Biden Will Sign Cryptocurrency Executive Order Midweek

As the US has lagged in creating a regulatory framework for cryptocurrencies, Biden is about to set things right by signing an executive order.

After the order is signed, federal agencies will initiate studies about cryptocurrency that are expected to span over 9 months. One of the main objectives of the series of studies will be to identify if there is a possibility of issuing a digital dollar by the central bank.

If the plan for the digital dollar materializes and the federal reserve issues the virtual currency, it will alter the dynamics of existing international payment systems along with the entire domestic and global banking industry. Unlike other world governments, the US has lagged in devising regulations to control digital currencies that have exceeded $1.7 trillion in recent times.

Although the order will not create a directing policy, it would throw some light on the disruption that has been caused in conventional payment and banking systems. In case, a digital dollar is created, it will allow people to send money to one another without using banks as mediators for that exchange.

Department of Homeland Security, Treasury Department, Justice Department, Commerce Department along with the Office of the Director of National Intelligence are expected to provide their input in the decision.

Attorney General’s office will be studying if new legislation is needed for the digital dollar. Moreover, the office of science and technology policy will research the tech-related requirements. Considering the impact of cryptocurrency on the environment, the EPA will investigate the environmental implications of digital assets.

Also read: 10 Cryptocurrency investments that could boom in 2022

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