The Biden ‐​Cryptocurrency Reports: Part 5, The Future of Money and Payments

Nicholas AnthonyThe reports mandated by President Biden ’s Marchexecutive order are here and seek to offer a  comprehensive framework for the responsible development of digital assets (commonly known as cryptocurrencies). Asnoted early after the release, however, many of the items were left to be determined. But that doesn ’t mean that the reports should be ignored. This series of blog posts will tease out some of the subtler points from each of the reports released on Friday.Recommendations from the U.S. Department of the TreasuryThe fifth report, “The Future of Money and Payments, ” came from the U.S. Department of the Treasury. And as the name suggests, the Treasury was tasked with considering the future of the U.S. dollar, the forms it might take, and how the payments system can be improved (Section 4(b)(iii) ofExecutive Order 14067). To that end, the report offered the following four recommendations:Advance work on a  possible U.S. CBDC, in case one is determined to be in the national interest.Encourage the use of instant payment systems to support a  more competitive, efficient, and inclusive U.S. payment landscape.Establish a  federal framework for payments regulation to protect users and the financial system, while supporting responsible innovations in payments.Prioritize efforts to improve cross ‐​border payments, both to enhance payments system efficiency and protect national security.Let ’s consider some of these recommendations in more detail.To ...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs