(USNewsMag.com) – The United States and its NATO allies have issued crippling sanctions against Russia over the last two weeks. However, reports indicate the country figured out a way to try to evade them: cryptocurrency. But now, President Joe Biden’s administration is reportedly going to regulate the industry.
According to a report by the Associated Press, Biden is expected to sign an executive order as the first step in regulating cryptocurrency. The directive is reportedly going to tell specific government agencies what to do to create policies leading to the regulation of the digital currency. Right now, there are no regulations, making it one of the few areas where the government doesn’t have control.
President Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded. https://t.co/aOyWEWXMFx
— Bruno J. Navarro (@Bruno_J_Navarro) March 8, 2022
The executive order will allegedly look into developing a new central bank cryptocurrency. It will also order the Financial Stability Oversight Council to study illegal finance concerns and require the US cryptocurrency regulations to align with those of its allies. On March 7, the Treasury’s Financial Crimes Enforcement Network acting Director Him Das released an alert warning about the possibility of crypto being used as a way to evade the sanctions. The AP states the US government is downplaying Russia’s use of the unregulated currency, and is aware Venezuela and Iran used it to ease their pain while under economic sanctions.
Do you agree with the administration’s alleged plan to begin regulating the industry?
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