US President Joe Biden is expected to sign an executive order this week, which will present the government’s strategy on cryptocurrencies.
The order will instruct federal agencies to study potential regulatory changes, as well as the effects of cryptocurrencies on security, the economy, and financial stability.
The comprehensive order includes an examination of the central bank’s digital currency(CBDC) and the environmental impact of cryptocurrency mining.
The Federal Reserve will examine the CBDC(Central Bank Cryptocurrencies). The Fed’s board of directors began consultations on the CBDC on January 22.
The Environmental Protection Agency and the Office of Science and Technology would conduct a study on the impact of digital resources on the environment.
Individual agencies are expected to report their findings later this year.
The order, which was drafted last year, was supposed to be signed at the end of February, the week when Russia invaded Ukraine.