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Biden’s crypto order major step for blockchain use, payments: Expert

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Order provides advantages to current payments system without threat of money laundering, criminal activity, says law expert

US President Joe Biden’s executive order this week is a major step for the use of blockchain and payment systems, according to one expert.

“The Biden Administration has taken a major step in directing an ordered approach to consideration of the use of blockchain technology, central bank digital currency (CBDC) and related developments into the US and global payments system,” Joseph Lynyak III, a partner at the international law firm Dorsey amp; Whitney, told Anadolu Agency via email.

Biden signed an executive order to ensure responsible innovation in digital assets and cryptocurrencies, which outlined “the first ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology,” according to the White House.

“The Executive Order is a somber assessment of potential benefits of this technology, and orders numerous federal agencies to consider…

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