Everything You Need to Know About Us Prez Joe Biden’s Crypto Executive Order

US President Joe Biden signed the Executive Order on Ensuring Responsible Development of Digital Assets on March 10. The executive order is the first comprehensive set of rules for controlling cryptocurrencies and other virtual assets in the US.

The US has once again emerged as a center of crypto activity. The country is now home to more than 35 percent of Bitcoin’s mining volume capacity and to more than 100 million cryptocurrency investors through the various cryptocurrency exchanges in the country.

The executive order is widely seen as “neutral” on digital currencies, as the regulations and injunctions do not appear to pave the way for a possible ban on all virtual currencies. At the same time, the order also does not legalize these currencies.

The injunction has asked a number of federal agencies to develop responses to the evolving cryptocurrency technologies. This will mean something different for each department. But one of these guidelines also directs the Federal Reserve to study the possibility of a “digital dollar” or a Central Bank Digital Currency (CBDC).

In addition, the EO also outlines six key priorities for the US government regarding cryptocurrencies. These include consumer protection, use of cryptocurrency for criminal priorities, cryptocurrency volatility, financial inclusion, and responsible innovation when it comes to newer cryptocurrency technologies.

(Edited by : Shoma Bhattacharjee

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