On Tuesday, the US Treasury announced it needs the public view on the opportunities and risks posed by adopting digital assets. The US Treasury seeks public opinions on digital assets as it prepares a report for President Joe Biden on the overall implications of technological developments such as Blockchain and cryptocurrencies.
The government agencies started studying cryptocurrencies and other digital asset products, including central bank currencies, due to the executive order signed by President Biden for government agencies to research the implication of these developments. In a bid to provide an exclusive report for Biden, the agencies have no choice but to release an official query to the public to inquire about their comments on the rising developments.
“For consumers, digital assets may present potential benefits, such as faster payments, as well as potential risks, including risks related to frauds and scams,” Treasury Under Secretary for Domestic Finance Nellie Liang said in a statement.
The Implication of Digital Assets such as Cryptocurrencies
The digital market has seen rapid development due to the massive adoption of cryptocurrencies. The crypto market has grown in popularity in recent years despite concern and fears from regulators and some policymakers about the market lack of sufficient oversight, transparency, and consumer protection.
The high volatility of the crypto market has always been the cause of fear and disapproval from regulators and policymakers. Most regulators claimed there’s no reason to fund a system whereby you can lose your capital in a matter of seconds.
Although while most regulators and policymakers are concerned with the crypto market volatility, and the public has readily adopted cryptocurrencies in their daily life. Numerous crypto startups are rising daily to exploit the opportunity of Blockchain and cryptocurrencies. While many traditional companies are struggling to keep up and adopt the rising technologies, many who have adopted them have a lot of positive reviews about the technology.
The US Treasury Query
The Treasury’s query is far-ranging, asking for input on various questions, including how businesses use cryptocurrency, where consumers may not be sufficiently protected, and how the nation’s poorest could benefit or face risk from broader cryptocurrency adoption. The Treasury is accepting comments until Aug. 8.