President Joe Biden, gave an executive order earlier this year in March, to different financial department agencies to look into cryptocurrency and how it will fit into the U.S economy without incurring much damage to the country's financial statutes, a list of what is to be reviewed in this executive order include, U.S financial department to develop new policies, new rules that would help understand more about cryptocurrencies and secondly is to look into stable coins and how they are governed in terms of holding their peg so it does not crash U.S. economy.
Earlier this week new publish guidance/rule on how cryptocurrency should be regulated have been published by the white house following president Biden's executive order from March, article shared by The Economic Times newslet highlight a comprehensive guide on what the white house is looking into to make cryptocurrency suitable for it country use.
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According to published source cryptocurrency poses threat to the financial state of any country it's volatility nature has resulted in whipping out of billions and trillions of dollars of investment, and it's also used as a medium for conducting illegal transactions with a high rate of crypto scam project with clone white papers here are what the white house think a cryptocurrency will help out with and how they would likely be working on the new finance technology.
Crypto as a decentralized financial system will help improve inter-country transactions, between users from different countries U.S financial bodies are to work in hand, to make crypto transactions super reflective.
Educational program that will enlighten citizens on the use, and implications of cryptocurrency. a platform where users can learn more about cryptocurrencies.
FEDNow2023 is a 24/7 digital banking system that will allow real-time payment of digital assets.
U.S treasury department to look in-depth into decentralized finance (DeFi) and NFT in 2023.
More to detail release are; cryptocurrency environmental impact, security, and countering of illicit money laundering.
Final thought
The U.S department seems a bit flexible with its new regulatory policy, it's more like looking into working and considering adopting digital currency into its financial system, but from another perspective centralization seems to play out, it's obvious that governments would like to control how crypto space is govern and to do so it has to look at ways it would work with the system.
What are your thoughts on this new regulation policy
greetings@ mccoy02
the expansion and development of the cryptographic world is inevitable, now no doubt that governments have no choice but to seek mechanisms that are harmonious with their financial systems to avoid being forgotten, and the financial hegemony is behind us, the cryptographic world is one step ahead.
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The fact that crypto can't be easily stopped is a good new for crypto users but I fear the government might want to device means of controlling users into believing crypto isn't that good let's see what will happen next with the new regulation.
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@tipu curate
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Upvoted 👌 (Mana: 3/6) Get profit votes with @tipU :)
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