Biden Considers Digital Dollar--Here’s How it Could Differ from Regular Money
Freeman writes:
Biden considers digital dollar-here's how it could differ from regular money:
President Joe Biden today issued an executive order that could lead to the US creating a digital currency.
"My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC [Central Bank Digital Currency]," the executive order said. "These efforts should include assessments of possible benefits and risks for consumers, investors, and businesses; financial stability and systemic risk; payment systems; national security; the ability to exercise human rights; financial inclusion and equity; and the actions required to launch a United States CBDC if doing so is deemed to be in the national interest."
Biden also ordered government agencies to develop policies for managing cryptocurrencies that already exist. "The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk," the White House said. Biden's order "encourages regulators to ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets."
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