US Treasury calls for cross-agency approach on risks and benefits of digital assets

A representation of the virtual cryptocurrency Bitcoin is seen in this illustration taken October 19, 2021. REUTERS/Edgar Su

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July 7 (Reuters) – The U.S. Treasury said on Thursday it had provided “a framework” to President Joe Biden for international engagement and an interagency approach to addressing the risks and rewards of digital assets.

The framework also directs the administration to promote the development of central bank digital assets and digital currencies (CBDC) technologies.

The United States should continue to work with international partners on standards for the development of digital payment architecture and CBDCs, according to the Treasury.

“Unequal regulation, supervision and compliance across jurisdictions create opportunities for arbitrage and increase risks to financial stability and the protection of consumers, investors, businesses and markets,” the Treasury said in a statement. published on its website. (https://bit.ly/3P8jIHr)

The Treasury also said it would continue to work with various organizations, including the G7, G20 and the International Monetary Fund.

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Reporting by Juby Babu in Bengaluru; Editing by Kenneth Maxwell

Our standards: The Thomson Reuters Trust Principles.

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