President Biden gives U.S. government cryptocurrency agenda via executive order
It’s been a long time coming.
When you purchase through links on our site, we may earn an affiliate commission.Here’s how it works.
What you need to know
The United States' entanglements with cryptocurrency run the gamut. From generic consumer involvement (did you know you canbuy movie tickets with Bitcoin?) topipeline-crippling ransoms, cryptocurrency is cropping up everywhere. And yet, it is largely unregulated and unsupervised. Based on U.S. President Joe Biden’s new executive order, that’s about to change.
The executive order is lengthy as can be and you can read the full thing over at theWhite House’s website, but here’s the core of it: The Biden administration is well aware of cryptocurrency’s less savory aspects, such as its involvement in ransom schemes, sanction evasions, theft, and fraud. However, it acknowledges that there could be upsides to crypto, and that the government supports “responsible innovation that expands equitable access to financial services, particularly for those Americans underserved by the traditional banking system.”
Having acknowledged the downsides and potential upsides of crypto, the executive order demands that various agencies and departments across the government produce studies to analyze cryptocurrency and have results within the coming months, though due dates vary on a per-study basis. The Biden administration is also placing a premium on researching a potential United States central bank digital currency (CBDC).
In other words, the U.S. is taking a vastly different approach to crypto than El Salvador, which isdeveloping a city dedicated to Bitcoin. If you want to get in on the crypto action yourself, it’s not too hard to learnhow to mine cryptoor learn what thebest GPUs for miningare.
Get the Windows Central Newsletter
All the latest news, reviews, and guides for Windows and Xbox diehards.
Robert Carnevale is the News Editor for Windows Central. He’s a big fan of Kinect (it lives on in his heart), Sonic the Hedgehog, and the legendary intersection of those two titans, Sonic Free Riders. He is the author ofCold War 2395. Have a useful tip? Send it to robert.carnevale@futurenet.com.
