TL;DR Breakdown
• US President sees potential in the cryptocurrency industry.
• Digital assets could be regulated in North America, and the country would launch its own CBDC soon.
In the past days, the president of the United States, Joe Biden, published an executive order law that would guarantee the correct use of digital assets. According to reports, Biden issued a decree that will explore crypto usage in the US as it looks to become the global leader in decentralized commerce.
The Biden executive order will also try to curb crypto scams and expand regular KYCs and explore new territories based on the Blockchain network. Recent developments indicate Biden will go in the opposite direction of his predecessor, Donald Trump, as it relates to cryptocurrencies.
Joe Biden for Digital Assets: Reality or Hoax?
For a few days, there has been speculation about Joe Biden’s mandate would favor the cryptocurrency industry. However, doubts existed because there was no official decree to support the information. However, growing evidence suggests that Biden favors digital assets and assigned various federal officials to investigate the decentralized market.
The information also suggests that Biden could get behind the idea of developing a CBDC or a virtual currency backed by the central bank.
Crypto traders and supporters have spoken out at such an announcement stating that Biden appears to be comfortable with the virtual market. The president’s mandate would indicate that digital assets are a suitable trading and investment option against the US dollar’s national currency.
Biden gives more details about his pro-cryptocurrency law
While on the one hand, Joe Biden has essentially appraised digital asset trading, on the other, he asks fans to be careful with cryptos. At the president’s suggestion, cryptocurrencies should be strategically regulated. Biden believes this is the best way to mitigate the risks associated with cryptos and trading them in the country.
The president asks the agencies to analyze the market and propose a favorable law before the end of 2022. Biden does hold any specific expectations for any particular agency to propose the law, leaving the challenge open to all regulatory bodies.
The US president has asked that the digital assets market be evaluated, so the state uses them properly. The proposal also indicates that the agencies will have the power to speak about a potential CBDC tied to a fiat currency. Likewise, he requests the assignment of an agency that regulates crypto operations without affecting the market.
Simultaneous with the Joe Biden executive order, the crypto market has gained 2 percent during the last 24 hours. In the second quarter of the year, trades will likely rebound and positively affect the price of tokens, especially Bitcoin.
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