In its latest national security standards report, President Biden’s team listed several technology industries as priorities for standardization, including cryptocurrencies as an emerging technology to watch.
The White House said in a statement that the strategy aims to strengthen the U.S. foundation for protecting consumer technology, as well as its leadership and competitiveness in setting international standards.
The statement added that having a common standard ensures that the technology is consistent in terms of security.
According to the report, the federal government will focus on digital identity infrastructure and distributed ledger technology, both of which have an increasing impact on various key economic sectors. The list also includes biotech, artificial intelligence and semiconductors.
The addition of cryptocurrencies to the list of emerging technologies shows that the White House recognizes the growing importance of this asset class and its potential impact on the financial industry.
Cryptocurrencies are gaining traction as a viable investment option and medium of exchange for goods and services. With the increasing adoption of blockchain technology, the potential for secure and efficient transactions has become more apparent.
However, the cryptocurrency market remains largely unregulated, leading to concerns that it could be used for illegal activities such as money laundering and terrorism financing.
The White House’s inclusion of cryptocurrencies on its list of emerging technologies signals that the administration is paying more attention to the industry and may implement regulations to ensure its safe and responsible use.
Beyond cryptocurrencies, the report also highlights the importance of digital identity infrastructure, which is critical to online security and privacy.
Distributed ledger technology, the underlying technology of blockchain, has also attracted attention for its potential to revolutionize various industries, including finance, healthcare and supply chain management.
The report’s emphasis on emerging technologies demonstrates the White House’s commitment to fostering innovation and competitiveness in the technology sector.
By prioritizing standardization and regulation, the government aims to ensure that these technologies are developed and utilized in a safe, responsible and fair manner.