Cryptocurrencies are making their way into the mainstream world. They are now being recognized by countries, states, and international organizations as well. People are making their peace with the fact there is no other way around crypto, as it is the next big thing in the global economic structure. In a recent development, US President Joe Biden is said to show some interest in the regulation and issuance of cryptocurrencies.
Joe Biden is reported to sign an executive order about cryptocurrencies during this week. This order will mark a new beginning towards crypto regulation. It is also expected to propel the reach and popularity of digital currencies in the country.
Previously, administrative authorities had also raised their concerns over the use of crypto by Russia to find a way out from the imposed economic sanctions. Therefore, this is a major development for the crypto community in the region.
Joe Biden will sign an executive order to explore new crypto possibilities
The news was reported by two people that also shared further details about the executive order for cryptocurrencies. They have maintained their anonymity. They said that the order was in progress for a long time, even before the Russian invasion of Ukraine. However, the war might have escalated the progress on the order which will be issued this week.
The executive order from Joe Biden will explain the role of government agencies for the regulation of digital currencies. The State Department will also be involved to make sure that the new crypto laws stay in line with the laws of American allies. The Department will also be instructed to join hands with the Financial Stability Oversight Council to dig upon the financial concerns lingering around cryptocurrencies.
In addition to this, the order will also surf through the possibilities of a new central bank digital currency. The topic of a US-backed digital currency was in talks for quite a while. The Federal Reserve of the country had also released a paper on its pros and cons in January.
The order from President Joe Biden will carry a lot of weight. It might set the route for the future of cryptocurrencies and digital assets in the country. It also shows that the government is all set to make crypto a part of its economic structure. The order will ensure that crypto stays a part of the American economy for several years to come.
