U.S. President Joe Biden has signed the highly anticipated digital assets executive order this week, marking a major step towards digital innovation and advancement for the country and around the world. The executive order describes the role of the Treasury Department and other government agencies in developing regulatory rules and policies on digital assets, including digital currencies.
In a statement released by the White House, President Biden’s executive order outlines the first whole-of-government strategy to protect U.S. consumers, investors, and businesses; mitigate system risks and protect U.S. and global financial stability; mitigate the illicit finance and national security risks posed by the illicit use of digital assets; and promote U.S. leadership in technology and economic competitiveness to reinforce U.S. leadership in the global financial system. It also seeks to promote equitable access to safe and affordable financial services, while also supporting the technological advances and ensuring responsible development and use of digital assets, and exploring a U.S. central bank digital currency (CBDC).
Early this year, the Federal Reserve released a 40-page paper titled, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation.” The paper explores the potential risks and the benefits of a digital U.S. dollar. There are now over 100 countries exploring CBDCs, with China leading tests and innovations in the space.
The executive order signing has always been in the cards for the executive office. However, the move came after concerns about Russia’s use of digital currencies to evade economic sanctions imposed in response to its invasion of Ukraine.
The announcement reinforces what CoinGeek has been saying for a long time—the law will be applied to Bitcoin and other digital assets. It looks like that time has finally arrived.
In the U.K., the Financial Conduct Authority (FCA) has opened over 300 cases against unregistered digital currency groups. The U.K.’s financial watchdog addressed the rampant digital currency-related scams and announced that it is taking assertive action against digital currency companies. Between April and September 2021, the firm has received over 16,000 inquiries about possible scams—about 30% higher than 2020. Currently, the FCA has 50 open investigations, including criminal probes against these digital currency firms.
“Consumers need to have confidence when making investment decisions,” stated FCA Executive Director of Markets Sarah Pritchard. She added that the data the FCA published shows how prevalent scams can be.
This week in the Bitcoin ecosystem, enterprise-grade blockchain company nChain was recognized as one of the Top 100 Most Innovative Companies. An independent report from LexisNexis names nChain as a Global Top 100 innovator. The list also includes companies such as Mark Zuckerberg’s Meta and China’s multinational tech and entertainment conglomerate Tencent. The list features forward-thinking patent development and acknowledges organizations with exceptional technological relevance for the future.
Moreover, two new fun games built on BSV blockchain rolled out. The official pet of the Metaverse DuroDogs adds an exciting new game, RuffRunner. Plus, Haste Arcade’s new game Jump is now live. Game seekers will enjoy earning Bitcoin at the Haste Arcade’s list of fun games and raising a Duro Dog, a simulated customizable and tradable NFT dog from digital gaming up-and-comer NFTY Jigs. Built on BSV blockchain, these applications enable highly efficient microtransactions and user-owned data models, which will fundamentally transform global markets.
In this week’s episode of The Bitcoin Bridge with Jon Southurst, Dr. Craig Wright shares his recent presentation before the Institute of Electrical and Electronics Engineers Standards Committee panel.
To learn more about central bank digital currencies and some of the design decisions that need to be considered when creating and launching it, read nChain’s CBDC playbook.
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