U.S. Treasury Seeks Advantages and Hazards of cryptocurrency

By Michael V. Bolgent

Administrator

Posted: July 12, 2022 at 8:56 PM, Updated: July 12, 2022 at 9:02 PM

FILE PHOTO: Democratic U.S. presidential candidate and former Vice President Joe Biden speaks about responses to the COVID-19 coronavirus pandemic at an event in Wilmington, Delaware, U.S., March 12, 2020. REUTERS/Carlos Barria/File Photo

In an effort to compile a report for President Joe Biden on the ramifications of developments like cryptocurrency, the U.S. Treasury said on Tuesday that it was looking for input on the risks and opportunities presented by digital assets.

An executive order Biden issued in March directing government organizations to investigate cryptocurrencies and other digital asset products, such as central bank digital currencies, served as the foundation for the formal inquiry.

The Treasury, Under Secretary for Domestic Finance, Nellie Liang, stated in a statement that “for consumers, digital assets may present potential benefits (of cryptocurrencies), such as faster payments, as well as potential risks, including risks related to frauds and scams.”

Despite worries from regulators and some policymakers that the sector lacks adequate oversight, transparency, and consumer protections, the cryptocurrency market, including bitcoin and other products, has expanded in popularity quickly in recent years.

The cryptocurrency market has been in upheaval recently, with a number of well-known organizations and tokens imploding or forbidding clients from making withdrawals in an effort to stabilize itself.

The Treasury is seeking information on a wide range of issues, including how businesses are using cryptocurrencies, potential gaps in consumer protection, and potential benefits or risks of further bitcoin use for the country’s poorest citizens.

Till August 8th, the Treasury will welcome comments.

What is cryptocurrency

Cryptocurrencies are a type of digital-only financial exchange that uses cryptography for security. They aren’t real currencies like pounds or dollars, for example.

There have been a lot of other cryptocurrencies since Bitcoin, the first one, came out more than a decade ago.

The top ten cryptocurrencies:

If you’re new to cryptocurrency, here are the top ten most valuable cryptocurrencies by market capitalization. This amount, sometimes abbreviated as’ market cap, ‘,’ indicates the total value of each coin in circulation.

Market capitalization figures are always changing according to the rules of supply and demand. The values in the table below are for March 22nd, 2022, and are therefore approximate.

There is an acronym for each cryptocurrency that refers to its ticker symbol, which is used to identify it when trading. For example, BTC is the acronym for Bitcoin.

It’s important to keep in mind that cryptocurrency investing isn’t for everyone. The Financial Conduct Authority (FCA), the UK’s financial watchdog, provides regular consumer warnings concerning the crypto business.

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