President Joe Biden is reportedly going to issue an executive order on cryptocurrency, which will be a jump-off point for regulating how digital currency is bought, sold and traded.
Ever since the emergence of bitcoin, litecoin and other forms of cryptocurrency, managing it as a source of currency in the traditional marketplace has raised some issues. Most recently, Biden announced a team that would be in charge of prosecuting digital currency crimes, and now, he’s placing down another layer for regulating crypto by issuing an executive order that outlines policies government agencies like the Treasury Department will do to control it.
The New York Post reports, the move comes after concerns regarding Russia reportedly using cryptocurrency to get around the impact of sanctions placed against it in response to its invasion of Ukraine.
The news outlet reports that the executive order will include a request for the State Department to make sure American cryptocurrency laws go along with those of U.S. allies. The executive order also highlights that a new central bank for digital currency may be created.
“We will continue to look at how the sanctions work and evaluate whether or not there are liquid leakages and we have the possibility to address them. I often hear cryptocurrency mentioned and that is a channel to be watched,” Treasury Secretary Janet Yellen said last week, The New York Post reports.
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