US President, Joe Biden Signs Executive Order to Legalise Cryptocurrency

US President, Joe Biden Signs Executive Order to Legalise Cryptocurrency

  • A new Executive Order signed by President Joe Biden has given the all-clear to crypto traders in the US
  • The Executive Order called on the agencies of government in the US to take a unified stance on crypto and other digital assets
  • There were reports of squabbles in the White House between Treasury and White House officials over thee policy rollout

Joe Biden, the US president has signalled a historic move in the trading of crypto in the US and around the world, a move experts predict will be a game-changer.

In a long-anticipated order that has had the crypto world worried, mostly due to regulatory issues around the world which are the relatively new digital assets, according to a report by CNBC.

Joe Biden gives Executive Order on Crypto
Joe Biden gives Executive Order on Crypto Credit: Joey Kidd
Source: Getty Images

A long-awaited move

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There had been news of a misunderstanding in the White House between officials and the Treasury Secretary, Janet Yellen which led to setbacks in the policy coming out.

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The crypto industry got a whiff of the executive order over the night after the Treasury unknowingly put a now-deleted statement calling it historic thereby releasing the details ahead of schedule.

President Biden finally signed the Order on Wednesday, March 9, 2022, calling on agencies to take an agreeable approach to law and supervision of digital assets, a White House fact sheet said.

What to know about the Order.

The Order will focus on six main areas: Consumer and investor protection, financial stability, illicit trading and activity, US competitiveness in the global arena, financial inclusion and responsible innovation.

Insulating buyers from risks and scams is an essential part of the order. Many have fallen for crypto scams or lost huge sums of money via hacking on exchanges.

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Biden’s government is calling on the Treasury to assess and develop guidelines and proposals on crypto. It also wants controllers to guarantee enough law and control to safeguard against any financial risks that may be posed by digital assets.

CBN defends clampdown on crypto, says Nigerian banking sector has no room for 'Illegal' trading

Legit.ng has reported that the Central Bank of Nigeria has justified its ban on cryptocurrency trading in Nigeria, saying that the industry and its participants are "embedded in illegality."

The Governor of the Central Bank of Nigeria, Godwin Emefiele, expressed his disapproval while speaking with Arise TV on Tuesday, 16 November 2021.

According to Emefiele, the directive to deposit banks to close the accounts of cryptocurrency dealers is to protect Nigerians and the banking space has no room for cryptocurrency.

Source: Legit.ng

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