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BlackRock CEO: Bitcoin and cryptocurrencies may undermine the international status of the US dollar

ChainCatcher news, according to Beincrypto, BlackRock CEO Larry Fink claimed in a recent letter that Bitcoin and cryptocurrencies could undermine the international status of the dollar. If investors view Bitcoin as a hedge against dollar inflation, this could lead to serious issues. However, he also insisted that the industry has many advantages, particularly through tokenization.Larry Fink stated that the best interests of cryptocurrencies do not always align with traditional finance (TradFi) or the dollar. He said, "For decades, the U.S. has benefited from the dollar's status as the global reserve currency. But that does not guarantee it will always be so. By 2030, mandatory government spending and debt servicing will consume all federal revenue, leading to a permanent deficit. If the U.S. cannot control its debt... it could potentially relinquish this status to digital assets like Bitcoin."It is important to clarify that Fink insists he supports cryptocurrencies and listed several real problems he believes cryptocurrencies can solve. He expressed particular interest in asset tokenization, claiming that digital-native infrastructure will improve and democratize the traditional financial ecosystem. Despite these advantages of cryptocurrencies, Fink also acknowledged that if mismanaged, cryptocurrencies could pose dangers to the U.S. economy. He discussed the long-standing practice of using cryptocurrencies to hedge against inflation, which is a prudent approach for many assets.

Pakistan plans to create a legal framework for cryptocurrency trading to attract international investment

ChainCatcher news, according to Bloomberg, the CEO of the Pakistan Crypto Council, Bilal bin Saqib, stated in an interview that the country aims to establish a clear regulatory framework to manage digital asset activities to promote the development of the local ecosystem.Saqib said, "Pakistan will no longer stand by; we want to attract international investment because Pakistan is a low-cost, high-growth market, with 60% of the population under 30 years old. We have a local workforce ready to build Web3." Saqib pointed out that he hopes to make Pakistan the cryptocurrency capital of South Asia, competing with Dubai, Singapore, and Hong Kong for leadership in the blockchain space.This legalization plan was proposed after Saqib was appointed as the chief advisor for digital asset management to the finance minister earlier this month. He will also provide advice on exploring the use of artificial intelligence to improve government efficiency, optimize decision-making processes, and drive innovation in public sector operations. Saqib said, "Trump is making cryptocurrency a national priority, and every country, including Pakistan, will have to follow suit."According to Chainalysis data, Pakistan ranks ninth globally in cryptocurrency adoption rates. Saqib mentioned in the interview that there are approximately 15 to 20 million cryptocurrency users in Pakistan.
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