Treasury Calls On Biden To Join G7 To Help Regulate Cryptocurrency

The U.S. Treasury has reached out to President Joe Biden to help regulate cryptocurrencies.

In a July 7, 2022 memorandum, the U.S. Treasury detailed an effort to establish worldwide standards for central bank digital currencies (CBDCs) and cryptocurrency payments to regulate financial stability and safeguard consumers and firms.

The memorandum advised President Biden to work alongside the G7 to optimize digital payment viability, CBDC, adoption of newly emerging technologies and the flow of digital capital across economic sectors.

It also urged the U.S. to work alongside allies to create a long-term plan for regulating cryptocurrencies, in order to guarantee national security and stability of financial markets. By doing so, the U.S. Treasury aims to target money laundering, sanctions evasion, financing of terrorism via cryptocurrencies, and arbitrage opportunities.

“The United States must continue to work with international partners on standards for the development of digital payment architectures and CBDCs to reduce payment inefficiencies and ensure that any new payment systems are consistent with U.S. values and legal requirements,” the report continued.

The news comes as uncertainty looms over cryptocurrency markets due to macroeconomic fears and a recent crash.