An executive order regulating cryptocurrencies would get revealed in February. Many government officials have commented that they would not set prohibitions on bitcoin in the US.
A proposal that arrived at the Arizona Legislature would be studying possible scenarios to grant bitcoin legal tender status within the state, based in the southwestern area of the United States of America.
The proposal came to the public light because of the senator for the state of Arizona, Wendy Rogers, who previously showed her position in favor of bitcoin and digital currencies.
Based on Rogers’s proposal, the Arizona Legislature will evaluate if bitcoin can get considered legal tender, as long as it complies with the national standards established by Congress and as long as it receives authorization from the US Constitution. In this sense, the proposal will experience the first stage of evaluation to get approved.
Although it would look like a local reform, its legalization must go through the US Congress because the definitions of a “legal tender” procedure cannot get dictated at a regional level but at a state one.
The proposal came to the public light right after the International Monetary Fund suggested to El Salvador to eliminate the bill to accept bitcoin as legal tender because, according to the entity, bitcoin could become a risk for the economy of the Central American country.
The US and its Current Stance Regarding the First Cryptocurrency
Regulators and companies in the cryptocurrency industry in the United States of America are waiting for the publication of a possible executive order in mid-February about the regulation of bitcoin. These regulations could shape the regulatory framework for cryptocurrencies in the country; a rejection that could lead to a ban on crypto assets could be a fatal move.
Important representatives in politics like Jerome Powell, and Gary Gensler, published some comments arguing that the United States of America would not ban bitcoin and other digital assets. A possible path for a CBDC in the United States, China, and Russia have already made a lot of progress in creating their central bank digital currencies or CBDCs.
According to these advances, the regulations that could get launched in February may be the starting point to launch a CBDC in the United States of America. According to a report highlighted by Bloomberg, there is no firm position regarding the advance of CBDCs in the United States of America because the Federal Reserve has not released any approval yet.
The entity just published a preliminary report on the next steps the country would take on this subject. The regulatory environment in the United States of America deals with tons of uncertainties due to a lack of consistent regulations. This situation led companies to find solutions to pressure the government.
By: Jenson Nuñez
