Crypto Gains White House Support Amid Growing Adoption
Cash.Tech Newsletter #20: U.S. President Joe Biden signs executive order to support “development of digital assets”
It took roughly 13 years for cryptocurrencies to go from being a tool for computer nerds to an institutional asset. Now, it has become a subject of national concern. This week, U.S. President Joe Biden signed an executive order on “ensuring responsible development of digital assets.” There had been fears that such an order would immediately turn out to be harsh on the emerging industry.
However, the order turned out to be favorable (at least so far) as it outlined major steps that the United States would take to reinforce its leadership of the global financial system by harnessing the power of digital assets and blockchain. In this week’s Cash.Tech Newsletter, we're bringing you fresh updates from our development team as well as a review of the major highlights from the recent presidential order. Like other forms of technological innovation, regulation could become a strong catalyst for mainstream adoption of cryptocurrencies.
Cash.Tech development update
This week, the team completed several key steps in the development of the Cash.Tech Merchant Protocol. Firstly, we finalized the development of the front-end layout for the merchant registration process. The team finished the design for the merchant payment process with the app screens available in the images below:
Another key improvement is the development of the merchant settings page. This is the part where a merchant chooses which networks and cryptocurrencies are accepted as a payment for their products or services. On this interface, $CATE token is listed as a default option for merchants, with perks to encourage its adoption over other coins. Merchants can also import tokens across several networks, including Ethereum, Binance Chain, and Polygon. We believe that giving shoppers a range of crypto payment options will be a strong proposition for the Cash.Tech protocol to attract more merchants.
In the coming weeks, the team plans to reach further development milestones. This includes connecting the front-end for the merchant registration process to the backend. We will also begin working on the requirements for the payment listing process where merchants can see the full list of payments made for their products.
The team is also continuing efforts to release the latest version of Cash.Tech Wallet on the Apple Store. The delayed listing process highlights the superiority of decentralized systems, and further reinforces our conviction that building out the Cash.Tech application to give full ownership to users is a worthwhile effort. We will continue to keep the community updated on the development process and look forward to sharing further updates as soon as they become available.
Rapid crypto adoption in America leads to regulatory need
On March 9, 2022 U.S. President Joe Biden signed an Executive Order around cryptocurrencies. The order marked a watershed moment for the industry, as it is the first “whole-of-government approach” announced in the United States since the emergence of cryptocurrencies roughly a decade ago.
As noted in the Fact Sheet released by the White House, the Executive Order was prompted by the rapid adoption of cryptocurrencies in the country. The order cited a recent Pew Research Center survey revealing that up to 16% of adult Americans (approximately 40 million people) have either invested in, traded, or used cryptocurrencies in other forms.
(Source: Pew Research)
Global cryptocurrency market capitalization reached $3 trillion near its peak last year, making it sizable enough for the U.S. government to consider its impact on the economy. Hence, the Executive Order mentioned primary areas where U.S. government regulators will look to tap into the potential of digital assets and underlying technology while mitigating associated risks.
U.S. government outlines approach to crypto regulation
The recently announced Executive Order called for regulators to develop policy recommendations that protect U.S. consumers and businesses from the risks associated with investing in crypto assets. The objective is to give regulators sufficient oversight of the industry and prevent any systemic financial risks that might arise from the rapid growth of the industry.
Another area addressed by the order is the use of cryptocurrencies for illicit finance and the associated national security risks. The order encouraged U.S. regulators to ally with both local and international bodies to define a framework for tackling illicit crypto financing. It is worth noting that published research suggests that only 0.15% of crypto transactions are associated with illicit activity.
Other areas addressed by the executed order include the need for the U.S. to support technological innovation, while driving “competitiveness and leadership in, and leveraging of digital asset technologies.” To this effect, the U.S Federal Reserve was urged to explore the possible creation of a central bank digital currency (CBDC) if deemed an issue of national interest.
Regulatory clarity sets the tone for further adoption
As alluded to by MicroStrategy CEO, Michael Saylor, whose company is arguably the largest corporate holder of bitcoin, “regulation will accelerate the adoption of Bitcoin,” and potentially the crypto market. Clear regulation supports greater retail and institutional involvement. It also supports the development of innovative products like Cash.Tech Wallet that put crypto on the path to gaining further mainstream approval.
Cash.Tech Wallet is designed to support seamless onboarding of more investors into the cryptocurrency industry. The wallet’s user-friendly interface and upcoming support for online shopping through the Merchant Protocol will allow users to fully embrace crypto’s potential as the regulatory landscape becomes clearer in the coming years.
Cash.Tech is already live on Mainnet for Android and iOS users. Android users can now access the app on Google Playstore, with the iOS version coming to the Apple Store in the coming weeks! Apple Users can access Cash.Tech via https://testflight.apple.com/join/In3h8jr9.