- A framework for international collaboration delivered to US president Biden.
- The framework intends to promote technological advancements.
The U.S. Treasury announced on Thursday, that it had presented “a framework” to US president Joe Biden for collaboration with their overseas counterparts and an interagency strategy to address the advantages and disadvantages of cryptocurrency. Under the White House executive order, which was released in March.
The U.S. Treasury had shared a regulatory framework for cryptocurrencies with the Secretaries of State, Commerce, and the U.S. Agency for International Development, among other federal departments.
U.S Department of The Treasury said;
The United States will promote the adoption and implementation of international standards through bilateral and regional engagements.
U.S Treasury Framework For Digital Assets
The Treasury Department was authorized by President Biden’s executive order to complement a multidisciplinary effort to make policy recommendations for reducing the risks connected with cryptocurrency.
According to the Treasury, the United States must maintain collaboration with foreign partners on standards for the implementation of the digital payments system. The framework also instructs the government to regulate the advancement of technology related to digital assets and central bank digital currency (CBDC).
The framework intends to promote technological advancements and regulatory standards, that are consistent with US ideals in order to safeguard consumers, investors, and businesses both domestically and overseas. And it will help to minimize the threats to national security and illegal finance posed by the manipulation of digital assets and oppose and react to efforts made by foreign adversaries to advance their standards.
Also, the Treasury made a commitment to maintaining collaboration with a range of important international groups, such as the G7, G20, and the Organization for Economic Cooperation and Development.
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