President Biden likely to issue an executive order on cryptocurrency

A piece of important news regarding cryptocurrency is surfacing from the office of American President Joe Biden. According to the reports, In a bid to regulate the trading of cryptocurrency, President Joe Biden is likely to sign an executive order this week. This decision was taken after it was found that Russia might be using Cryptocurrency to escape from the sanctions imposed by the Western Alliance. Several concerns were raised by administrative officers of the United States regarding this. Russia’s stock markets were closed and the Russian currency Ruble plunged after the strong sanctions imposed on it by several countries around the globe. Two officials of Biden’s administration on the condition of anonymity said an executive order on cryptocurrency was long due before the war and is expected to be signed this week. This order will direct the government departments and organizations to frame policies and guidelines regarding cryptocurrency. The officials of the President’s office has earlier turned down the possibility of Russia’s capability to use cryptocurrency to evade the impact of the sanctions, it still remained a concern for them. Last week, Treasury Secretary Janet Yellen said: "We will continue to look at how the sanctions work and evaluate whether or not there are liquid leakages and we have the possibility to address them. I often hear cryptocurrency mentioned and that is a channel to be watched."