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Cryptocurrency


BIDEN TO SIGN EXECUTIVE ORDER RELATED TO US CRYPTO STRATEGY, REPORT SAYS

By PYMNTS Listen to Article
Posted on March 7, 2022

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President Joe Biden will sign an executive order this week which will outline
the U.S. government’s cryptocurrency strategy, Bloomberg reported Monday (March
7), citing anonymous sources.

The order will instruct federal agencies to look into potential regulatory
charges, along with the impact on national security and the economy from digital
assets.

According to the report, the order, which has been in the works since last year,
will make it so federal agencies across the government have to report what they
are doing in relation to cryptocurrency. Biden has been seeing increased
pressure to do something about crypto, with industry executives saying there has
been a lack of clarity surrounding U.S. crypto rules.

The crypto industry has been seeing more scrutiny from lawmakers as of late,
several of whom — including Sen. Elizabeth Warren and Senate Banking Committee
Chair Sherrod Brown — have raised concerns regarding the financial sanctions on
Russia and whether crypto could be used to bypass the sanctions.

The White House’s general crypto positions have come under focus again because
of the same thing. Bloomberg noted that analysts and officials have questioned
how effective a workaround crypto could even be, since the market is of a
limited size.

However, in spite of the fears that Russians would make use of crypto to get
around the sanctions, that hasn’t seemed to be happening yet. PYMNTS wrote that
bitcoin, while it was doing well earlier this week, didn’t see a surge from
Russian users.

See also: Russian Flight to Cryptocurrency Hasn’t Happened, Analysis Shows

Blockchain data didn’t seem to show Russian users making trades on the
exchanges. The ruble-dominated crypto activity was at $34.1 million as of March
3, per data from Chainalysis — a decrease from $70.7 million in late February.

In addition, Citigroup was estimating that annual bitcoin buying from Russia sat
at 210 BTC on average per day, a contrast with a daily volume of between $20
billion and $40 billion.

——————————

NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED ID VERIFICATION AFTER TRYING
IT



About:Fifty-seven percent of consumers who’ve used advanced ID verification
methods such as voice recognition when contacting customer service say they’d do
it again. The Consumer Authentication Experiences report, surveyed nearly 3,800
U.S. consumers to learn how offering innovative verification experiences is
helping businesses deliver superior customer service across all channels.


Related Items:Bitcoin, cryptocurrency, digital currency, Government, News,
regulations, What's Hot
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