Tuesday, October 4, 2022
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US steps up to regulate digital currency As President Biden to sign crypto executive order

From last year, the United States has been systematically designing its Digital Dollar, or central bank digital currency (CBDC). Following the Federal Reserve’s publication of a report on CBDC at the end of January, President Joe Biden is likely to sign an executive order on crypto laws this week, stepping up attempts to regulate the digital currency.

The White House’s strategy to cryptocurrency has received renewed interest in the 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 currency, the projected central bank digital currency (CBDC).

President Joe Biden is expected to sign an executive order this week defining the US government’s cryptocurrency policy. The executive order urges federal agencies to investigate potential regulatory changes, as well as the national security and economic consequences of digital assets.

Senator Ron Wyden of Oregon and several members of Congress, on the other hand, embrace innovative technology such as cryptocurrency and Bitcoin.

 On the other hand, Senator Ron Wyden  and several members of Congress, encourage innovative technology such as cryptocurrency and Bitcoin.

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