[ad_1]
President Biden is set to sign an executive order on Wednesday directing the federal government to review the regulation of cryptocurrencies and central bank digital currency.
The order has been in place for months and aims to better address the risks and benefits of growing digital assets and explore the possibility of digital dollars.
“The rise in digital assets creates an opportunity to strengthen American leadership in the global financial system and the technological frontier, but also has significant implications for consumer protection, financial stability, national security and climate risk,” the White House said in a statement. . The United States must maintain technological leadership in this rapidly growing space by supporting innovation while mitigating risks to consumers, businesses, the wider financial system and the climate.”
The Emir mandates the U.S. Treasury and other agencies to “assess and develop policy recommendations to address the impact of the growing digital asset sector and changes in financial markets for consumers, investors, businesses and equitable economic growth.”
The Biden administration said the move is a response to “explosive growth” in digital assets as the country copes with the growing popularity of digital currencies and is considering the creation of a US central bank digital currency.
“The Administration will continue to work across institutions and with Congress to create policies that protect against risks and guide responsible innovation, with our allies and partners to develop cohesive international capabilities that respond to national security risks, and with the private sector to review and support technological work. “The developments in digital assets,” the White House said.
[ad_2]
Source link