The US Treasury Department has released a fact sheet setting out a framework for international engagement related to crypto. This leaflet was published on Thursday.
It explains how the US plans to work with a number of foreign regulators to address matters related to the crypto industry.
This fact sheet is the first report released by the department and outlines President Joe Biden’s executive order.
The framework was designed to respect America’s democratic values. It is also consistent with the goal of protecting consumers, investors and businesses and maintaining the security of the global financial system and interoperability.
The publication also mentioned that the government operates at the international level and has engaged in bilateral partnerships on a range of issues related to the industry.
US agrees with G7 on digital payments and central bank digital currencies (CBDC). The US also worked with the G20, which dealt with cross-border payments, among other things.
More on the goals of cryptocurrency policy
The fact sheet states that the policy goals of the framework are related to reducing the use of crypto fraud and other illicit financial means.
It talks about boosting access to financial services and the rise of technology by empowering leadership and progression in the global financial system.
Working with the US Financial Stability Board (FSB), through this partnership, the US has delved deeper into the potential risks to financial stability associated with cryptocurrency adoption.
It is also in the leaflet
To reduce payment inefficiencies and ensure that any new payment system conforms to US values and legal requirements, the United States must work with international partners on standards for the development of digital payment architectures and CBDCs (central bank digital currency). Must keep working.
In addition, it is mentioned
In addition, the United States will promote the adoption and implementation of international standards through bilateral and regional commitments. In all actions, the United States will encourage ensuring a coordinated message, limiting duplication, and maintaining work within its key stakeholders.
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Contains various controls
The US also supports countries adopting Financial Action Task Force (FATF) standards for crypto or digital assets. As well as being part of the FATF, the US is also trying to raise awareness about ransomware and money laundering and draw attention to the CBDC guidelines.
The US also maintains relations with the Organization for Economic Co-operation and Development (OECD). Together with the OECD, the US is discussing risks, recommended approaches and best practices for crypto, as well as improving global tax compliance around digital assets.
Analysis and other monitoring work is underway as the US works with the International Monetary Fund (IMF). In addition to working with these regulators, the US is helping the World Bank and other multilateral development banks build digital asset-based investment and lending services.
Related Reading | Why the US Treasury released a framework for international crypto regulation
Bitcoin was trading at $21,900 on the four-hour chart. Source: BTCUSD on TradingView
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