As the presidency is returning back to normal, the President-elect is already making appointments, which may bode well, or not, for the future of digital currencies and blockchain in the country, depending on how the new appointee behaves on the job.
According to the Wall Street Journal, Biden is tapping Janet Yellen for US Treasury Secretary. Yellen, who served under Obama, is known for her sceptical view of digital assets.
Known as a Bitcoin-denier in the past, she has remained mostly quiet in the past few years, although her reluctance to add digital currencies could clash with what is currently happening in the US.
The country is already lagging behind other jurisdictions when it comes to the adoption of central bank digital currency.
That is not to say that other financial centres have already rolled out their currencies, but it still raises a red flag. Will the US fail to capitalise on this economic phenomenon and consequently uproot the country as the leading economic power in the world?
Therefore, all eyes will be on Yellen as she will not only be the first woman to serve as US Treasury Secretary, but also be likely to find herself in the delicate position of deciding on far-reaching crypto policies.
Crypto scepticism is understandable up to a point, but the private sector is adopting it and so are mainstream financial institutions. Should the government miss the chance to act in time this could lead to confusion to say the least.
Even real money card rooms, such as Winning Poker Network, reported that it is paying between 90% and 95% in Bitcoin these days.
Want the chance to win an iPhone 11 Pro? Then take a couple of minutes to complete our CGN survey.