To stop Russia’s notorious behaviour of using crypto to elude international sanctions grew, Presiden Joe Biden decided to sign an executive order on cryptocurrencies directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency.
In a press release dated March 9, Janet Yellen, U.S secretary of the Treasury, said that the executive order seeks a combined and full-scale approach. She says that it will help advance innovation and have significant advantages for the country, consumers, and organisations.
According to the executive order, the Treasury will work with interagency colleagues to deliver a report to decide the fate of money and payment systems. A meeting with the Financial Stability Oversight Council will also be called to discuss the financial stability risks that digital currencies may pose. The Secretary also has plans to partner with the country’s international partners to “promote robust standards and a level playing field.”
“Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security”, she further added.