Cryptocurrency Will Soon Face Federal Regulation
President Biden plans to issue an executive order to create regulations for cryptocurrency this week.
It could have a surprising effect, impacting Russia’s war on Ukraine.
The order would direct federal agencies to assess the risk of cryptocurrency and explore the creation of a U.S. digital currency.
Bitcoin and other crytocurrencies’ rapidly changing values have raised concerns about their future.
There’s also concern that Russia may be using crypto as a way to avoid crippling sanctions.
Treasury Secretary Janet Yellen says she’s looking into the issue.
But there’s some good news, as cryptocurrency has actually become a powerful tool in Ukraine’s fight against Russia.
The Ukrainian government says they’ve raised almost $13 million through digital currency.