U.S President Joe Biden May Be Thinking Of Appointing A ‘Crypto Czar’ At The White House

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In today’s world where cryptocurrency is on the rise, it won’t be long till the government decides to join the bandwagon and start appointing crypto experts in the president’s house. The latest news comes from Biden administration that is allegedly looking into appointing a crypto czar in the White House.

According to anonymous sources, an executive order directing federal agencies to study relevant areas of crypto – detailing the financial regulation, economic innovation and national security and give suggested recommendations has been issued by Biden administration. This initiative will also aim to coordinate different agencies’ work on digital currencies through an executive branch. This comes as a surprise since Biden has been relatively quiet on the whole cryptocurrency affair and even skeptical towards the digital currency trend. However, the White House has not made any official remarks regarding this news as of yet.

Earlier, Secretary of the Treasury Janet Yellen suggested a crack-down on cryptocurrency because of its heavy involvement in money laundering and other illegal transactions such as terrorist operations. “Cryptocurrencies are a particular concern. I think many are used — at least in a transaction sense — mainly for illicit financing,” Yellen said during her confirmation hearing. “And I think we really need to examine ways in which we can curtail their use and make sure that money laundering doesn’t occur through those channels.”

It seems like we’re still a long way from seeing cryptocurrency being accepted as an official currency around the world but it might come sooner than later. Whenever that happens, it would surely be a major turning point for business transactions around the world and even have a huge influence on the countries’ own official currencies. We only have to see how it will have an effect on the so-called safe, free and decentralized digital currency system…

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