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Cryptocurrency Executive Order Finally Issued by White House

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Last Wednesday, President Joe Biden signed a cryptocurrency executive order. The order looked into regulating cryptocurrencies.  It also looked into the possibility of a digital dollar. The EO was a long-awaited directive on how to govern and regulate digital assets.

RELATED: Biden to Sign EO on US Cryptocurrency Strategy

Historic Cryptocurrency Executive Order

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Reports said that the delay in issuing US policy on cryptocurrencies and a digital dollar was due to internal disagreements. White House officials reportedly clashed views with Treasury Secretary Janet Yellen. This led to delays in finalizing and issuing the official government policy rollout. 

Earlier, the digital asset markets got an advance copy of the cryptocurrency executive order. The Treasury department accidentally put out a statement ahead of Biden’s announcement. The now-deleted statement is called the EO historic. 

Cryptocurrency Executive Order Finally Signed Last Wednesday 

Biden finally signed the cryptocurrency executive order. Per the White House fact sheet, the EO called on federal agencies to take a unified approach to regulation and oversight. One major part of the directive involves protecting consumers. The government said that there were too many stories of citizens falling for crypto scams. Consequently, the White House called on the Treasury Department to assess and develop policy recommendations on cryptocurrency. Regulators should “ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.”

Cryptocurrency Executive Order Also Mentions Possibility of Digital Dollar

The US government also finally admitted to wanting to explore a digital dollar. China led the charge in the issuance of a central bank digital currency (CBDC). Now, many Chinese citizens are using smartphones to make payments and handle their finances. However, Biden didn’t exactly say that the US will launch its own digital dollar. Instead, he called on the government to prioritize the research and development of a potential US CBDC. 

Prior to the EO, the Federal Reserve already started its research on a potential digital currency. The US central bank released a massive report listing the pros and cons of having a virtual currency. However, it did not take a specific position on whether the US should adopt one. The report did admit that CBDCs can speed up payment processing. But, policymakers still need to evaluate a number of concerns about privacy and stability. 

Concerns Over Crypto Trading

Also, the Biden cryptocurrency executive order wants the US to root out illegal activities tied up with crypto trading. Biden called for yet another unprecedented focus of coordinated action from federal agencies. He wants the government to mitigate illegal financial transactions and plug national security risks from cryptocurrencies. This includes encouraging international cooperation on the matter.  

Last month, the US government seized around $3.6 billion worth of bitcoin-related to the Bitfinex hack in 2016. This is the government’s largest seizure of cryptocurrencies ever.  With Russia’s invasion of Ukraine, governments are also raising concerns about the possible use of crypto to circumvent sanctions. However, proponents insist that crypto actually makes it more difficult to launder money. All cryptocurrency transactions remain on public display via an unchangeable record-keeping system. This system is more known as the blockchain.

Watch the Associated Press video reporting that US President Joe Biden signs executive order on cryptocurrency

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Do you support cryptocurrency trading? In addition, do you also support the creation of a digital dollar? What do you think are the benefits of having a US central bank digital currency?

Tell us what you think about cryptocurrency and a digital dollar. Share your thoughts below.

6 Comments

6 Comments

  • Sam says:

    I’m not a fan of digital.currency but here comes the next thing the most corrupt government in the world will ruin.

  • Anonymous says:

    Agree 100%

  • Texas Heart Breaker says:

    YOU THINK WE HAVE A LOT HACKING GOING ON NOW ? JUST WAIT, IF WE GO TO A DIGITAL DOLLAR THEN HACKERS WILL BE COMING OUT OF THE WOOD WORK. EVERYONE WILL BE LOSING ALL THEIR MONEY TO HACKERS. BECAUSE YOU CAN NOT HOLD YOUR MONEY IN YOUR HANDS.
    THE GOVERNMENT WILL KNOW EVERY SINGLE THING YOU SPEND YOUR MONEY ON.
    DO YOU REALLY WANT BIG BROTHER WATCHING EVERY SINGLE THING YOU DO JUST LIKE COMMUNIST CHINA IS DOING RIGHT AT THIS MOMENT WITH THEIR DIGITAL YEN !!!!!

    ” FUCK JOE THE HO BIDEN”!!!!!

  • diane p says:

    The more we lose to their control the more we lose freedom. Crypto is not convenience it’s tracking you and taxing you. It’s not smart and young people NEED to see this and stop paying with their phones. Do thru the US mail with a check or actual paper cash. This is not something that will go well at all.

  • larry losey says:

    down with the corrupt democrats they are raping americans and we are all at fault for letting it happen impeach biden only way out

  • MagPieSugarPlum says:

    I am a fan of digital currency. I don’t believe that the government should take part in regulating our currency since it has been so corrupt and I just don’t trust the government anymore.

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