{"id":9998,"date":"2022-03-08T01:04:42","date_gmt":"2022-03-08T01:04:42","guid":{"rendered":"http:\/\/egrowonline.com\/?p=9998"},"modified":"2022-03-08T01:04:42","modified_gmt":"2022-03-08T01:04:42","slug":"biden-to-order-studies-on-regulating-issuing-cryptocurrency-source","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=9998","title":{"rendered":"Biden to order studies on regulating, issuing cryptocurrency -source"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">WASHINGTON, March 7 (Reuters) &#8211; U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency, a source familiar with the matter said on Monday.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">The White House last year said it was considering a wide-ranging oversight of the cryptocurrency market &#8211; including an executive order &#8211; to deal with growing threat of ransomware and other cyber crime.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">Biden&#8217;s order sets an 180-day deadline for a series of reports on &#8220;the future of money&#8221; and the role that cryptocurrencies will play in the evolving landscape.<\/p>\n<div class=\"registration-prompt__container__ia3bM registration-prompt__inline__1zdn0 article-body__element__OOj6H article-body__inline-registration-prompt__39Ed8\">\n<div class=\"registration-prompt__text-content__1_ijH\">\n<h5 class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__1zL6F\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__2ySbK\" type=\"button\"><\/p>\n<p><span class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">&#8220;We could see a significant shift in policy in 180 days. This is a likely step toward creation of a central bank digital currency,&#8221; the source said, citing significant momentum behind such a move within the Biden administration.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">However the reports being ordered could still raise concerns about such a move, or conclude that it would require congressional approval, the source cautioned.<\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">The Biden order, likely to come on Wednesday, comes amid heightened concern about the use of cryptocurrencies by Russian elites to circumvent Western sanctions that have cut Russia off from large portions of the global economy, and moves by China and other economies to create their own cryptocurrencies.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">The timing of the order was first reported by Bloomberg.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">The Financial Crimes Enforcement Network (FinCEN) on Monday warned financial institutions to watch out for potential attempts by Russian entities to evade sanctions imposed by Washington over Moscow&#8217;s invasion of Ukraine. <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/finance\/us-warns-financial-institutions-be-watch-russian-sanctions-evasion-2022-03-07\/\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\"> read more <\/a><\/p>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">Biden&#8217;s order will ask the Justice Department to look at whether a new law is needed to create a new currency, with the the Federal Trade Commission, the Consumer Financial Protection Commission and other agencies to study the impact on consumers.<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">Other studies will be ordered on the impact of a cryptocurrency on competitiveness, the market and technical infrastructure needed, and the environmental impact of bitcoin mining, the source said.<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">U.S. Treasury Secretary Janet Yellen last year warned about an &#8220;explosion of risk&#8221; from digital markets, including the misuse of cryptocurrencies, but said new financial technologies could also help fight crime and reduce inequality.<\/p>\n<div class=\"registration-prompt__container__ia3bM registration-prompt__inline__1zdn0 article-body__element__OOj6H\">\n<div class=\"registration-prompt__text-content__1_ijH\">\n<h5 class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__1zL6F\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__2ySbK\" type=\"button\"><\/p>\n<p><span class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__328ww\">Reporting by Andrea Shalal; editing by Jonathan Oatis<\/span><\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__OOj6H\">Our Standards: <a target=\"_blank\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__large__nEccO link__underline_default__2prE_\" rel=\"noopener\">The Thomson Reuters Trust Principles.<\/a><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.reuters.com\/business\/finance\/biden-sign-executive-order-cryptocurrencies-this-week-source-2022-03-07\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>WASHINGTON, March 7 (Reuters) &#8211; U.S. President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury and other agencies to study the legal and economic ramifications of creating a U.S. central bank digital currency, a source familiar with the matter said on Monday. The White House last [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[36],"tags":[2297,52,3954,482,4234,4731,5979],"class_list":["post-9998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-biden","tag-cryptocurrency","tag-issuing","tag-order","tag-regulating","tag-source","tag-studies"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/MN7BLQ2BRJOV3N4WHTBBUZZBUI.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9998"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9998\/revisions"}],"predecessor-version":[{"id":10000,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/9998\/revisions\/10000"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/9999"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9998"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}