{"id":162117,"date":"2022-03-11T06:00:00","date_gmt":"2022-03-11T11:00:00","guid":{"rendered":"https:\/\/www.ict-pulse.com\/?p=162117"},"modified":"2022-03-10T18:24:56","modified_gmt":"2022-03-10T23:24:56","slug":"3-takeaways-caribbean-policymakers-should-have-had-on-the-us-presidents-executive-order-on-crypto","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2022\/03\/3-takeaways-caribbean-policymakers-should-have-had-on-the-us-presidents-executive-order-on-crypto\/","title":{"rendered":"3 takeaways Caribbean policymakers should have had on the US President\u2019s Executive Order on crypto"},"content":{"rendered":"\n
Earlier this week, the President of the United States signed an Executive Order for the preparation of a national policy for digital assets. We discuss the statement issued, of which the Caribbean region ought to take note.<\/em><\/p>\n\n\n\n <\/p>\n\n\n\n On Wednesday, 9 March, the White House reported<\/a> that the President of the United States of America (U.S.), would sign an Executive Order \u201coutlining the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology<\/em>\u201d. The Order signals that work will soon begin on the preparation of a national policy for digital assets, which according to the statement released by the White House<\/a>, should do the following:<\/p>\n\n\n\n Protect U.S. consumers, investors, and businesses<\/p> Protect U.S. and global financial stability and mitigate systemic risk<\/p> Mitigate the illicit finance and national security risks posed by the illicit use of digital assets<\/p> Promote U.S. leadership in technology and economic competitiveness to reinforce U.S. leadership in the global financial system<\/p> Promote equitable access to safe and affordable financial services<\/p> Support technological advances and ensure responsible development and use of digital assets<\/p> Explore a U.S. Central Bank Digital Currency (CBDC)<\/p><\/blockquote>\n\n\n\n To be clear, when one speaks of \u2018digital asset\u2019 generally, it tends to be defined as any digital material, such as text, graphics, audio, video and animations, owned by an individual or organisation and includes the right to use it. However, in the banking and financial services context, digital assets are \u201cdigital representations of values that are not issued or guaranteed by a central bank or public authority and do not have the legal status of currency or money<\/em>\u201d (Source:\u00a0 Banking Hub<\/a>). It thus appears that the focus of the proposed US digital assets policy initiative will be with respect to the financial services\/technology sector, and to a considerable degree, cryptocurrencies, and not necessarily encompassing the broader definition of digital assets.<\/p>\n\n\n\n It is also clear, that through the proposed policy, the U.S. is seeking to establish or retain its leadership in the global financial system, along with fostering its leadership and economic competitiveness. As a result, some consideration has been given to financial inclusion, through the need for \u201csafe, affordable, and accessible financial services<\/em>\u201d, which would redound to the benefit of individuals and micro, small and medium enterprises.<\/p>\n\n\n\n