White House releases its first-ever crypto framework

White House releases its first-ever crypto framework
Image Credits: The White House

In the same week that the European Union bloc announced a global Metaverse Regulation Initiative, the White House published its first-ever framework for the responsible development of digital assets.

The framework sets the foundation for a number of topics, including: safeguarding citizens and businesses, fostering access to financial services, fostering financial stability and encouraging innovation, upholding the nation’s position as a financial leader, combating financial crime, and investigating the potential for a digital dollar (CBDC).

The framework is a product of six months of research, and the Treasury will cooperate with financial institutions to identify risks and vulnerabilities in an effort to support financial stability, as well as collaborate with other departments to study emerging strategic risks.

In an attempt to mitigate threats, the government will discuss values relating to digital assets with international organizations and foreign authorities like the G7, G20, and the Financial Action Task Force.

The digital dollar is also in line with other nations’ CBDC plans, as Europe plans to introduce the digital euro and Russia plans to introduce the digital ruble.

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