US Treasury Is Pushing For Consistent Worldwide Cryptocurrency Regulations.

The United States Treasury Department is the latest federal department to share suggestions for regulating cryptocurrencies as part of the country’s continuous efforts to develop industry-wide regulations.

On July 7, the Treasury Department announced a worldwide crypto regulation framework outlining how domestic financial values in the United States should be respected, as well as safeguards for businesses and consumers involved in the crypto industry.

According to theTreasury fact sheet, cryptocurrencies should be controlled in order to reduce the potential use of digital assets in criminal activity. Furthermore, the agency observes that regulated cryptocurrencies can promote financial inclusion and foster innovation.

The agency, led by Secretary Janet Yellen, stated that the United States should use its worldwide position in financial markets to collaborate with partners in developing the framework for the crypto sector.

“The United States must continue to work with international partners on standards for the development of digital payment architectures and central bank digital currency (CBDC) to reduce payment inefficiencies and ensure that any new payment systems are consistent with U.S. values and legal requirements,”

In an ideal world, the Treasury would like the United States to advocate for uniformity with worldwide partners by assuring a “coordinated message, limit duplication, and encourage that work is maintained within its primary stakeholders.”

The publication also mentioned that the United States would continue to organize engagements and forums to expand on the information sheet created as part of President Joe Biden’s Executive Order to federal agencies on establishing digital currencies.

G7 member states, in particular, will be significant stakeholders in the framework’s design. The countries will focus on strengthening payment systems and defining the roles of the public and private sectors in payments.

Other partners listed include the G20, the Financial Stability Board, and the Organization for Economic Cooperation and Development (OECD).

Since President Biden’s order, various agencies have provided their opinions on how to manage the expanding business. U.S. credit unions are opposed to the introduction of central bank digital currency since it is expensive and there are other superior alternatives on the market.

Notably, the Treasury Department prefers a CBDC that protects the value of the United States’ monetary system.

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