Biden orders the government to study cryptocurrency and ‘explore’ a US digital dollar

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On Wednesday, President Biden signed an government order relating to authorities oversight of cryptocurrency, which up to now is being seen by the crypto trade as a optimistic step. The order, which we first realized about last month, duties authorities companies with producing stories on the dangers of digital property, in addition to alternatives they current, together with the creation of an official US digital foreign money.

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In response to an announcement launched by the White House, the Biden administration sees the rise in digital property as “a chance to bolster American management within the international monetary system and on the technological frontier.” Nonetheless, cryptocurrency “additionally has substantial implications for shopper safety, monetary stability, nationwide safety, and local weather danger,” the assertion reads.

Amongst different issues, the order directs US companies to suggest new insurance policies that defend the nation from any illicit exercise and nationwide safety dangers associated to digital property. But it surely is not all about protection. The order additionally tells the Division of Commerce to “work throughout the US Authorities in establishing a framework to drive US competitiveness and management in, and leveraging of digital asset applied sciences” and to evaluate “the technological infrastructure and capability wants for a possible U.S. CBDC in a way that protects People’ pursuits.”

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