We previously mentioned in the Arab Bitcoin that there is a file related to the crypto market on the table of the President of the United States of America, waiting for him to consider and decide this week.
According to people familiar with the matter, the executive order from the president will task US federal agencies with examining the risks and opportunities that come with cryptocurrencies.
These reports come as the United States and many of the world’s major economies are implementing more sanctions against Russia.
Tell people who don’t want to be named to sourcethat the United States is interested in Russian people and organizations that could use cryptocurrencies to evade international sanctions.
Jennifer Epstein, White House Correspondent for Bloomberg, said:
President Biden is finally expected this week to sign the long-awaited executive order on cryptocurrencies that sets out the authorities’ view of digital assets and directs further examination of economic, regulatory, and national security issues.
The report was also confirmed by CNBC White House anchor Kayla Toshi, who said, quoting an administration official in the White House:
The Biden administration will launch its much-anticipated digital currency implementation by midweek, aiming to coordinate policymaking for digital assets among various agencies, and is expected to report over the next three to six months.
What about the CBDC digital dollar plan?
The US Federal Reserve has been analyzing the pros and cons of a central bank digital currency pegged to the US dollar (CBDC) since September 2021.
The US Federal Reserve has previously issued a report entitled:
Money and Payments: The Dollar in the Age of Digital Transformation.
This report published on January 20 explored some of the potential risks and benefits of CBDC.
Currently, the Fed is still listing the possibilities and has yet to come to a conclusion.
Regulators, including Senate Banking Committee Chairman Sherrod Brown and Senator Elizabeth Warren, are examining various aspects of the asset class that could be used to evade sanctions.
In a press release He Das, Acting Director of the Treasury’s Financial Crime Monitoring Network said:
Although we have not witnessed widespread evasion of our sanctions using methods such as cryptocurrencies, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.
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