The order will charge federal entities with a single approach to digital currencies. According to a new report, Bitcoin would become a supportive currency for the country’s national security goals.
US President Joe Biden applied an executive order highlighting the government’s intentions regarding the regulation of Bitcoin. The decree ordered the country’s federal entities to study the risks and benefits that digital assets may bring for the national security of the United States of America and how they change the nation’s economic structure.
The executive bill, the first to focus on the increasing digital asset environment, directs federal entities to set up improved and coordinated decisions to boost their work in the digital currency sector. However, it does not speak about the stances the administration wants agencies to take regarding this situation.
A statement issued by US Treasury Secretary Janet L. Yellen on Biden’s executive order appeared ahead of time and got withdrawn and deleted from their site soon after it got released.
However, the statement revealed that the president orders government agencies to use an approach toward the regulation of bitcoin. The orders aim at having a better perspective when digging into the risks and opportunities that digital assets represent for the country and how it guarantees coordinated government policies.
The executive order, which has been under discussion since October of last year, will determine six priorities for the administration. These priorities aim at protecting The United States of America, protecting global financial equilibrium, preventing illegal activities, and encouraging responsive improvements, inclusion finance, and American leadership.
The protection of American customers, investors, and businesses appears in the statement issued by Biden. The research and development of a central bank digital currency or CBDC also seemed urgent for the president.
According to Yellen, the Treasury Department will join efforts with the State and Commerce Departments, among others, to present a report that would focus on the crypto environment.
Biden’s order sets a 180-day deadline for agencies linked to the government to submit their reports on the role digital assets will play, according to sources approached by Reuters.
The regulators might show new proposals to bring cryptocurrencies under their power. The Financial Crimes Enforcement Network also showed recent concerns about possible attempts by Russian entities to avoid the punishments applied by the United States of America due to the Russian Attacks in Ukraine.
Bitcoin is Capable of Backing Up US National Security Goals
Since the confrontation between Russia and Ukraine started, Bitcoin remained under the US magnifying glass. A new report revealed by the Bitcoin Policy Institute (BPI) could show how the current government looks at Bitcoin.
The institute discussed that Bitcoin could encourage the United States of America to navigate significant changes that might affect the global monetary order. These changes may follow Russia’s military offensive over Ukrainian territory.
The Bitcoin Policy Institute commented that US officials should study the durability that the current system structured on the US dollar could have and find better methods to respond to possible challenges that might surge due to the use of the currency.
He also explained that Bitcoin represents a strategic national security alternative for the United States of America to re-boost its economic strength, counter strategic enemies, and reinforce American values.
By: Jenson Nuñez
