the staff of the Ridgewood blog
Washington DC, the White House published its first-ever framework on crypto regulation, which explores how should the U.S. financial services industry develop to facilitate borderless transactions while minimizing fraud in the crypto space. The framework comes six months after U.S. President Biden urged government agencies to review the risks and advantages of digital assets and report their findings.
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The proposal is the most comprehensive outline for the government regulation of digital assets and includes plans to explore a digital US dollar to simplify cross-border transactions. The framework follows an executive order signed in March, directing agencies to examine the pros and cons of digital assets like cryptocurrencies.
To make digital transactions easier, the framework suggests the creation of a U.S. central bank digital currency, or CBDC, essentially a central band for a digital form of the U.S. dollar. A fact sheet released to describe agency responses to the executive order notes that the CBDC could make possible an efficient payment system, create technical innovations, facilities cross-border transactions, all while fostering environmental sustainability.
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