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Bitcoin, Terra, Stellar Gain The Most; Biden Releases Executive Order On Cryptos
As of writing this copy, while assets such as crude have tumbled heavily with Brent crude down by over 12% and quoting at $112 per barrel and US and Europe markets gaining sharply by over 3%, three are seen gains on cryptocurrencies too.
Bitcoin-the largest and oldest digital asset has spurted by a good over 8% to again price at above $40 K and last quoted at $41,900 on Coindesk platform. Bitcoin price in INR also as per Wazir X was up by over 7% at Rs. 32,83,322.
Biden's executive order on cryptocurrency
In the US, Biden has asked federal agencies to draft crypto regulations in its first ever executive order on the same on Wednesday. As per the fact sheet enclosed with the order, it is being iterated that the whole of the system to regulate crypto world finds its focus on "consumer protection, financial stability, illicit uses, leadership in the global financial sector, financial inclusion and responsible innovation".
Also, in the ruling there has been prescribed no new guidelines which players in the segment need to adhere too. There is a divided view on the cryptocurrency that while it may hamper financial system's stability at one place, it can also offer opportunities for innovation and competitiveness and promote financial inclusion.
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