Translated by: Boston May Flower Farm – Outer Rim

On March 9, U.S. President Biden released an executive order urging federal agencies to study cryptocurrencies and develop policy recommendations for the nascent market.

In his statement, Biden announced the first “whole-of-government” federal policy to “address the risks and harness the potential benefits” of cryptocurrencies by directing government agencies to adopt a series of measures around financial stability, illicit finance, financial inclusion, and investor protection.

The order directs the U.S. government to “urgently” research and develop a potential U.S. central bank digital currency and requires the Financial Stability Oversight Board to identify and mitigate any systemic financial risks posed by cryptocurrencies and formulate appropriate policy recommendations to address any regulatory loopholes. It also directed the Commerce Department to establish a framework to help government agencies incorporate digital asset technology into their policies, operating methods, research, and development.

Meanwhile, on the 8th, Thailand’s cabinet relaxed the tax regulations on digital asset investments. As per the finance minister, the new rules will allow traders to offset annual losses with tax gains from digital currency investments and exempt the 7 percent value-added tax on authorized digital currency transactions.

As a matter of fact, since the outbreak of the Russian-Ukrainian war, some Ukrainian military suppliers raised more than $60 million worth of digital currency and used some of the funds for purchasing fuel, food, and other armaments.

Ukraine’s Digital Transformation and Deputy Prime Minister Bonyakov believe that digital currency is more flexible and cheaper to use than bank transfers.


Proofread/Editor: Angelina Lee
Posted by: linli

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