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Trump orders crypto working group to draft new regulations, explore national stockpile

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 U.S. President Donald Trump on Thursday ordered the creation of a cryptocurrency working group tasked with proposing new digital asset regulations and exploring the creation of a national cryptocurrency stockpile, making good on his promise to quickly overhaul U.S. crypto policy.

The much-anticipated action also ordered that banking services for crypto companies be protected, alluding to industry claims that U.S. regulators have directed lenders to cut crypto companies off from banking services – something regulators deny. The order also banned the creation of central bank digital currencies in the U.S. which could compete with existing cryptocurrencies.

In another key action pushed for by the crypto industry, the U.S. Securities and Exchange Commission late on Thursday rescinded accounting guidance that had made it very expensive for some listed companies to safeguard crypto assets on behalf of third parties. The crypto industry said that guidance had stymied digital asset adoption.

On the campaign trail, Trump courted crypto cash by pledging to be a “crypto president” and promote the adoption of digital assets. That is in stark contrast to former President Joe Biden’s regulators which, in a bid to protect Americans from fraud and money laundering, cracked down on the industry, suing exchanges Coinbase, Binance and dozens more, alleging they were flouting U.S. laws. The companies deny the allegations.

Thursday’s order was cheered by the crypto industry, which had been pushing for the new administration to send a strong signal of support in Trump’s first few days in office.

“Today’s crypto executive order marks a sea change in U.S. digital asset policy,” said Nathan McCauley, CEO and co-founder of crypto company Anchorage Digital.

“By taking a whole-of-government approach to crypto, the Administration is making a significant first step toward writing clear, consistent rules of the road.”

U.S. President Trump signs an executive order in the Oval Office, at the White House

If implemented by the relevant regulators, Trump’s order has the potential to push cryptocurrencies into the mainstream, regulatory and crypto experts said. It follows Tuesday’s SEC announcement that it was creating a taskforce to overhaul crypto policy.

Bitcoin hit a fresh record high of $109,071 on Monday amid investor excitement over the new crypto-friendly administration, although it was down to about $103,000 as of late Thursday afternoon.

“Just days into his administration, President Trump is delivering on his promises… to keep the United States a leader in digital assets innovation,” Senator Tim Scott, the Republican chair of the Senate Banking Committee, said in a statement.

The industry has for years argued existing U.S. regulations are inappropriate for cryptocurrencies and have called for Congress and regulators to write new ones clarifying when a crypto token is a security, commodity or falls into another category.

The working group, which will include the Treasury secretary, chairs of the SEC and Commodity Futures Trading Commission, along with other agency heads, is tasked with developing a regulatory framework for digital assets, according to the order. That includes stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar.

The group is also set to “evaluate the potential creation and maintenance of a national digital asset stockpile… potentially derived from cryptocurrencies lawfully seized by the Federal Government through its law enforcement efforts.”

The order did not provide further details on how such a stockpile would be set up and analysts and legal experts are divided on whether an act of Congress will be necessary. Some have argued the reserve could be created via the U.S. Treasury’s Exchange Stabilization Fund, which can be used to purchase or sell foreign currencies, and to also hold bitcoin.

In December, Trump named venture capitalist and former PayPal (PYPL.O),  executive David Sacks as the crypto and artificial intelligence czar. He will chair the group, the order said.

By Reuters

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Digital Economy Publisher Congratulates Samuel Nartey George on his Appointment

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The Publisher and CEO of Digital Economy Magazine, Akin Naphtal recently paid a courtesy call on  Samuel Nartey George (MP), Minister for Communication, Digital Technology and Innovations, to congratulate him on his appointment. 

During the visit, the Publisher presented copies of the magazine featuring the Minister on the front page. 

The magazine profiles the Minister’s background and highlights some of his notable activities since taking office.

 Invitation to Digital Innovations Awards

The Minister was also invited to the upcoming Digital Innovations Awards, scheduled for June 27, 2025, at the Labadi Beach Hotel. 

This event aims to recognize and celebrate outstanding contributions to digital innovation in Globally. 

Mr.Samuel Nartey George expressed his gratitude for the recognition and emphasized the importance of digital innovation in driving Ghana’s economic growth. 

The Minister also highlighted the significance of collaboration between the government, private sector, and civil society in resetting Ghana’s digital agenda.

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University of Ghana (UG) Engages Ministry of Communication, Digital Technology and Innovations on Strategic Collaboration

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A delegation from the University of Ghana (UG) today visited the Minister for Communication, Digital Technology and Innovations (MoCDTI) to explore collaborative opportunities in digital innovation, skills development and policy alignment.​ 

Director of the Research and Innovation Directorate at the University of Ghana highlighted the University’s commitment to supporting national digital initiatives emphasizing the importance of aligning UG’s research and innovation efforts with governmental agendas in areas like artificial intelligence (AI) and coding.​

Professor Dodoo-Arhin noted that UG has been proactive in fostering innovation through hackathons and other programs aimed at enhancing the skillsets of young people. He expressed the University’s interest in the proposed Innovation and Startup Bill, aligning with UG’s strategic focus on innovation. 

He therefore announced UG’s readiness to provide space, expertise and certification support for government-led training programs, including curriculum development and short courses under the coders’ initiative.​

 Samuel Nartey George (MP) Minister for Communication, Digital Technology and Innovations, welcomed the UG delegation and expressed the Ministry’s openness to partnerships with academia. 

He underscored the significance of academic input in shaping policies and announced the Ministry’s commitment to completing the Digital Youth Village within three months. 

This facility, to be operated in collaboration with UG, will serve as a hub for training and innovation.​

The Minister also revealed plans to replicate such centers across the country, integrating them into a broader ecosystem to support national innovation. 

He discussed the expansion of the “One Million Coders” program to reskill and upskill Ghana’s workforce, emphasizing the role of universities in this initiative. 

The Minister highlighted the Ministry’s intent to act as an enabler for technology adoption across various sectors, including agriculture and health, leveraging AI and other emerging technologies.​

Further discussions included the formation of a steering committee to review and evaluate existing training programs, aiming to develop a unified national curriculum for technological skills, subject to approval by the Ghana Tertiary Education Commission (GTEC). 

The meeting also touched on the upcoming AI design hackathon for persons with disabilities, scheduled for May, and the 19th International Conference on Advanced Materials (ICAM), to be hosted by UG in collaboration with the International Union of Materials Research Societies (IUMRS) and the African Materials Research Society (AMRS).​

Present at the meeting were Prof. Isaac Wiafe, Computer Science Department

Ms. Mammie N. Hutchful Nortey, Senior Research Development Officer

Mr. Leslie C. Kumahlor, Research Development Officer

Mrs. Irene Y. Ashiley, Assistant Registrar and Administrator, Research and Innovation Directorate.

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EU approves 920 million euro German aid for Infineon chips plant

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The logo of semiconductor manufacturer Infineon is seen at its Austrian headquarters in Villach, Austria, June 3, 2018. REUTERS/Lisi Niesner/File Photo Purchase Licensing Rights

The European Commission said on Thursday it had approved a 920 million euro German state aid to Infineon for the construction of a new semiconductor manufacturing plant in Dresden.

The measure will allow Infineon (IFXGn.DE), to complete the MEGAFAB-DD project which will be able to produce a wide range of different types of chips, the Commission added.

Chipmakers across the globe are pouring billions of dollars into new plants, as they take advantage of generous subsidies from the United States and the EU to keep the West ahead of China in developing cutting-edge semiconductor technology.

The European Commission has earmarked 15 billion euros for public and private semiconductor projects by 2030.

“This new manufacturing plant will bring flexible production capacity to the EU and thereby strengthen Europe’s security of supply, resilience and technological autonomy in semiconductor technologies, in line with the objectives set out in the European Chips Act,” the Commission said in a statement.

The Commission said the plant – which will reach full capacity in 2031 – will be a front-end facility, covering wafer processing, testing and separation, adding that its chips will be used in industrial, automotive and consumer applications.

The aid will take the form of a direct grant of up to 920 million euros to Infineon to support its investment amounting to 3.5 billion euros. Infineon has said the plant will be the largest single investment in its history.

Infineon has agreed with the EU to ensure the project will bring wider positive effects to the EU semiconductor value chain and invest in the research and development of the next generation of chips in Europe, the Commission said.

It will also contribute to crisis preparedness by committing to implement priority-rated orders in the case of a supply shortage in line with the European Chips Act.

Source: www.reuters.com

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