It expected that Joe Biden; the president expected to sign the executive order on crypto currency. It will mark the initial step ahead and is regulating the ways of trading of crypto, the digital currency.
However, move comes like the administration officials that also have raised concerns in last few weeks. It is about the usage of Russia for crypto currency for simply evading impact of easily crushing sanctions. They are in the response to their invasion of the Ukraine. Also, the sanctions are also sent with ruble to various historic lows. At the same time, they have even closed the stock market of the country.
Two people those which are familiar with process mentions that executive order on the crypto currency was also much expect to be also issue. It also had been in works quite long before this war. Also, people spoke about the condition of the anonymity for the purpose of previewing the order
Executive order on Crypto Currency!
Such order is also well expect to describe about the government agencies. This also includes Treasury Department and this need to also develop the policies as well as regulations about the digital currencies. This even expected to consist the request for State Department. They could also make sure that laws of crypto currency well aligned with the one which are US allies. They will also ask about the council of Financial Stability Oversight. This also simply monitors stability of U.S. financial system and it also study the concerns of illicit finance.
As an addition, the order may even explore possibility of the digital currency of central bank. Moreover, Federal Reserve which issued with the paper on topic that explores benefits and risks of the digital currency that backed by US. While the officials of US have also played down significance of the crypto currency for ability of Russia to avoid sanctions that is still a concern.
