US President Joe Biden Wants a National Strategy For Cryptocurrencies

Abdul Ghani

Several authorities are said to be investigating the risks and opportunities of cryptocurrencies for the USA - including a bank-backed currency. US President Joe Biden has signed an executive order detailing a government-wide strategy regarding cryptocurrencies. As Engadget reports, several government agencies are to work out the opportunities and risks of cryptocurrencies and design a national strategy.

https://img.particlenews.com/image.php?url=3TYjbv_0eaPoP6Z00
US President Joe Biden On Cryptocurrency.Image From Pixabay

Among other things, the Ministry of Finance is to develop policy measures that regulate the crypto market as far as necessary. This is intended to reduce the risks for participants in the market, i.e. both private individuals and companies. The Financial Stability Oversight Council is designed to identify economic risks.

The executive order also urges investigations into a bank-backed, centralized digital currency. The aim is to work together with the US central bank, the Federal Reserve, as well as with other countries.

Digital Currency With Bank Support

President Biden's executive order aims to regulate the crypto market while also reaping the benefits of digital currencies. A Bank-supported digital currency would have the advantage that it would not be as susceptible to price fluctuations as Bitcoin, for example. At the same time, such a currency would lack the central feature of most cryptocurrencies: the absence of a central regulator.

With the new executive order, the US government is formulating a proactive approach to crypto and digital currencies for the first time. So far, like most countries in the world, the US has tended to react to developments and has limited itself to pointing to a political-economic approach that is yet to be developed.

Comments / 0

Published by

Member Of Freelancers Union (USA), Freelance Writer!, and Digital Creator. Ghani Mengal is an enthusiast Freelance blogger and digital marketer. His content has been published and featured on many popular blogs, websites, and publications. Including TeelFeed, LifeHack.org, Data-Driven Investor, TextSniper, Scientific Publication The Predict, The Startup, The Ascent, Heart Affairs, Illumination, And The List goes on.

N/A
2369 followers

More from Abdul Ghani

Comments / 0