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WHO IS DAVID SACKS? AND WHY HAS DONALD TRUMP MADE HIM CRYPTO CZAR?
▪️David O. Sacks Becomes White House AI & Crypto Czar Under Trump’s Administration.
▪️Former PayPal COO Brings Expertise in Tech and Venture Capital to Federal Leadership.
▪️Close Ties to Trump and Musk May Boost Fresh AI-Crypto Strategies for U.S. Leadership.
Former PayPal executive and renowned venture capitalist David O. Sacks has been appointed by Donald Trump as the White House’s first “AI & Crypto Czar.” This new role is part of Trump’s plan to position America as a global leader in artificial intelligence (AI) and cryptocurrency, two rapidly growing fields shaping the future. The announcement came shortly after Bitcoin reached its $100k milestone.
Why Trump Appointed David Sacks Only?
In a post on Truth Social, Trump announced Sacks’ appointment and highlighted his mission to create a clear legal framework for the cryptocurrency sector. However, Trump’s decision to appoint Sacks arose from his impressive track record as a tech entrepreneur and investor.
Sacks, a founding-era COO of PayPal and a key member of the “PayPal Mafia,” has built and supported some of Silicon Valley’s most successful ventures. His expertise in technology and finance makes him tackle the challenges and opportunities in AI and crypto effectively.
Meanwhile, some experts even hint that Trump’s decision to appoint Sacks is seen as a reward for his loyal support during the campaign. Sacks played a pivotal role in fundraising for Trump, helping to raise $12 million during a high-profile event earlier this year.
What Changes Could Sacks Bring?
David Sacks will focus on creating clear rules for cryptocurrencies to remove confusion and help the U.S. digital asset industry grow. His goal is to support crypto businesses and position the United States as a global leader in digital innovation.
According to Trump, he will “steer us away from Big Tech bias and censorship,” ensuring a balanced digital landscape that supports open discourse. Sacks will also focus on safeguarding free speech in the online space
Additionally, Sacks will chair the Presidential Council of Advisors for Science and Technology, guiding the administration’s policies on emerging technologies.
Sacks Close Ties to Trump and Musk
Sacks has been a strong Trump supporter of Trump, hosting fundraisers and rallying tech industry donors. He also shares close ties with Elon Musk, who has made waves in AI through his company xAI and chatbot Grok. This connection could bring fresh ideas and partnerships to the administration’s tech strategy.
@ Newshounds News™
Source: Coinpedia
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PHILIPPINES COMPLETES WHOLESALE CBDC TRIAL
Today Bangko Sentral ng Pilipinas (BSP) said it completed Proof of Concept trials for its Project Agila wholesale central bank digital currency (wCBDC) along with participating financial institutions.
Specifically, the latest trial tested whether banks in the Philippines can pay each other outside of bank operating hours during evenings, weekends and holidays.
“Wholesale CBDCs are expected to enhance liquidity management, reduce settlement risks, and support financial stability,” said BSP Governor Eli M. Remolona, Jr.
“Insights from this project will guide the BSP’s CBDC roadmap. Our goal is to leverage new technologies to further enhance the efficiency and resilience of the national payment system.”
While the bank hasn’t yet released a report about specific findings, the central bank shared its plans earlier in the year. Many wCBDC trials are quite speculative, but this one is less so.
The central bank plans to launch a wCBDC during Mr Remolona’s term, which ends in 2029. It is expected to be sooner rather than later, with 2025 or 2026 previously floated as potential timeframes.
Apart from out of hours payments, the wCBDC will potentially be used for securities settlement and cross border payments. The central bank is an observer in the mBridge DLT cross border payment system used by the central banks of China, Hong Kong, Saudi Arabia, Thailand and the UAE.
During 2023 the BSP assessed various blockchain technologies, selecting Hyperledger Fabric.
@ Newshounds News™
Source: Ledger Insights
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@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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