And What the U.S. Financial Stability Board Just Did…
What's going on with crypto around the world? Too often when people take a look at Bitcoin or other digital assets, they treat it as a US thing. We have to remember that digital assets, blockchain technology is a global asset and a global innovation that operates 24/7.
What's going on around the world? In Dubai, they've announced a metaverse strategy. They say they're going to create 40,000 virtual jobs, adding $4 billion to its economy over the next five years.
In the Central African Republic, they've just launched their own CBDC. They call it the Sango coin. And the project plans to raise $1 billion as part of the country's plans to tokenize their mineral resources.
And then there's Nubank, Brazil's largest digital bank. They have 54 million customers and they're now allowing them to buy bitcoin. By the way, guess who's a big owner of the bank? Warren Buffett. He's got $2 billion invested in Nubank.
In the U.S. we have the Financial Stability Board. This includes Treasury officials and central bankers from the G20, the world's 20 most important economies around the world. The United States, of course, leading the G20. The Financial Stability Board has just announced that it's going to come up with rules ensuring what they call robust regulation and supervision of crypto. They're going to deliver an outline next month.
This is a really important development because it shows that they're not talking about banning crypto. They're talking about regulating and supervising crypto. It's sort of like saying we're not going to prevent cars from being on the road. We're just going to have traffic cops making sure those cars drive safely. And that demonstrates that crypto is going to become more and more commonplace than ever. Once you've got rules of the road, you have an increase of safety and a greater expectation of usability. This is all growing and the governments are helping to support it.
Meantime, here in the United States, the CFTC, the Commodity Futures Trading Commission, has launched a new Office of Technology Innovation to help it engage in the regulation of crypto. And California is now allowing political contributions in the form of crypto so you can donate your Bitcoin and Ethereum and other digital assets to your favorite politician. Meanwhile, the Treasury Department is creating its own crypto policy and it is now asking for public comment, demonstrating further advances. Rules and regulations are on their way, and that is a very healthy sign for the permanence of digital assets.
My prediction has been on the record for some time, and I'll repeat it for you here. You will own digital assets. The only question is when will you choose to first buy? You can do it now at today's prices or you can wait. It's entirely your call.