The White House will examine the potential environmental impacts of cryptocurrencies

White House officials are interested in knowing how the public feels about the impact of cryptocurrency issuance on the environment.

The White House examines mining

U.S. President Joe Biden’s Office of Science and Technology has launched an initiative to determine the environmental impact of cryptocurrency issuance.

President Joe Biden signed an executive order on March 9, requiring federal agencies to study the impact of digital assets in six key areas: consumer protection, financial stability, financial inclusion, responsible innovation, the U.S. as a global leader in financial services, and combating illicit financial activity.

The Office of Science and Technology will gather input from the public and other stakeholders on various factors that contribute to the consumption of energy and climate impact of all types of digital assets, including primarily cryptocurrencies.

As part of President Biden’s directive, the aforementioned entity must submit a report on digital assets that identifies factors that negatively or positively affect energy and climate issues.

In particular, this right to information (RFI) requires commentary on the protocols, equipment, resources, economics and other factors that shape energy consumption and climate impact of all types of digital assets.

– said in the communiqué.

Moreover, the office will provide consultations on the use of digital assets for addressing energy and climate issues. The federal government will use the findings to regulate the digital asset market.

Public and organizations are invited to submit comments by 5:00 p.m. ET on May 9, 2022.

However, it’s worth noting that the American elite is changing their attitude towards cryptocurrencies.

U.S. Treasury Secretary Janet Yellen, who has had a rather negative opinion about BTC and altcoins in the past, recently admitted that she sees how “significant role” cryptocurrencies play.

Cryptocurrencies offer many benefits, and we acknowledge that innovation in payments can be beneficial,” she added.

Read Also: Tax laws on cryptocurrency have been adopted in India

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

Comments are closed.