US Treasury launches Cryptocurrency Awareness Program

An official from the Treasury stated that they are just trying to increase awareness, not to try to stop new technology or innovation.

Treasury Makes Every Effort to Increase Crypto Awareness

According to Reuters Tuesday, the U.S. Department of the Treasury launched a campaign to increase awareness about cryptocurrency investing.

Liang said that "we're hearing more about investors, households, and crypto assets," and added:

This area could use more education and awareness.

The Treasury's Financial Literacy Education Commission (Treasury) will produce educational materials and conduct outreach regarding digital assets. The Treasury's Education Unit includes 20 government agencies including the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation.

The government wants to educate the public on crypto assets and their differences from other forms payment. Liang explained that the Treasury will target investors who have limited access to mainstream financial services.

According to the undersecretary, while crypto assets can be risky, the Treasury is well aware of the benefits they offer, including improved cross-border payments and financial inclusion.

Liang clarified:

We are just trying to increase awareness, not to stop new technology or innovation.

On Wednesday, President Joe Biden issued an executive directive regarding the regulation of crypto assets. The White House directed Janet Yellen, Treasury Secretary, to submit a report on the future money and payment systems within 180 days.