US President Joe Biden is going to sign an executive order this week tasking federal agencies to assess the opportunities and risks associated with Bitcoin (BTC) and other cryptocurrencies. Bloomberg has reported that this executive order, when signed, will enable the federal agencies to assess and outline the government’s strategy to regulate the US market of cryptos.
People privy to the Biden administration’s plans say that this executive order will help federal agencies to look into the dual impact of Bitcoin and cryptocurrency on national security and economic impact. The concerned Bloomberg report says:
“The executive order, which has been in the works since last year, will require federal agencies across the government to report later this year what they’re doing regarding digital tokens… The plan is expected to begin carving out roles for agencies across the government, from the State Department to the Commerce Department.”
The federal agencies that would be involved in this assessment task force are:
The US and its allies have started to impose restrictions and financial sanctions on Russia for the latter’s invasion of Ukraine. These economic and financial sanctions on Russia are intended to isolate the Russian economy and at the same time suppress the Russian forces from marching ahead in Ukraine. In fact, SWIFT payment services are also being cut off for some Russian banks. This is where the effectiveness of BTC and other cryptos are tested. At a time when Russians are feeling the pinch of receiving money freely, they are likely to embrace BTC and other cryptos to bypass the sanctions imposed by the Western countries.
In fact, Senator Elizabeth Warren has sent a letter to the Treasury Department in which she asked about the US government’s plans of combating an eventual usage of BTC and other cryptos by Russians to avoid economic sanctions.
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