Biden to sign executive order on cryptos, digital assets: White House

By Ovunc Kutlu

ANKARA (AA) - US President Joe Biden will sign an executive order on ensuring responsible innovation in digital assets and cryptocurrencies, a White House statement said on Wednesday.

The order will be outlining “the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology,” the statement said.

It will lay out a national policy for digital assets in six areas – consumer and investor protection, financial stability, illicit finance, US leadership in the global financial system and economic competitiveness, financial inclusion, and responsible innovation.

"Surveys suggest that around 16% of adult Americans – approximately 40 million people – have invested in, traded, or used cryptocurrencies," the statement said.

The order will also include exploring a “Central Bank Digital Currency” (CBDC) by placing urgency on research and development, it added.

Over 100 countries are exploring or piloting CBDCs, a digital form of a country’s sovereign currency, according to the White House.

"President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy," US Treasury Secretary Janet Yellen said in a separate statement.

Yellen said the Treasury Department will partner with other US agencies to write a report on the future of money and payment systems.

Bitcoin and other cryptocurrencies saw their price increase after the announcements.

The price of Bitcoin, the world's largest crypto by market capitalization, was at $42,136 at 7.00 a.m. (1200 GMT) with an 8% daily gain.

Ethereum, the world's biggest altcoin by market cap, saw its price gain 6.1% to $2,746.

The cryptocurrency market's total value stood at $1.85 trillion at the time, for a 5.9% daily increase, according to data by digital asset price-tracking website CoinMarketCap.