Secretary of State Antony Blinken said the Department of State will play a key role in the implementation of an executive order on digital assets and its embassies worldwide will work with the private sector and international organizations to advance the development and use of digital assets in alignment with U.S. values.
Blinken, a 2021 Wash100 Award winner, said in a statement published Wednesday the department will launch efforts to help mitigate the risks posed by digital assets to consumers and investors, promote international cooperation and U.S. competitiveness and back the development and adoption of standards.
On Wednesday, President Joe Biden signed the executive order that directs the U.S. government to assess the potential benefits and risks of establishing a central bank digital currency and address other issues amid the rise in the adoption of cryptocurrencies and other digital assets.
With the new policy, the State Department will also help prevent illicit finance, counter corruption, preserve interoperability, safeguard against unlawful surveillance, support financial inclusion and defend privacy and exercise of human rights.
Blinken said the EO reflects U.S. determination to shape and lead financial innovation to promote democratic values, foster prosperity and prevent abuse.
“Financial innovation can produce great benefit for society, but it needs the right guardrails to prevent harm,” he added.