Russia’s use of digital currency has raised significant concern that the country will use it to evade the recent sanctions
Biden to Sign Executive Order to Regulate Cryptocurrency
Amber Crawford with 100 Percent Fed Up reports:
Biden will reportedly be signing an executive order later this week which will outline the government’s strategy for cryptocurrencies, marking the first step towards the regulation of digital currency. This initiative, which has been in the works since last year, has been expedited in order to ensure Russia doesn’t try to use crypto to circumvent sanctions levied by the U.S. and its allies.
Detailed information on this order has not been released yet, but is anticipated to inform government agencies on what steps they must take to develop regulations on digital currencies. Federal agencies will also be required to report what they’re doing in terms of digital tokens later this year.
Bloomberg reports that the order “will direct federal agencies to examine potential regulatory changes, as well as the national security and economic impact of digital assets.”
Additionally, according to Decrypt,
“The executive order will reportedly help coordinate the role of agencies such as the Securities and Exchange Commission and Commodity Futures Trading Commission on cryptocurrency. Industry actors have long complained that guidance from the SEC and other agencies has been unhelpful as they seek to be compliant with U.S. law.”
Russia’s use of digital currency has raised significant concern that the country will use it to evade the recent sanctions which have crippled the ruble and closed the country’s stock market.
