One of the appeals or drawbacks of cryptocurrency, depending on how you look at it, is the fact that it is unregulated. That looks like it’s going to change.
According to reports, Joe Biden is set to sign an executive order on crypto this week, and it should take the first step toward regulating how cryptocurrency can be traded.
Bloomberg reports that the order should detail how the Treasury Department and other government agencies will need to develop policies and regulations on crypto. It reportedly will include a State Department request to ensure our laws line up with U.S. allies and what they are doing regarding digital currencies.
Also, look for Biden to speak about a new central bank digital currency that would detail the benefits and risks associated with a digital currency backed by the United States.
American officials are keeping their eyes on Russia to ensure they aren’t sidestepping sanctions they’ve been hammered with by creating front companies and alternative financial institutions relying on cryptocurrency instead.
On Monday, the Treasury Financial Crimes Enforcement Network sent out an advisory to warn banks to watch out for efforts by Russia to evade sanctions.
Here’s what the Director Him Das had to say in a statement.
“Although we have not seen widespread evasion of our sanctions using methods such as cryptocurrency, prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people.”