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The chances of the introduction of a digital dollar are increasing.

The potential of a digital dollar in the U.S. A review by a Bitcoin mixer: mixer.money
The chances of the introduction of a digital dollar are increasing.

  1. The regulation should be based on risks
  2. The potential of a national cryptocurrency — a digital dollar
  3. According to experts, crypto regulation is necessary

Last month, President Biden published an Executive Order that entrusted regulating authorities with considering the possibilities of crypto regulation. The news encouraged the crypto community. Later, U.S. Treasury Secretary Janet Yellen made further comments in which she described the potential directions in which the U.S. Treasury will analyze most crypto policy recommendations based on the legislation and regulation rules. The Treasury Secretary believes that a digital dollar (CBDC) is a real possibility under the condition of having appropriate legislation.

The regulation should be based on risks

The main argument of Secretary Janet Yellen is that crypto regulation like any other regulation should be based on specific risks, and not the technologies, and should be treated as such.

U.S. Treasury Secretary Janet Yellen

“Wherever possible, regulation should be ‘tech neutral.’ Consumers, investors, and businesses should be protected from fraud and misleading statements regardless of whether assets are stored on a balance sheet or distributed ledger,” said the Treasury Secretary speaking at the American University Center for Innovation, the Kogod School of Business.

On the one hand, Janet Yellen expressed her support for crypto-related innovations while managing their dangers and risks. On the other hand, in justifying her concerns she also referred to the financial crisis of 2008. She mentioned that the U.S. Treasury will carry out a study to analyze how to protect consumers, investors, and businesses, mitigate risks to national security, promote the position of the U.S. as a global economic leader, and protect the country’s financial system against risks.

“Digital assets may be new, but many of the issues they present are not,” said the U.S. Treasury Secretary.

The potential of a national cryptocurrency — a digital dollar

The Treasury Secretary hinted that the distributed ledger technology might result in the restructuring of financial markets and that digital assets and technologies might reduce concentration in traditional financial markets.

“While this could make markets less vulnerable to the failure of any particular firm, it is critical to ensure we maintain visibility into potential build-ups of systemic risk and continue to have effective tools for tamping down excesses where they arise,” said Yellen.

Janet Yellen believes that the transition from traditional finance to digital assets started as soon as the Internet appeared in the 1990s. While until now, the price volatility and long transaction processing times have hindered the widescale implementation of crypto, Yellen believes in the potential of a Central Bank Digital Currency (CBDC).

The Department of the Treasury of the United States of America. A review by a Bitcoin mixer: mixer.money

The U.S. Treasury has been asked to consider whether the government should adopt a digital dollar and to determine whether it can be used as an efficient payment system, a stable and reliable form of money comparable to fiat currencies. The agency will also consider the fact that the U.S. dollar plays a central role in the world economy, with nearly 90% of foreign exchange transactions denominated in U.S. dollars.

“I don’t yet know the conclusions we will reach, but we must be clear that issuing a CBDC would likely present a major design and engineering challenge that would require years of development, not months. So, I share the President’s urgency in pulling forward research to understand the challenges and opportunities a CBDC could present to American interests,” said Yellen.

According to experts, crypto regulation is necessary

Matt Hougan, the Chief Investment Officer at Bitwise, believes that regulation will be an integral part and an indispensable condition of the industry’s development in the United States and that consultations will help to define these rules.

“The crypto market needs better and clearer regulations if it’s going to go truly mainstream if it’s going to go from a $1.5 trillion dollar industry to a $15 trillion industry,” Hougan said in an interview to CNBC after President Biden announced an executive order regarding digital assets.

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