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Executive order may be issued on cryptocurrency in America

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HIGHLIGHTS :

  • Payment with cryptocurrencies has increased in America
  • A bill can be brought to regulate cryptocurrencies in India too.
  • China banned bitcoin mining last year

In America, the trend of payment with cryptocurrencies has increased. Some big brands like electric car maker Tesla, movie theater chain AMC Theaters have started accepting cryptocurrencies for payment

Payment with cryptocurrencies has increased in America

The cryptocurrency segment is growing rapidly and governments of many countries want to regulate it. In some media reports, it has been told by quoting sources that an executive order regarding cryptocurrencies in the US may be passed soon. The order is likely to be part of US President Joe Biden’s National Security Memorandum.

Barron’s report, citing an unnamed White House source, said government entities would be tasked with studying cryptocurrencies as well as stablecoins and non-fungible tokens (NFTs). There is speculation that an executive order may be issued related to the crypto segment. Earlier this month, Forbes reported that the Biden government could make some major changes to the fast-growing crypto segment in the US. In America, the trend of payment with cryptocurrencies has increased. Some big brands like electric car maker Tesla, movie theater chain AMC Theaters have started accepting cryptocurrencies for payment.

A bill can be brought to regulate cryptocurrencies in India too.

Apart from the US, some other countries are also considering ways to tax the trading of cryptocurrencies and regulate this segment. In India also a bill can be brought to regulate cryptocurrencies. However, some organizations like Swadeshi Jagran Manch have demanded a ban on cryptocurrencies. They say that there is a possibility of increasing illegal activities from cryptocurrencies. China banned bitcoin mining last year. The European country of Kosovo has banned bitcoin mining. The reason for this is the lack of electricity from bitcoin mining. Iran also recently imposed a temporary three-month moratorium on bitcoin mining due to its high consumption of electricity. Some other countries are also facing the difficulty of increasing the consumption of electricity from bitcoin mining.

China banned bitcoin mining last year

Along with the high consumption of electricity in crypto mining, there are also fears of cryptocurrencies weakening the control of central banks over the financial system. Last year, the capitalization of the global crypto market reached around $3 trillion (about Rs 2,15,66720 crore). However, in the last few days, this market has come down significantly.

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