White House stated that U.S President Joe Biden signed a “historic” executive order on Digital
Cryptocurrency assets planting a national policy for Cryptocurrency based on six key areas. Benefits and risks will be examined. With the new law, the Biden administration is looking forward to a digital version of the dollar.
U.S President Joe Biden signed a long waited historic executive order on Wednesday ordering the government to examine the benefits and risks of Cryptocurrencies.
This was a long waited order, this might be the first step of accepting cryptocurrency worldwide and regulating crypto. However, this executive order was expected to sign at the end of February. With the ups and downs in the economy and with the Russian Ukraine war, it was postponed.
This executive order is directed to the Justice Department, Treasury, and other agencies to examine digital assets matter. In this order, the U.S government is looking forward to a Digital dollar combined with the US dollar. So this executive order will be considering a wide range including cryptocurrency and digital dollar.
However, President Biden had ordered the Treasury and other agencies to look forward to the result after launching the digital dollar what kind of impact will it make, and deal with ransomware and other cybercrime regarding digital assets.
A White house sheet is released regarding this,
“The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk,” says the White House released fact sheet.
President Biden’s order sets a deadline of 180 days for the reports of examination. However, the order might be changed or moved because it would require congressional approval.
Deep into the order, Biden has asked the Justice Department to look whether they need to create a new currency or what kind of changes they need to make. Especially the financial crimes will be monitored, despite the U.S will concentrate on Russia their use of cryptocurrencies to circumvent Western sanctions.
With Biden’s order, the downfalling cryptocurrency market had a laugh with a significant amount, Bitcoin was 8% higher than the previous day. according to Coinmarketcap.com
Following Bitcoin, Ethereum also had a green mark and most of the cryptocurrencies traded green. Regulating cryptocurrencies by the U.S will create a safe surrounding for investors and will make trustful ambition for future traders and investors.