Joe Biden signs order on cryptocurrency as its use explodes in U.S.
The Hindu
President Joe Biden has signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should create its own digital currency
United States (U.S.) President Joe Biden on Wednesday signed an executive order on government oversight of cryptocurrency that urges the Federal Reserve to explore whether the central bank should jump in and create its own digital currency.
The Biden administration views the explosive popularity of cryptocurrency as an opportunity to examine the risks and benefits of digital assets, said a senior administration official who previewed the order on Tuesday on the condition of anonymity, terms set by the White House.
Under the executive order, Mr. Biden also has directed the U.S. Treasury Department and other Federal agencies to study the impact of cryptocurrency on financial stability and national security.
Brian Deese and Jake Sullivan, Mr. Biden's top economic and national security advisers, respectively, said the order establishes the first comprehensive Federal digital assets strategy for the United States.
"That will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness," Mr. Deese and Mr. Sullivan said on Wednesday in a joint statement.
The action comes as lawmakers and administration officials are increasingly voicing concern that Russia may be using cryptocurrency to avoid the impact of sanctions imposed on its banks, oligarchs and oil industry due to the invasion of Ukraine.
Last week, Democratic Senators. Elizabeth Warren, Mark Warner, and Jack Reed asked the Treasury Department to provide information on how it intends to inhibit cryptocurrency use for sanctions evasion.
The election authorities are gearing up for the counting of votes cast in the simultaneous elections to Lok Sabha and Assembly seats in Andhra Pradesh, scheduled to be held on June 4. The Collectors and Election Officers of Visakhapatnam, Anakapalli and Alluri Sitharama Raju (ASR) districts said on May 23 (Thursday) that their teams were ready for the counting of votes.
Responding to the prolonged water scarcity, the residents of the area took to the streets in protest on Wednesday. The protest, which drew attention to their plight, stopped only after the intervention of the police. It was not until 1.30 p.m. that a 4000-litre tanker was finally delivered by BWSSB, providing relief to the water-starved residents.