President Joe Biden is expected to sign an executive order on Wednesday directing the federal government to move forward with the development and implementation of a digital U.S. dollar.
Biden’s executive order, which is also expected to address outstanding issues the federal government has pertaining to cryptocurrencies, will require the Treasury Department, the Commerce Department, and other key agencies to prepare reports on “the future of money,” especially CBDCs, or central bank digital currencies, Reuters reported .
The order also requires these departments to prepare reports on the different roles that cryptocurrencies play in the global economy and their role in the near future.
Officials in the Biden administration said that “wide-ranging oversight of the cryptocurrency market, which surged past $3 trillion in November, is essential to ensure U.S. national security, financial stability and U.S. competitiveness, and stave off the growing threat of cybercrime.”
Analysts reportedly view the long-awaited executive order as a pressing acknowledgment of the growing importance of cryptocurrencies and the possible risks they pose to American and global financial systems.
Biden’s executive order directs the federal government to determine what infrastructure is needed for the implementation of a CBDC.In January, the U.S. Federal Reserve addressed Congress regarding whether or not the […]
New Conservative Network Seeks Crowdfunding Help
They say we have to go big or go home. We’re trying to go big and bring the patriotic truth the the nation, but we need help.
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