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Thursday, June 1, 2023

US Treasury Launching Cryptocurrency Awareness Program

US Treasury Launching Cryptocurrency Awareness Program – According to Reuters, the US Treasury Department is initiating a campaign to improve awareness about cryptocurrency investing, noting an interview with Nellie Liang, Treasury undersecretary for domestic finance.

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“We’re hearing more and more about investors and consumers buying crypto assets, and we understand the complexities of how some of these assets work,” Liang explained, adding:

Greater education and awareness seemed to be an area where more education and awareness could be beneficial.

Also Read: Bored Ape Yacht Club Donates $1 Million in Ethereum to Ukraine Following Community Efforts

The Financial Literacy Education Commission of the Treasury Department will develop instructional materials and conduct outreach on digital assets. 

The Securities and Exchange Commission, the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation are among the 20 government agencies that make up the Treasury’s education unit.

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The government wants to educate the public about crypto assets and how they differ from other payment methods. The Treasury’s outreach would be aimed at investors who have limited access to financial services, according to Liang.

While there are risks connected with crypto assets, the Treasury is aware of their benefits, such as boosting cross-border payments and bolstering financial inclusion, according to the undersecretary.

Also Read: FinCEN Issues ‘Red Flags’ on Potential Sanctions Evasion Using Cryptocurrency

Liang explained, saying:

We’re simply attempting to increase awareness without attempting to eliminate new technology or innovation.

President Joe Biden signed an executive order on crypto asset regulation on Wednesday. According to the White House, the directive orders Treasury Secretary Janet Yellen to provide a report on the future of money and payment systems within 180 days, “including the conditions that support broad adoption of digital assets.”

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