US executive order on crypto: What does it mean?
The order from one of the most powerful countries comes at a time when the number of Crypto users and platforms like CoinSwitch is growing at an exponential rate in India. So it is important for all of us to make sense of the order.Key Takeaways of the Executive Order
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Billed as India's first blockchain wedding, in the presence of a digital priest,
View Details »The executive order addresses a wide range of issues related to the crypto sector. Let’s try to understand the details.Consumer and investor protection. The order mainly focuses on protecting US-based people and businesses that interact with virtual digital assets. It also formulates a policy for cross-border trade and ensures that US policy is consistent with its allies.Illicit activity. Another major focus of Biden’s executive order is abolishing illegal crypto activity. The aim will be to look into crypto’s use in financial crimes, including scams, its use in illicit finance and its environmental impact.A digital dollar? The Biden administration wants to explore the possibility of creating a digital version of the dollar, a CBDC (Central Bank Digital Currency) for the US. He urges the government to make CBDC research and development a “top priority.” It is still uncertain whether the US will eventually launch some kind of digital currency, but if it does happen, it will change the entire narrative of virtual digital assets. The Significance of Biden’s Order for the US Biden’s executive order is a historic move because:
It’s the first time the White House has formally weighed in on cryptos, and the tone of the order signals positivity. It indicates the government’s openness to the up-and-coming blockchain and its underlying Read more on economictimes.indiatimes.com
