President Biden’s crypto executive order a positive sign: deVere Group CEO
A day before it was set to be announced by U.S.A. President, Joe Biden, the first American executive order on the regulation and management of crypto has been leaked. Prolific evangelist for crypto and deVere Group CEO, Nigel Green, has cited and welcomed its contents.
Green first and foremost welcomed that the executive order seems to be structured in such a way that it won’t be antagonistic towards crypto. Many other nations have looked to clamp down on outlaw parts of this sector, but this does not appear to be the intention of Biden or America.
“Digital currencies are an inevitability in the ever-more digital world that we live in,” Green said. “When tech is driving the way we live, work, do business and much more besides, it makes sense to have money that runs on tech too.
“Also, it must be remembered that millennials – who are set to be the beneficiaries of the largest ever generational transfer of wealth [according to some estimates US$60 trillion] – have been raised on technology, they’re digital natives. As such, the future of money is also, without doubt, going to be digital.”
A major part of the executive order concerns the development of a national central bank digital currency, or CBDC. Green also welcomed this, but said that it did highlight how non-government coins will continue to play an important role in digital citizens’ lives.
“The Federal Reserve’s potential new currency would have many advantages, including convenience and speed of payments, but what it would not have is privacy. Indeed, a digital dollar would serve to give U.S. authorities even greater oversight of citizens’ transactions.
“The government would be able to trace all transactions. Washington would have even more powers to track and control.”
Elsewhere, Green noted that America will be playing “catch up” to other advanced economies that are already introducing CBDCs, including China, so we will likely see a sense of urgency out of America moving forwards.