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White House has published a digital asset framework which is the first attempt in the history of Whitehouse to publish such type of outline about cryptocurrencies. It has been published at 16 September 2022 but ordered by the President Biden about six months ago in an executive order of asking different government agencies to formulate some policy recommendations about digital currency after analyzing the financial market.
I think, this was a remarkable announcement not only for the White House but also for the developed countries parliament who wants to adopt block in technology and cryptocurrencies on their general economic activities and regulatory farmworks. According to that executive order the White House has run a 6 month long inquiry and formulated 9 comprehensive reports.
The most interesting part of that report was the suggestions to continue further investigations and analyzation about crypto market by the central bank and also continuing enforcement against the bad practices on crypto market. This will boost up the government engagement to monitor and formulate Crypto related regulations and analysing the emerging market to reduce the deception occuring in this area.
This framework will also help the government and Central Bank to take decision and action related with the crypto based market economy that may help minimise the confusion and hesitation of the authority in emergence.
Four steps planning of the framework was aimed to confirm safety and making the financial services affordable for all, as like:
Step-01:
Agencies will encourage the adoption of instant payment systems, like FedNow, by supporting the development and use of innovative technologies by payment providers to increase access to instant payments, and using instant payment systems for their own transactions where appropriate – for example, in the context of distribution of disaster, emergency or other government-to-consumer payments.
Step-02:
The President will also consider agency recommendations to create a federal framework to regulate nonbank payment providers.
Step-03:
Agencies will prioritize efforts to improve the efficiency of cross-border payments by working to align global payments practices, regulations, and supervision protocols, while exploring new multilateral platforms that integrate instant payment systems.
Step-04:
The National Science Foundation (NSF) will back research in technical and socio-technical disciplines and behavioral economics to ensure that digital asset ecosystems are designed to be usable, inclusive, equitable, and accessible by all.
Source of these four steps: FACT SHEET: White House Releases First-Ever Comprehensive Framework for Responsible Development of Digital Assets
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This framework has also mark the limitations and risk factors of the emerging crypto market and show how to overcome from the problems to secure the investment. It stated that more than 16% of total American are involved in the Crypto market that is marked as a significant growth in recent years about the digital asset based market.
Thanks a lot.
I am Tariqul Islam, from Bangladesh
I am a crypto lover, like to write about Blockchain
Very much optimistic about the entire life.
Cross boarder payment is one unique feature of cryptocurrency that will aid in its general acceptance
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Thank you so much for this great work.
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