The executive order, the first to focus exclusively on the growing digital asset sector, directs federal agencies to better coordinate their work in the cryptocurrency sector, though it does not set out specific positions the administration wants agencies to take.
Hours earlier, US Treasury Secretary Janet Yellen leaked information that Biden would take a constructive approach to regulations, sending cryptocurrencies soaring. “A presidential executive order on cryptocurrencies would ‘support responsible innovation’ as it coordinates US policy across agencies”Yellen said in a statement, which was scheduled for release on Wednesday but was published late Tuesday, Coindesk shared.
“Under the executive order, Treasury will partner with interagency colleagues to produce a report on the future of money and payment systems,” Yellen said.
In this framework, it was also known that the President of the United States, Joe Biden, will begin work on the creation of a digital dollaras part of a major regulation effort in the field of cryptocurrencies, according to the White House.
The president will sign an executive order directing his administration to give “the highest priority to the development and investigation of a potential central bank digital currency” (CBDC) for the United States, according to a statement. Strictly speaking, what Biden will announce is something that hundreds of countries are advancing at different speeds.
The executive order will order your administration to give “the highest priority to the development and investigation of a potential Central Bank Digital Currency (CBDC) for the United States.”
However, a White House source indicated that “we must be very careful, because the implications” in case of adopting the digital dollar “would be very profound for the country whose currency is the main world reserve currency.” The senior official assured that the most advanced digital currency projects in other countries or monetary zones “do not threaten” the hegemony of the dollar.
The global rise of cryptocurrencies such as bitcoin, and the growing use of digital payment systems, sparked interest in creating an official digital currency that is in tune with this trend.
Source: Ambito
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