While the US President Joe Biden is about to sign a new Decree on Cryptocurrencies and Digital Central Banks (CBDC), the EU is about to vote on the highly controversial framework for the Markets in Crypto Assets (MiCA).
Sir. Biden is expected to sign an executive order this week that would direct several federal agencies to study the national security and financial implications of digital assets, as well as the implications of creating a CBDC.
The decree would set a 180-day deadline for agencies, including Ministry of Financethat The Trade Departmentthat National Science Foundation and national security agencies, are handing over investigations into digital assets and the “future of money,” Reuters reported, citing people familiar with the matter.
“We could see a significant policy change in 180 days. This is a likely step towards the creation of a central bank digital currency,” the Reuters article said.
Specifically, the order should ask Ministry of Justice to consider whether a new law is needed to deal with digital assets while it Federal Trade Commissionthat Consumer Financial Protection Commission and other agencies will focus primarily on consumer-level impact.
The order comes as concern over the use of crypto assets by “Vladimir Putin and his cronies” to evade international economic sanctions has increased.
“Criminals can use cryptocurrencies to move money from the shadows, opening a door for Putin and his supporters to evade financial sanctions,” the senator said. Elizabeth Warrenand asks the US Treasury Department to ensure that cryptocurrencies do not undermine the effectiveness of sanctions.
Crypto industry veterans have rejected this claim, arguing that the transparent nature of the industry makes it an ineffective tool for individuals looking to evade sanctions.
“Digital assets can actually improve our ability to detect and deter evasion compared to the traditional financial system,” said Paul GrewalChief Legal Officer (CLO) of the leading crypto exchange Coin base.
Within the EU, the Monetary Committee has for Parliament of the European Union scheduled a vote on the Crypto Asset Markets Framework (MiCA) on March 14 after a final version of the bill was submitted.
An earlier version of the bill included language that could have banned “proof-of-work” (PoW) cryptoassets like Bitcoin (BTC). However, Stefan Bergera member of the European Parliament responsible for piloting MiCA, claimed that “an independent discussion” on PoW is no longer planned.
“With MiCA, the EU can set global standards,” reads a rough translation of Berger’s tweet. “Therefore, all stakeholders are now invited to support the submitted project & to vote for MiCA. Strong support for MiCA is a strong signal from the European Parliament in favor of a technology-neutral and technology-friendly financial sector. ‘innovation.’
Berger argued that the MiCA framework provides “cryptocurrency regulation that breaks new ground in terms of innovation, consumer protection, legal certainty and the creation of reliable oversight structures in the crypto space.”
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