- A long awaited executive order on cryptocurrencies could be signed as early as March 9, 2022, by President Joe Biden.
- The White House aims to curb cyber crime and combat illicit activities related to cryptocurrencies through the executive order.
- Amidst rising geopolitical tension, proponents believe Russian elites could circumvent Western sanctions through the use of crypto.
- The global crypto market capitalization has improved, crossing $1.8 trillion.
US President Joe Biden could possibly sign an executive order on cryptocurrencies, as Russo-Ukrainian conflict widens. The move is a part of the US response to the Russo-Ukraine war and the possibility of Russians circumventing the conflict.
New crypto order could be signed by President Biden this week
Amidst rising concerns of Russian elites circumventing sanctions imposed by the US and European Union through the use of cryptocurrencies. A source familiar with the matter told Reuters that Joe Biden, US President, could sign a long-awaited executive order.
The concerns surrounding financing of illegal activities through cryptocurrencies, and the growing threat of ransomware have fueled the US decision.
Russia has been cut off from a large portion of the global economy, making it likely that users adopt cryptocurrencies to circumvent Western sanctions. The White House has growing concerns surrounding the use of cryptocurrencies, making it likely that the new executive order is signed soon.
The global crypto market has suffered a bloodbath as war rages between Russia and Ukraine. At the same time, there has been a recovery in the market capitalization, a spike of 1.6% pushing it above $1.8 trillion.
Cryptocurrencies in the top 30 by market capitalization have recovered from a recent drop in prices, fueling a bullish narrative among investors.
The Southeastern US state of Virginia passed a bill to allow banks to offer Bitcoin and crypto custody services, driving cryptocurrency adoption in the United States.
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