Industry optimistic about Biden’s order on cryptocurrency

BENGALURU: Many countries are now exploring government-backed digital currencies, and the latest one to explore possible uses of digital assets is the US government. US President Joe Biden has signed an executive order to examine the risks as well as benefits of cryptocurrencies and also options of a US CBDC (Central Bank Digital Currency). The cryptocurrency industry has welcomed the move, as many countries including India have started working on a CBDC.

“Even though the US is a bit late to enter this list, it is quite a progressive move. Weighing the pros and cons of CBDCs would also be helpful further in framing regulations,” said Edul Patel, CEO and Co-founder, Mudrex, a global crypto trading platform. Many crypto platforms in India have been talking about the uses of cryptocurrencies in the payment ecosystem, and also the benefits of digital currencies.

Darshan Bathija, CEO and Co-Founder of Vauld said that digital assets and digital assets companies working with the traditional banking sector will greatly help in this objective, as this could lower costs, increase security, and bring more efficiency to the financial services sector. Crypto platforms and investors also look at Biden’s approval of an executive order on crypto assets as the growing adoption of cryptocurrencies.

The US is aggressive to maintain the lead when it comes to tech, and is seeking like-minded partners globally to make it grow responsibly. India has the chance to be a part of this initiative and lead the next generation of innovation, something that the US is already targeting, said Vikram Subburaj, CEO, Giottus Crypto Exchange. He added that consumer protection and illicit activity tracking are some of the other aspects that India can collaborate on and gain as a nation.