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According to reports from Bloomberg and Reuters, U.S. President Joe Biden is about to sign an executive order this week summarizing the U.S. government’s strategy for cryptocurrencies.
Citing people familiar with Biden’s plans, Bloomberg notes that the order implies federal agencies to consider regulatory changes and captures national security and economic implications of cryptocurrencies
The White House has been working on the order to clarify oversight of the crypto sector since last year. A Reuters source said:
“We could see a significant shift in policy in 180 days. This is a likely step toward creation of a central bank digital currency.”
The Biden administration has been pressed to set policies and regulations for the booming industry of digital assets. Recent concerns of the use of cryptocurrencies by Russian elites to avoid Western sanctions that have cut Russia off from the global economy, and moves by China to create its own digital currency, have only added to the urgency.