Tag: Joebiden

US Treasury Invites Public Opinions on Digital Assets Framework

by Blockchain News

The US Department of the Treasury invited public opinions on Tuesday on the potential risks and benefits of cryptocurrencies based on President Joe Biden’s executive order in March.

The Treasury stated that it is asking for input from the public that will help the administration in reporting to President Jow Biden on the possible impacts of digital assets on the payment infrastructures and financial markets.

Nellie Liang, Under Secretary of the Treasury for Domestic Finance, commented about the development: “For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams. The Treasury Department is seeking to benefit from the expertise of the American people and market participants by soliciting public comment as we engage in this important work.”

The request for public comment was launched on the Federal Register last Friday, July 8, but the Treasury formally announced it on Tuesday, July 12.

The Treasury expects the public to submit their comments by August 8th. The comments are just what people think or view could be the impact of mass adoption of cryptocurrencies, both for retail and institutional investors, and the potential effect of introducing new digital asset products and services. The agency also asked US citizens to weigh their thoughts on potential risks, such as losing private keys, and the authenticity of digital assets, including NFTs, among others.

The Treasury also noted concern that digital assets can pose risks to the underserved and vulnerable communities if exposed to such financial products with proper awareness: “The rise in use of digital assets, and differences across communities, may also present a disparate financial risk to less informed market participants or exacerbate inequities. It is critical to ensure that digital assets do not pose undue risks to consumers, investors, or businesses, and to put in place protections as a part of efforts to expand access to safe and affordable financial services experienced by more vulnerable populations.”

As reported by Blockchain.News, in March, U.S. President Joe Biden signed an executive order calling the federal government to examine the benefits and risks of cryptocurrencies.

Biden’s executive order directed the Treasury Department to take the lead among other government agencies in developing regulations and oversight aimed at addressing both systemic and consumer risks around digital assets.

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US President Joe Biden to Sign Executive Order on Crypto this Week

by Blockchain News

According to several people familiar with the White House’s deliberations, U.S. President Joe Biden is expected to issue an executive order on cryptocurrency this week. The move will mark the first step toward regulating how crypto assets are traded.

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The action by the White House comes as, in recent weeks, U.S. administration officials have raised concerns about Russia’s use of crypto assets to evade the impact of sanctions in response to its invasion of Ukraine. The sanctions have closed the country’s stock market and sent the ruble to historic lows.

Two people familiar with the process have disclosed that the executive order on cryptocurrency is expected to be issued this week. The order will describe what government agencies, including the Treasury Department, should do to create policies and regulations on digital currencies. It is also expected to develop policies to enable the U.S. government to work with foreign powers to regulate crypto and its trade across international borders.

Furthermore, the order will ask other agencies, including the Financial Stability Oversight Council the Treasury Department, among others, to analyze the use of cryptocurrency in financial crimes and its impact on the environment.

Besides that, the order will also direct agencies to build on efforts by the Federal Reserve to study the possibility of launching a new central bank digital currency.

In January, the Federal Reserve issued a report that discussed the risks and benefits of U.S.-backed digital currency.

U.S. officials have remained concerned about Russia’s ability to use cryptocurrency to evade sanctions. Crypto is one of several spaces that the Biden administration is looking to beef up as it attempts to ensure that sanctions on Russia have maximum impact.

The order appears neutral on the issues of cryptocurrencies as a whole. It hints that the U.S. will not go in the direction of banning the use of technology. In the recent past, as reported by Blockchain.News. Several countries, including China, issued a complete ban on cryptocurrency within their jurisdictions.

The implication in the order is that cryptocurrency will remain a part of the U.S.U.S.nomy for years to come. The order signals that regulations are underway. It means that significant changes are on the way to how the U.S.U.S.overnment handles a technology that has until now seen its development majorly driven by private businesses.

 

 

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Bitcoin Gains Momentum as Biden Slaps Russia with Sanctions

by Blockchain News

Bitcoin (BTC) entered the green zone after U.S. President Joe Biden revealed new sanctions meant to cut off Russia from western finance, according to Bloomberg. 

The leading cryptocurrency was up by 3.66% in the last 24 hours to hit $38,151 during intraday trading, according to CoinMarketCap.

Bitcoin experienced headwinds on Feb 18 that drove the price below the psychological level of $40,000 for the first time in two weeks. This happened amid intensified tension between Ukraine and Russia that a full-blown war was inevitable.

Russia had marshalled more than 100,000 troops to the border. This move led to volunteer groups and NGOs in Ukraine receiving Bitcoin donations to support their army with drones, medical supplies, and military gear. 

The new sanctions against Russia were instigated by Russian President Vladimir Putin’s move to sign a decree recognizing two breakaway regions of eastern Ukraine as independent entities. Biden also announced that the U.S would aid the countries in the Baltic region and Poland with additional troops and supplies.

The Ukraine-Russia tension has prompted geopolitical factors that have not been friendly to the crypto market. Things have not been rosy to the extent that some analysts have predicted that Bitcoin might nosedive to the $30K region, a scenario not seen since May last year.

Nevertheless, the $36K-$37K zone has emerged as significant support, which must be sustained to avoid further slips. 

With Bitcoin having surged to the $38,000 area, it needs to flip it to support because it is a high resistance zone proved to be a headache in January. Furthermore, the geopolitical factors playing out will majorly determine BTC’s next move. 

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Biden’s Administration to Release Crypto Strategy on Digital Assets Next Month

by Blockchain News

U.S. President Joe Biden’s administration is working on an initial government-wide strategy on digital assets for release next month, Bloomberg reported last Friday.

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The administration is also asking federal agencies to assess the risks and opportunities posed by the digital assets, people familiar with the matter have said. In addition, adding that senior officials have held several meetings on the plan which is being drafted as an executive order.

According to Bloomberg, the directive would place the White House in a central role overseeing efforts to set policies and regulate digital assets.

The administration’s focus has increased as the volatile crypto market has soared in value and popularity. 

However, industry experts see a lack of clarity on US crypto rules and believe that other government-backed coins could undermine the value of the dollar.

According to resources, on January 21, 2022, reported by Blockchain.News, the US Federal Reserve said that the introduction of an official digital version of the U.S. dollar could benefit Americans but it may also potentially affect financial stability and privacy.

The report also stated that although the Fed’s long-awaited discussion paper did not make any policy recommendations nor did it give a clear signal for the launch of a central bank digital currency (CBDC), it did provide an insight saying that the digital US dollar could provide Americans with more payments options that are speedier.

According to the Fed, challenges surrounding the digital dollar include maintaining financial stability and creating an ecosystem that would “complement existing means of payment.” 

Prior to the introduction of the digital dollar, other obstacles that need to be tackled by the central bank are major policy questions such as ensuring a CBDC does not violate Americans’ privacy and for the government to maintain its “ability to combat illicit finance.”

Meanwhile, the world’s second-largest economy China has witnessed fast growth in its CBDC.

The e-CNY is growing at a fast pace as data released by Zou Lan, director of the Peoples Bank of China (PBoC) financial markets department revealed the new legal tender has inked a total of $13.68 billion in transactions since public trials began, Blockchain.News reported citing CNBC.

As per CNBC’s report, the performance figures released by the PBoC also showed that the total number of citizens that are now using the digital yuan has topped 261 million per a CNBC report.

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Since incentives not to work and to close businesses will increase sharply under @JoeBiden, 2021 will be a far more painful economic year for average Americans than was 2020. Supply shortages and a collapsing dollar will make consumer goods hard to get and very expensive to buy.

by Peter Schiff
Since incentives not to work and to close businesses will increase sharply under @JoeBiden, 2021 will be a far more painful economic year for average Americans than was 2020. Supply shortages and a collapsing dollar will make consumer goods hard to get and very expensive to buy.

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According to @JoeBiden the economic team he is putting together will create a strong economic recovery. Recoveries are not created by central government planning. Biden and his team will stifle any recovery that hard working Americans may have otherwise created if left alone.

by Peter Schiff
According to @JoeBiden the economic team he is putting together will create a strong economic recovery. Recoveries are not created by central government planning. Biden and his team will stifle any recovery that hard working Americans may have otherwise created if left alone.

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