Hours ago, The White House declared a Fact Sheet according to which The President of United States Joe Biden will sign the ‘Executive Order on Development of Digital Assets’.
In recent years, cryptocurrencies along with other digital assets have seen a massive surge surpassing a $3 trillion market capitalization. According to recent surveys in America, approx 16% of the total adult population nearing 40 million people use cryptocurrencies. Also, many countries are moving towards implementing Central Bank Digital Currencies to have a centralized control in the network system.
In the wake of the increasing use of digital assets, the country needs to think about consumer protection, financial stability, national security, and climate risk. Moreover, the United States wants to attain a technological leadership supporting blockchain technological innovation. While the main focus is to prevent the potential risks for consumers, small businesses, and future financial systems,s and not least the environment.
The six key priorities of Executive Order
Perhaps, that is why President Biden sees numerous reasons to outline the governmental approach towards mitigating all the risks and harnessing the potential benefits of digital assets.
Further, as stated in the Executive Order, the policy is segregated into six key priorities:
- Protect U.S. Consumers, Investors, and Businesses
- Protect U.S. and Global Financial Stability and Mitigate Systemic Risk
- Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets
- Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System
- Promote Equitable Access to Safe and Affordable Financial Services
- Support Technological Advances and Ensure Responsible Development and Use of Digital Assets
However, the Executive order has arrived amid the deep concerns on Russia vs Ukraine war scenarios. Besides, it is speculated that Russia is using cryptocurrencies to avoid western sanctions against Ukraine.