Logan thinks that central bank digital currencies (CBDCs) could lead to larger central bank balance sheets.
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Blockchain And Crypto Policy And Regulation
The growing popularity of digital assets, commonly referred as cryptocurrency, has forced regulators across the globe to rethink their approach towards it. They are now looking to strike the right balance between investor protection and fostering technological innovation. However, the vast application and fundamental difference between crypto assets and traditional financial system makes it difficult for policymaker to bring in new laws. This is going to be daunting task for them.
Stay tuned for all the policy related developments.
“Regulation using technology will have to be so adept and nimble that it should not be behind the curve,” states Indian Finance Minister Nirmala Sitharaman.
There is a very strong appeal from the market and the Central Bank for this project to be approved”, stressed the project’s rapporteur, Senator Iarajá.
When new technologies enable new activities, products, and services, financial regulations need to adjust, states U.S. Treasury Secretary Janet Yellen.
The new crypto directives will provide legal clarity for a sector that has so far been mostly lacking in regulation.
This compliance can be seen as a balancing approach between government control as well as the benefit of crypto technology.
According to the law, National Bank of Ukraine, the country’s central bank, and the National Securities and Stock Market Commission will be in charge of monitoring crypto participants and companies.
“We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action,” states the UK regulator.
The executive order is focused on consumer protection, financial stability, promoting technological innovation aimed at establishing leadership position in global financial system.
The executive order will direct federal agencies such as the U.S. SEC to examine potential regulatory changes, as well as the national security and economic impact of crypto assets.