Since last year, the United States has been methodically designing its Digital Dollar, or central bank digital currency (CBDC). Following the Federal Reserve’s publication of a paper on CBDC at the end of January, President Joe Biden is expected to sign an executive order on crypto regulations this week, stepping up efforts to regulate the digital currency.
The executive order directs the Justice Department, Treasury Department, Commerce Department, and other government departments to investigate the legal and economic implications of developing a digital currency issued by the US central bank.
The White House’s approach to cryptocurrency has received renewed attention in recent weeks as the United States and other countries imposed sanctions on Russia in response to its invasion of Ukraine, raising concerns that Russian companies and individuals could use cryptocurrency to circumvent the sanctions.
Furthermore, in February 2022, the Bank of Russia began the pilot stage of the digital ruble, the intended central bank digital currency (CBDC).
President Joe Biden is expected to sign an executive order this week outlining the US government’s cryptocurrency strategy. The presidential order instructs federal agencies to investigate potential regulatory changes as well as the national security and economic implications of digital assets.
Meanwhile, lawmakers such as Senator Elizabeth Warren and Senate Banking Committee Chairman Sherrod Brown are closely scrutinizing the crypto industry, citing worries that sanctioned persons and firms in Russia may be exploiting digital assets to circumvent sanctions. Despite this, given the small size of the market, several analysts and officials have questioned the usefulness of crypto.
Senator Ron Wyden of Oregon and several members of Congress, on the other hand, embrace innovative technology such as cryptocurrency and Bitcoin.
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