News Karnataka
Monday, September 26 2022

US likely to regulate cryptocurrency this week: Report

Photo Credit : IANS

Washington: US President Joe Biden is likely to move executive order to regulate cryptocurrency this week, as per media reports.

As per a memorandum by the US National Security Council (NSC) memorandum, government agencies, include the Departments of the Treasury, State, Justice, and Homeland Security, will be asked to assess the risks and opportunities that crypto poses, and delve into the details of a central bank digital currency, Bloomberg news cited an administration official as saying last month.

The agencies will also review the impact of digital assets on financial stability, and normalising regulations for crypto with other countries.

The Biden administration had in September last year, released recommendations proposing that only banks be allowed to issue stablecoins.

The administration’s intervention is “symbolically significant as the White House would be acknowledging that crypto is becoming economically important”, Jaret Seiberg, an analyst at Cowen — a financial services company – was quoted as saying by Yahoo Finance.

Seiberg added that it reinforces the idea that crypto is here to stay.

“The White House would not issue such an order if it was not convinced that crypto will continue to grow and spread throughout the economy,” he added.

The executive order could also offer the White House the opportunity to weigh in on a digital dollar, the report said.

Share this:
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Leave a Reply

Your email address will not be published.

Visit 7Jackpots and find the best online casinos in India! Play the most popular casino games for real money!

Find the best odds at 10Cric and ipl betting 2021! Signup today and get up to a 100% deposit bonus.

To get the latest news on WhatsApp