US President Joe Biden signed a decree for the surveillance of the cryptocurrency market. This decree has been on the agenda for a very long time, and by signing the bill, Biden showed that the government has a positive attitude towards crypto. This process is still ongoing and clear sanctions and developments have not occurred yet. However, the debate continues, and Finance Minister Janet Yellen emphasizes that, as previously reported, she is skeptical of cryptos and that regulations are essential to prevent illegal use.
Biden and Developments
At the BIS Summit held in the past days, America also stated that its work on the Digital Dollar continues. In other words, with these developments, America continues to continue its innovation in crypto and is trying to accelerate it. Biden also emphasized that America should be the leader in terms of cryptocurrencies and other digital assets, especially globally.
Finance Minister Janet Yellen states that with these steps, on the one hand, financial stability and national security may be at risk. However, Yellen also argues that a fairer and more effective financial system can be created. Yellen emphasizes that security measures should be at the forefront along with other innovation developments.
New Measures in Cryptos
Governments are now trying to be in this universe with the rapid increase in popularity of cryptocurrencies. However, governments also assess the risks and benefits and seek control. The decree, signed by Biden, also includes the task of examining national security, which includes the Ministry of Finance and other federal departments. Therefore, these institutions are also discussing the benefits and harms and researching technological measures.
Although skepticism is a barrier to cryptoasset adoption, this trend is rising fast. In addition, experts state that cash flow is more effective in laundering money. The fact that cryptocurrencies are on blockchain technology makes them traceable. Therefore, experts argue that for every transaction that takes place on the blockchain, it is easier to trace than cash. With the help of technology, governments are expected to create new security units with cybersecurity comprehensive assistance.
