Tag: cryptocurrency

Biden signs order on cryptocurrency as its use explodes

– March 9, 2022

WASHINGTON — President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.

Treasury Secretary Janet Yellen said the effort would “promote a fairer, more inclusive, and more efficient financial system” while countering illicit finance and preventing risks to financial stability and national security.

The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order Tuesday on the condition of anonymity, terms set by the White House.

Under the executive order, Biden also directed the Treasury Department and other federal agencies to study the impact of cryptocurrency on financial stability and national security.

Brian Deese and Jake Sullivan, Biden’s top economic and national security advisers, respectively, said the order establishes the first comprehensive federal digital assets strategy for the United States.

“That will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness,” Deese and Sullivan said Wednesday in a joint statement.

https://www.twincities.com

BITCOINSKI Russia could become first country to make entire currency DIGITAL as cryptocurrency booms

– February 18, 2021

Discussions are underway about the launch of the digital ruble with local banks and the country’s financial watchdog has reportedly said it would present a more detailed concept by summer.

The head of the Central Bank of Russia, Elvira Nabiullina, said the regulator had received detailed feedback from the banking community about the prospect in a report back in October.

According to an RT report, most lenders expressed their support over a two-level model of the digital ruble.

The model would allow banks to open wallets for their clients on the central bank’s platform and conduct operations with the currency.

Nabiullina said: “We will develop a more detailed concept and start discussing it with the public, market participants, and banks at the beginning of summer.”

The next step would involve launching and testing a special platform.

The adoption of the new form of currency would also require amending legislation.

Russia’s central bank revealed its plan to assess the possibility of creating a digital form of the country’s national currency in its report published in October last year.

The digital ruble would exist along with cash and non-cash rubles, and would allow private and corporate users to freely transfer digital rubles to their electronic wallets.

The revelations come amid a boom in the price of the cryptocurrency bitcoin, which surged to record highs last week.

https://www.the-sun.com