According to reports, the Biden administration is working on an executive order to establish a government-wide cryptocurrency policy. President Joe Biden is expected to overview the policy in the coming weeks. The executive order may be disclosed as early as next month.
Some have expressed fears that the United States is lagging behind other countries, notably China on creating a cryptocurrency backed by the central bank .
On the other hand,Federal Reserve Chairman Jerome Powell, has asserted that the United States is not slipping behind and that the dollar’s standing as the world’s reserve currency is not under jeopardy.
Government-Wide Crypto Strategy in the United States
According to reports, the Biden administration is working on a first government-wide policy on digital assets, including cryptocurrency. Bloomberg reported Friday that the policy is being crafted as an executive order, citing people familiar with the situation who said that top administration officials have deliberated a lot of times on the idea.
The finished executive order is scheduled to be on President Joe Biden’s desk in the coming weeks, .The directive will go through the economic, regulatory, and national security issues that cryptocurrencies present. It will also instruct other federal authorities to weigh in on the risks and opportunities associated with cryptocurrency.
In the second half of 2022, the administration will be expected to provide reports on their results.
The Financial Stability Oversight Council, for example, will assess the potential systemic implications of digital assets. A separate investigation will look into the usage of cryptocurrency for illegal purposes. The Biden administration is also expected to weigh in on the prospect of the Fed issuing a central bank digital currency (CBDC). The Federal Reserve released a long-awaited study on CBDC on Thursday and invited public feedback through May 20.
Telegram founder weighs in on the instabilities of the crypto verse
The Cryptocurrency world has been extremely shaky in the past week. Bans, regulations, dips, it’s seen it all.
According to Pavel Durov, the guy behind Telegram, the planned cryptocurrency prohibition by the Central Bank of Russia (CBR) will ruin a number of high-tech industries and result in an exodus of IT workers. The Russian businessman also warned that the restricted approach will stifle the growth of blockchain technology. Durov stated in a Telegram message:”No developed country bans cryptocurrencies. Reason: such a ban will inevitably slow down the development of blockchain technologies in general. These technologies improve the efficiency and safety of many human activities, from finance to arts”.
Telegram houses a huge community of Crypto enthusiasts on their channel so it’s going to be intresting to see how the community reacts to this statenrhy
