United States President Joe Biden today signed an executive order to regulate bitcoin (BTC) and the cryptocurrency industry. After hearing the news, the community that revolves around the ecosystem immediately took to Twitter to comment on the document that had generated great expectation since it was announced in October last year.
In general terms, the community received the announcement with optimism, taking into account that, by ordering a regulation, the Biden administration is giving legitimacy to the cryptocurrency industry. Somehow it makes it clear that it will not ban bitcoin or digital mining, as China did last year.
The order was evaluated with such optimism in the market that some attributes the rebound that the price of bitcoin had to the government action. However, on Twitter the community also analyzes whether the document is, in fact, positive or negative for the ecosystem.
For the renowned bitcoiner Matt Odell, Biden’s executive order cannot be properly interpreted as a law that does not require the approval of Congress, as is often the case with this type of document. It’s just the first step and in itself that does not offer much.
“The executive order is a complete joke, the discussion is not even worth it, just laugh and continue,” he pointed Odell.
For his part, Bitcoin developer Matt Corallo he pointed that the order only allows us to understand that we must “stay informed and make sure we have a voice in the investigation that is carried out in this type of report and in the future laws and regulations that derive from them.”
Goodbye bitcoin! or welcome BTC to America
Robert Kiyosaki, the author of the book “Rich Dad Poor Dad”, is convinced that the executive order of the President of the United States marks the beginning of a new era for cryptocurrencies. He thinks that now the government will confiscate the funds in bitcoin or ethers (ETH) that its citizens have whom you can classify as “criminals or communists.”
All this with the aim of promoting its own central bank digital currency or CBDC, popularly known as the digital dollar.
However, cryptocurrency market analyst Jan Wüstenfeld disagrees with Kiyosaki and ensures what The United States will not ban bitcoin because it recognizes it as a key tool.
There are also those who believe that Biden’s executive order on cryptocurrencies is historical, as Nigel Green pointed outCEO of the financial advisory firm deVere Group.
For me, there are three key takeaways from Biden’s cryptocurrency executive order. First, digital currencies are unavoidable in the increasingly digital world we live in. When technology is driving the way we live, work, do business, and more, it makes sense to have money powered by technology, too.
Nigel Green, CEO of Vere Group.
Second, the executive director stresses that the economy largest in the world has decided not to ban cryptocurrencies and indeed, it calls for a “coordinated and comprehensive approach to digital asset policy.”
For Green, the third key point of the executive order is that it underlines that the world will still want cryptocurrencies like bitcoin for its advantages, including the convenience and speed of your transfers. But above all for the anonymity it offers. This is in contrast to a digital dollar, with which “the government could track all transactions2. Washington would have even more powers to track and control,” she pointed out.
As CriptoNoticias reported earlier, Biden today signed the executive order that the bitcoin ecosystem had been waiting for months. In it, the government directs federal agencies better coordinate their work in the cryptocurrency sectoralthough it does not establish specific positions that the administration wants them to adopt.