The long-awaited Executive Order on Cryptocurrencies is under high activity to get into effect because of the Russia vs Ukraine crisis geopolitical tensions.
Today is the 14th day of the Russia vs Ukraine war, where Ukraine is facing huge problems because of its less potential against the Russian military. Under this situation, the majority of the countries are trying to help through their new restrictions on Russia. In particular, the EU & US-imposed financial sanctions.
Recently Bloomberg published a report and confirmed that the upcoming move of US president Joe Biden to sign the “Executive Order on Cryptocurrencies’ is urgent because of the ongoing financial Sanctions on Russia.
According to the report, US government agencies think that there are chances that organizations and people of Russia may use crypto to bypass the financial sanctions, so it is necessary to introduce the Executive Order on Cryptocurrencies, to stop the efforts of Russia.
After the signing with the final approval of the Executive Order, the Federal agency of the US will do research and study to examine the risks and opportunities that come with digital currencies. Hopefully, it will happen soon this week.
The White House reporter at Bloomberg, Jennifer Epstein, said that “The long-awaited Biden executive order on cryptocurrencies — outlining the admin’s view of digital assets and directing a further study of economic, regulatory, and national security issues is finally expected to be signed by the president this week”.
White House anchor at CNBC, Kayla Tausche, also commented on this matter and noted that the executive order will get passed with the sign of the US president in mid of this week.
“Biden administration will release its long-awaited crypto EO by mid-week, aiming to coordinate policy-making for digital assets among various agencies, expected to report back over the next 3-6 months, an admin official says.”
However, these things are giving hints that Russia may bring a very big change in the crypto industry if US agencies are thinking 100% perfectly. But the majority of the experts claimed that to invade financial Sanctions, it will not be easy to use crypto, at least for Russia because liquidity is very low over the per day Transactions of fund amounts of Russia.
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