President Joe Biden signed an order that included the government’s oversight of cryptocurrency on Wednesday. The Crypto Industry is so far being seen as a positive step but the risks, as well as opportunities of digital assets, are increasing day by day. The order signed by President Biden includes tasks to agencies with an assessment of such risks including the creation of the new digital currency in the United States.
According to the statement, given by the White House, it’s an opportunity for America to lead in the global financial system with the rise of cryptocurrencies. The Biden administration has approved this technology and is moving forward with it to take it to the greater height. Cryptocurrencies, however, have implications on customer protection and their stability and security as per the statement.
The Executive order calls for measures of:
- Protect U.S. Consumers, Businesses, & Investors
- Global Financial Stability and Reduce Risks
- Reduce National Security Risks
- Promote U.S. Leadership in Technology
- Promote Equitable Access Financial Services
- Support Technological Advances
- Explore a U.S. CBDC
The above orders will be fulfilled after President Biden has signed the executive order.
The crypto community was quick and keen to celebrate the announcement. Many of the crypto entrepreneurs said it to be a hopeful moment while many said America is moving towards a better digital future. The Chief Policy Officer at Coinbase claimed it is a celebrative moment for all Americans. He added “we look forward to continuing our work within laws and jurisdiction created by the US government and encourage and protect public participation in crypto transformation.