US Treasury Launching Cryptocurrency Awareness Program

The U.S. Department of the Treasury is launching a cryptocurrency consciousness program. “We’re simply making an attempt to lift consciousness with out making an attempt to stamp out new know-how and new innovation,” stated an official of the Treasury.

Treasury’s Efforts to Raise Crypto Awareness

The U.S. Department of the Treasury is launching an initiative to lift consciousness about cryptocurrency investing, Reuters reported Tuesday, citing an interview with Nellie Liang, Treasury undersecretary for home finance.

“We’re listening to increasingly more about traders and households who’re buying crypto property, and we acknowledge the complexity of how a few of these property function,” Liang described, including:

It felt like that is an space additionally the place extra schooling (and) extra consciousness might be useful.

The Treasury’s Financial Literacy Education Commission will create academic supplies and arrange outreach on digital property. The Treasury’s schooling unit includes 20 totally different authorities businesses, together with the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).

The authorities goals to tell the general public about how crypto property work and the way they’re totally different from different types of cost. The Treasury’s outreach will concentrate on traders with restricted entry to mainstream monetary providers, Liang detailed.

The undersecretary defined that whereas there are dangers related to crypto property, the Treasury is conscious of their advantages, resembling bettering cross-border funds or bolstering monetary inclusion.

Liang clarified:

We’re simply making an attempt to lift consciousness with out making an attempt to stamp out new know-how and new innovation.

President Joe Biden issued an executive order on the regulation of crypto property Wednesday. The order directs Treasury Secretary Janet Yellen to submit a report inside 180 days on the way forward for cash and cost techniques, “together with the circumstances that drive broad adoption of digital property,” the White House stated.

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