San Francisco English news | San Francisco, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

San Francisco, March 10 US President Joe Biden's administration has issued a new executive to regulate cryptocurrencies, asking regulators to ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior.Over 100 countries, including India, are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country's sovereign currency.The White House said in a statement on Wednesday that the US must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate.In order to "protect consumers, investors, and businesses", the order directed "the Department of the Treasury and other agency partners to assess and develop policy recommendations to address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth".The executive order encourages "the Financial Stability Oversight Council to identify and mitigate economy-wide (i.e., systemic) financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps".To mitigate the illicit use of digital assets, the Biden executive order directed "an unprecedented focus of coordinated action across all relevant US Government agencies to mitigate these risks"."It also directs agencies to work with our allies and partners to ensure international frameworks, capabilities, and partnerships are aligned and responsive to risks."The Secretary of the Treasury, working with all relevant agencies, will produce a report on the future of money and payment systems, to include implications for economic growth, financial growth and inclusion, national security, and the extent to which technological innovation may influence that future, read the executive order.The order also directed the government to assess the technological infrastructure and capacity needs for a potential US CBDC in a manner that protects Americans' interests.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

San FranciscoFOLLOW

San francisco, Latest News

San Francisco, March 14 For CD lovers, here is some good news as after nearly two decades, CD ... ...

San Francisco, March 14 Tech billionaire Elon Musk has said that his electric car manufacturing firm Tesla and ... ...

San Francisco, March 14 The global chip shortage has hit Ford and the automaker is set to start ... ...

San Francisco, March 14 Apple is expected to announce the iPhone 14 series in or around September and ... ...

San Francisco, March 12 Chinese short-video making platform TikTok is finalising a deal with Cloud major Oracle to ... ...

San Francisco, March 11 In a rare exception amid the Russian invasion of Ukraine, Meta is allowing posts ... ...

San Francisco, March 10 Eight more women employees at Sony Interactive Entertainment have accused the PlayStation maker of ... ...

San Francisco, March 10 US President Joe Biden's administration has issued a new executive to regulate cryptocurrencies, asking ... ...