(BTC), opened bids Wednesday after US President Joe Biden signed an executive order that required government agencies to evaluate the risks and benefits associated with creating a central digital dollar.
Reuters states that the Treasury Department, Commerce Department and other key agencies are required to prepare reports about ‘the future money’ and the effects of cryptocurrencies.
“With the new sanctions in place due to the war in Ukraine it is doubly imperative we have a regulatory structure in place for digital assets, that counters illicit financing, and prevents risks financial stability and national security,” Michael Pierson (Managing Partner at FisherBroyles) said about the executive orders.
The White House stated that it is considering broad-ranging oversight over the cryptocurrency market to address the threat of ransomware, cybercrimes, and other threats. This executive order could lead to virtual currencies being adopted by the US banking system.
Janet Yellen , US Treasury Secretary, stated that Treasury will work with interagency colleagues under the executive order to produce a report about the future of money, payment systems, and other related issues. “We will also convene Financial Stability Oversight Council in order to assess the financial stability risks associated with digital assets and determine whether adequate safeguards have been put in place. She also stated that digital assets raise important cross-border questions, so we will work with international partners to promote strong standards and an even playing field.