US Treasury begins research on cryptocurrency

The US Treasury is conducting additional research on cryptocurrencies. The The organization is looking forward to studying The benefits, risks, and drawbacks that come with the space to align itself with the recent cryptocurrency executive order issued by “sleeper” Joe Biden.

Treasury wants to know about cryptocurrency

The Cryptocurrency Executive Order was issued several months ago. Biden earned temporary praise for being the only president involved in pushing crypto regulation, although that praise quickly faded when traders and analysts everywhere saw that he had done nothing to end the bearish conditions in the crypto market since the beginning of the year.

Bitcoin, the world’s number one digital currency by market capitalization, was trading in the $30,000 high range at the time. At present, the coin is trading at less than 20 thousand dollars. An ugly sight, to say the least…

The executive order also allegedly opened the door to a digital form of the US dollar. To be fair, this was an idea long advocated by Jared Kushner, President Donald Trump’s son-in-law and former advisor to President Donald Trump, although it can be argued that Kushner has received little attention for his actions, and Biden – he has preserved his talent for plagiarism – He issued the digital dollar order in his executive order.

Under the influence of this executive order, the US Treasury is now conducting research into the risks and opportunities that the cryptocurrency space is known to offer. The Treasury is seeking help and advice from central banks in figuring out what is needed to regulate stablecoins and issue central bank digital currencies (CBDCs).

In a statement, Nili Liang, Treasury Under Secretary for Domestic Finance, explained:

For consumers, digital assets may offer potential benefits such as faster payments, as well as potential risks, including risks related to scams and fraud.

The need for regulation has always been a hot and discussed topic in the world of digital assets. Many claim that without regulation, the crypto space cannot achieve mainstream or legitimate status. The industry is riddled with fraud, scams and illicit activity, and rules must be in place to protect the arena and its players.

Not everyone likes the idea of ​​organizing

However, there are many who say that regulation goes against everything that cryptography stands for. They say the digital currency space was initially created to give people complete monetary independence and autonomy. They will be free from prying eyes and will not be subject to the decision-making power of third parties or traditional financial institutions.

With regulations in place, they believe that the cryptocurrency industry will become as central as the financial world it has been working against. Thus, they worry that things may eventually get out of control and that cryptocurrencies will be heavily subject to government influence, ultimately defeating their purpose and objectives.

Tags: Biden, cryptocurrency regulation, Treasury

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