U.S. Department of the Treasury has launched a program to raise awareness about cryptocurrency. “We’re just trying to raise awareness without trying to stamp out new technology and new innovation,” said an official of the Treasury.
Treasury’s Efforts to Raise Crypto Awareness
The U.S. Department of the Treasury has launched a program to promote cryptocurrency investment, Reuters reported Tuesday. Nellie Liang was the Treasury Undersecretary for Domestic Finance.
“We’re hearing more and more about investors and households who are purchasing crypto assets, and we recognize the complexity of how some of these assets operate,” Liang described, adding:
It seemed like this area needs more education, and more awareness.
The Treasury’s Financial Literacy Education Commission will create educational materials and organize outreach on digital assets. The Treasury’s education unit comprises 20 different government agencies, including the Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC).
This government’s goal is to educate the public on crypto assets and their differences from traditional forms of payments. The Treasury’s outreach will focus on investors with limited access to mainstream financial services, Liang detailed.
According to the undersecretary, while crypto assets can be risky, Treasury recognizes their potential benefits such as improving cross border payments and financial inclusion.
Liang clarified:
We’re just trying to raise awareness without trying to stamp out new technology and new innovation.
Wednesday’s executive order by President Joe Biden governing the regulation of crypto-assets was issued. The order directs Treasury Secretary Janet Yellen to submit a report within 180 days on the future of money and payment systems, “including the conditions that drive broad adoption of digital assets,” the White House said.
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