Since it was announced in February, this week is expected to be a historic moment when the president of the United States (US), Joe Biden will sign an executive order related to cryptocurrencies.
At the same time, this is the country’s first step in introducing laws related to cryptocurrency trading.
It is understood the order covers several important aspects, including identifying potential legal changes, national protection, and the impact of the use of digital assets on the economy.
Indirectly, the decision taken is also a solution to concerns about the use of cryptocurrencies by Russia to circumvent the sanctions imposed as a result of the Ukrainian invasion.
Russia’s access restrictions on SWIFT, Mastercard, Visa, and PayPal have brought the ruble price to an unprecedented low.
At the time of writing, 1 ruble is equivalent to $ 0.00756.
Initially the implementation of the executive order on the crypto market was scheduled for mid-February but due to the Russian-Ukrainian war caused it to be delayed.
Several exchanges and crypto platforms have already begun to be bombarded with questions related to compliance with U.S. and international sanctions against Russia from lawmakers.
Not only that, they were also ‘pressed’ to block a large number of accounts belonging to Russian -born individuals. Coinbase, for example, has already imposed restrictions on over 25,000 accounts!
On the other hand, the implementation of the executive order also carries a positive signal of the formation of the central bank’s digital currency (CBDC), as The Fed chairman Jerome Powell stressed in January.
