TL;DR Breakdown
• US President sees potential in the cryptocurrency industry
• Digital Assets could be regulated in North America, and the country would launch its own CBDC
In previous days, the president of the United States, Joe Biden, published an executive order law that would guarantee the correct use of digital assets. According to reports, Biden issued a decree where using cryptos will be explored so the US can become the global leader in decentralized commerce.
The Biden executive order will also try to curb crypto scams, expand regular KYC and explore new territories based on the Blockchain network. Everything indicates that Biden wants to do the opposite of his predecessor, Donald Trump, as pertaining cryptocurrencies.
Joe Biden for Digital Assets: Reality or Hoax?
For a few days, there has been speculation regarding if the mandate of Joe Biden would favor the cryptocurrency industry. However, these doubts existed simply because there was no official decree to support the information. There is evidence that Biden favors digital assets and assigned various federal officials to investigate the decentralized market.
But information has been leaked that Biden could accept the CBDC development or a virtual currency that the central bank will back.
Crypto trading fans have spoken out at such an announcement stating that Biden appears to be comfortable with the virtual market. The president’s mandate would indicate that digital assets are a suitable trading and investment option against the US dollar’s national currency.
Biden gives more details about his pro-cryptocurrency law
While on the one hand, Joe Biden has essentially appraised digital asset trading, on the other, he asks fans to be careful with using cryptos. At the president’s suggestion, cryptocurrencies should be strategically regulated. In this way, Biden believes that the risks against cryptos could disappear while their trade in the country is promoted.
The president asks the agencies to analyze the market and seek to promote a law before the end of 2022. Biden does not emphasize that a specific agency must send the law but instead gives free will to all regulatory bodies.
The US president has asked that the digital assets market be evaluated so the state puts them to proper use. The proposal also indicates that the agencies will have the power to speak about a potential CBDC tied to fiat currency. Likewise, he requests the assignment of an agency that regulates crypto operations, but without its market being affected.
Simultaneous with the Joe Biden executive order, the crypto market has increased its value by 2 percent during the last 24 hours. In the second quarter of the year, the trade will likely show a rebound that will positively affect the price of tokens, especially Bitcoin.
