- U.S President Joe Biden signs an executive order on cryptocurrencies.
- The market growth of digital assets is booming massively in recent years.
- Crypto market capitalization exceeded $3 trillion last November.
To be very honest, the digital currencies are recording tremendous growth in recent years. Thereby seeking the attention of millions of people all around the world. As the crypto industry is trending in the place, the scope of services has risen to top level expanding its market presence.
Interestingly, observing the scope, the U.S President Joe Biden signs an executive order for the development of cryptocurrencies. Thus the Federal Reserve is also exploring whether the U.S central bank must plan to introduce its native digital currency.
Executive Order on Use of Digital Assets
Significantly, the scope of digital currencies is creating a huge opportunity for American leadership in the global financial system. Despite the risk and the fluctuations of the crypto market, the President passed the executive order.
Moreover, President Biden will oversee the objectives of the whole-of-government approach in addressing the beneficial areas of digital assets. Besides, the U.S should maintain a strong technological leadership to cope up with this rapidly growing crypto space. Here in integrating all innovations in the country.
Following the signed order, the U.S Treasury Department and other federal authorities are examining the impact of cryptocurrency on the economic stability and national security. In addition, the Biden administration also expects a vital role in international engagement and global governance of digital assets. Thereby maintaining consistent democratic standards and U.S competitiveness around the world.
In detail, the legal order lays out a democratic national policy for the use of cryptocurrencies across six key prominent points. They are consumer and investor protection, financial stability, illegal finance, U.S. leadership in the financial system and global competitiveness, financial inclusion and responsible innovation.
Notably, at present in an American survey, more than 40 million of U.S residents are trading and invested in cryptocurrencies. Thus, the executive order from the President will raise the value of all digital assets in forthcoming days. Therefore, the use of cryptocurrencies and its services will explode soon.
