Biden ‘to sign executive order’ on cryptocurrencies

US president Joe Biden is reportedly set to sign an executive order outlining the US government’s strategy on cryptocurrencies.

The sources, originally reported by Bloomberg, said that the order will examine potential regulatory changes and the impact of cryptocurrencies on citizens and national security.

The news comes as cryptocurrency continues to play a key role in financing Ukraine’s defence against the Russian invasion.

The Ukrainian government and non-government organisations (NGOs) providing support to the military have raised almost $59.7 million in cryptocurrencies according to current statistics from blockchain analysis firm Elliptic.

In addition, Bloomberg’s sources said that the new directive is expected to address the implementation of a US central bank digital currency (CBDC).

Earlier this week, the Financial Crimes Enforcement Network (FinCEN) released an alert encouraging US financial institutions to be vigilant against Russian attempts to evade sanctions.

“While large scale sanctions evasion using convertible virtual currency (CVC) by a government such as the Russian Federation is not necessarily practicable, CVC exchangers and administrators and other financial institutions may observe attempted or completed transactions tied to CVC wallets or other CVC activity associated with sanctioned Russian, Belarusian, and other affiliated persons,” said a FinCEN spokesperson. “In addition, FinCEN reminds financial institutions of the dangers posed by Russian-related ransomware campaigns.”

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