As cryptocurrencies become one of the key sources of investment, the need for cryptoregulation becomes more important to curb fraud.
The U.S. Treasury has a similar opinion that the United States and its affiliates need to work together to form standard cryptographic regulations to ensure that fraud is not overlooked.
In a press release, the Treasury said that bumpy government beyond regulation and control paves the way for crime, increases the risk of financial instability and reduces the protection of consumers, investors, traders and markets. increase.
Not only this. The lack of cryptocurrency regulations will increase money laundering and terrorist financing around the world, making it difficult for the United States to track illegal offshore transactions through payments such as ransom payments.
Need for shared standards
Recently, creating a framework for international cooperation and setting transparent standards for regulation was one of the key topics raised by President Joe Biden. In the process of setting a government-wide strategy for digital currencies, the Treasury was asked to create a framework with the help of agencies such as the State and Commerce Department under the supervision of the White House’s March executives. rice field.
The United States needs to work effectively with international organizations to lead dialogue on digital payments with central banks’ digital currencies or CBDCs.
It is a known fact that the Federal Reserve is considering the possibility of the US CBDC, but the final decision on this issue is still pending.
The Ministry of Finance has taken up the thread on such international businesses, funding the problems and challenges facing cryptocurrencies, investors, traders, market protection policies, restraint activities such as money laundering, and terrorist activities. Needs to continue investigating. And other misconduct.
However, the Treasury is stated to continue to work with several other companies such as the G7, G20 and the Organization for Economic Co-operation and Development.