Amidst the intense situation in the US with regards to the development of crypto regulations, the Treasury Department has facilitated a framework for international cooperation in front of Mr. President to introduce standards and regulations on the international platform.
This is without a doubt one of the significant developments made by the US Treasury Department, which will pave the way for Washington to increase its efforts in developing regulations for the cryptocurrency sector.
According to a statement released by the Treasury Department, the Secretary of State, the USAID’s (US Agency for International Development) administrator, and Commerce’s Secretary cooperated on developing a framework for crypto regulations.
The President of the United States, Joe Biden, gave executive orders on March 9th to ensure the development of digital assets responsibly, and the Treasury Department came up with the framework. The potential plan around crypto assets will be able to harness the benefits from switching to the digital platform while outlining the subject risks that come along with it.
As per the US Treasury Department’s statement, the order was to intensify the engagement of digital assets internationally while adapting, updating, and enhancing the adoption process of global regulations and principles for how digital assets should be transacted.
Will the G7 group be a part of the US’ new development plans?
The G7 group involves the UK, Japan, Germany, Italy, Canada, and France; the framework states that the US will continue to engage with these countries on several issues associated with digital payment gateways.
According to the regulations, the roles of the private and public sectors must be included in the movement and creation of money, CBDCs (Central Bank Digital Currencies), and the implementation of new technologies on international monetary systems.