The US Treasury Department is launching a cryptocurrency awareness program. “We’re just trying to raise awareness without trying to weed out new technologies and innovations,” a Treasury official said.
Treasury Efforts to Raise Cryptocurrency Awareness
The US Treasury Department is launching an initiative to raise awareness of investing in cryptocurrencies, Reuters reported on Tuesday, citing an interview with Nellie Liang, assistant secretary for internal finance at the Treasury.
“We are hearing more and more about investors and families buying crypto assets, and we recognize the complexity of how some of these assets operate,” Liang described, adding:
It seemed that this is also an area where more education (and) more awareness could be useful.The Treasury Financial Literacy Education Commission will create educational materials and organize outreach activities on digital assets. 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).
The government aims to educate the public on how cryptocurrencies work and how they differ from other forms of payment. The Treasury’s outreach will focus on investors with limited access to key financial services, Liang said.
The Undersecretary explained that while there are risks associated with cryptocurrencies, the Treasury is aware of its benefits, such as improving cross-border payments or improving financial inclusion.
Liang clarified:
We are just trying to create awareness without trying to eliminate new technologies and innovations.President Joe Biden issued an executive order on the regulation of cryptocurrencies on Wednesday. The order directs Treasury Secretary Janet Yellen to report within 180 days on the future of money and payment systems, “including the conditions driving the widespread adoption of digital assets,” the White House said.