President of the United States Joe Biden will issue an Executive Order defining the government’s position on cryptocurrencies on March 9, 2022.
The White House made an official statement on March 9 outlining the government’s first approach to safeguard consumers, financial stability, national security, and address climate problems.
The statement specifically declares:
“President Biden will sign an Executive Order outlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.”
Furthermore, the White House stated in a press release:
“The Order lays out a national policy for digital assets across six key priorities: consumer and investor protection; financial stability; illicit finance; U.S. leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation.”
In summary, the Executive Order aspires to position the United States as a leader in international involvement and worldwide management of digital assets in a manner that is consistent with democratic values and the interests of the United States.
When President Biden signs the executive order, the White House will urge government departments to investigate the legal and economic implications of the development of the United States’ own central bank digital currency (CBDC), according to the statement.
The government thinks that by prioritizing research and development of a possible US CBDC, issuance will be judged in the national interest. The Order orders the US Government to analyze the technological infrastructure and capacity requirements for a prospective US CBDC in a way that preserves the interests of Americans.
In anticipation of Biden’s trademark privacy currencies, such as Monero (XMR), the crypto market has risen by up to 20% in the previous 24 hours.
Meanwhile, the price of Bitcoin has soared by more than 8% in the previous 24 hours following the unintentional publication of a draft executive order by President Biden.
On Wednesday morning, cryptocurrency values surpassed $42,000 after Treasury Secretary Janet Yellen’s letter regarding the mandate was made public online. Despite being withdrawn, a cached copy of the directive implies that it will “support responsible innovation” in the crypto area.
Many cryptocurrency industry observers believe the statement will benefit the sector since it appears to place a stronger emphasis on development and innovation rather than adopting tight rules.
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