Cryptocurrency: America is about to make a big decision regarding cryptocurrency regulation and digital currency trading. US President Joe Biden may sign an executive order related to cryptocurrencies this week, which would be the first step towards regulating the business of digital currency.
The move comes at a time when administration officials have expressed concern that Russia may use cryptocurrencies to circumvent sanctions imposed in response to the attack on Ukraine. An executive order on cryptocurrencies is expected to be issued this week, although the process of regulating cryptocurrencies was in the works long before the war broke out.
In fact, since Russia’s attack on Ukraine, the countries of the European Union, including America, have imposed many types of sanctions against Russia, ranging from economic. These sanctions led to a historic drop in the ruble, and Russia has closed its stock markets.
The White House said it was considering broader oversight of the cryptocurrency market — including an executive order — to combat the growing threat of ransomware and other cybercrimes. Biden’s order sets a 180-day time frame during which a series of reports on the “Future of Money” and what role cryptocurrencies will play in the evolving landscape.
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