is there, it will drive the market towards crypto adoption. CBDC is the start of another evolution.” Anndy Lian commented.

Joel Yarbrough added, “Personally, I think the most compelling use case is CBDC. The digitalisation of currency helping cross border trading 24/7 with transparent foreign exchange is incredibly powerful.”

Anndy shared further that he is still advising governments in the region on blockchain matters and the more innovative ones are looking at using core crypto coins, e.g. XRP, BNB, LTC or stable coins to act as a bridge asset to exchange digital fiat aligned to their CBDC initiatives. He also highlighted separately that blockchain and cryptocurrencies companies must take the first step to showcase how their coin and technology can help the formation of the future CBDCs.

This session came at the right time where the pandemic COVID19 accelerates Singapore’s digital push. The drive for digitisation is more substantial than before and behind the powerful force is Singapore’s Government taking the lead and setting aside more than S$500m to assist Singaporeans and local businesses manage the crisis through digital transformation. Today at another media interview, Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore mentioned that year to date, there are already $1.3 billion of Fintech investments made.

The panel lead by Anndy Lian (Hyundai DAC Technology) and with panellists Khuan Yew Lee (Fave), Joel Yarbrough (Rapyd) and Varun Mittal (EY) discussed topics like:

1. What’s driving the growth of contactless payments in the digital transformation of Singapore?

2. Fintech is an ever-evolving industry, with its mandate broadening with each iteration (1.0, 2.0 and now 3.0). At the same time, early fintech players like Paypal are at no risk of going out-of-date due to the evergreen necessity of payment platforms. Where do you see the most significant potential for fintech expansion in Singapore?

3. Many estimations are putting the adoption rate of digital payment platforms at an all-time high. Even for cloud-native companies, this presents capacity challenges. How do you deal with speeding up deployment to match this demand?

4. How do you see the embrace of blockchain influencing the fintech market (more than it already has)?

Singapore Cloud & Datacenter Digital Summit has brought the top 200 IT and data centre professionals to hear from industry leaders and new entrants on what to expect from a hub market, the downstream opportunities to the edge markets, and the innovation of technology in the space of Cloud Computing, connectivity, cybersecurity and data centres. Other speakers include: Daryl Pereira (KPMG Singapore), Palaniappan Muthuraman (Piller Power Singapore Pte. Ltd), Clement Goh (ST Telemedia Global Data Centres), Atul Babu (PCCW Solutions Limited), Anthony Hodge (Standard Chartered Bank)

BLOCKCAST reported this session. BLOCKCAST.CC a broadcasting news source for the blockchain community founded in Singapore.

About Anndy Lian:

Anndy Lian is an early blockchain adopter and experienced serial blockchain entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030” and currently the Advisory Board Member of Hyundai DAC Technology. He plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organisation committed to improving productivity in the Asia-Pacific region. Anndy is also part of the Gyeongsangbuk-do Blockchain Special Committee, Government of Republic Korea, together with industry experts such as Brock Pierce. You can read more about Anndy’s work at www.anndy.com

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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