Biden’s executive order on cryptocurrencies is finally out. Cryptocurrencies are highly volatile. These digital assets involve lots of risks with them. Do you stay away from investing in the crypto market because of such risks? Here is some good news related to Biden’s executive order on cryptocurrencies.
Yes, you read it right, The US president’s order is finally out and it relates to cryptocurrency. The order requires the Commerce Department, the Treasury Department, and major agencies to make reports related to the role cryptocurrency will play and the future of money.
This is something huge and will benefit the investors. Here is a post on ‘Biden’s executive order on cryptocurrencies’ that will provide detailed information. We have made a note of everything you need to know about Biden’s executive order on cryptocurrencies.
Let’s get started with the post and find out more details.
Biden’s Executive Order On Cryptocurrencies
The US President, Joe Biden, has signed an executive order related to cryptocurrency recently. It was supposed to be out by February but due to the Ukraine conflict, it was delayed. Biden’s executive order on cryptocurrencies has asked the government to inspect the advantages and risks involved in cryptocurrencies.
The order was signed by Biden on 9th March. The Commerce Department, the Treasury Department, and various major departments are directed to prepare and submit a report to the White House by September. The order requested the report to focus mainly on the enhancement of financial inclusion through digital dollars.
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The report should include the benefits and costs associated with digital coins after proper analysis. The implications of economic growth and development should be a part of the report. It should also include the impact on the greenback’s status of foreign digital dollars.
This will help the United States to play a major role in not just innovation but in the governance of digital assets. The Federal Reserve is also encouraged to create a strategic plan on how to implement the US Central Bank Digital Currency. It is also motivated to continue the currently going on research.
The news impacted the crypto market as Bitcoin saw a major rise by 9.1% to $42280. This move can be beneficial as the importance of cryptocurrencies can be seen. The consequences of cryptocurrency for the US and global financial systems can also be acknowledged.
The order announced by the White House is claimed to be an effort in order to promote innovation along with mitigation of risks involved for investors, consumers, businesses, etc. This would help to boost financial inclusion and remove the inefficiency in the present system of payments in the United States. The poor Americans who do not have access to bank accounts because of very high fees will benefit via this step.
There has been a positive response to the executive order. Many people have considered it a positive and long-term oversight in crypto. However, Hilary Allen, a financial regulation professor, has warned against moving so fast in embracing cryptocurrency. Many participants have welcomed the idea while few are opposing it.
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There are mainly six major priorities that are focused on through Biden’s measure.
- Financial Stability.
- Investor and Consumer Protection.
- Responsible Innovation.
- Illicit Activities.
- The leadership of US in the global financial system and economic competitiveness.
- Financial Inclusion.
The move has witnessed a positive impact on the crypto markets. It is a step towards long-term success and growth.
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Many investors have welcomed this idea of the government’s involvement in cryptocurrency. It would be interesting to see if the present rise in cryptos will stay for a longer time or not. Stay tuned to our website. We will keep you timely updated with the latest news.