Biden Signs Executive Order Requiring Assessment on the “Future of Money”

Biden signed an executive order to require the government to research the risks and benefits of creating a central bank digital currency (CBDC), as well as other cryptocurrency issues.

Following the news Bitcoin climbed by 9.1%, its largest percentage gain since February 28. The cryptocurrency market was concerned about an immediate regulatory crackdown from the government.

The executive order requires the Treasury Department, the Commerce Department and other key agencies to prepare reports on “the future of money” and the role cryptocurrencies will play.

The Biden administration believes wide-ranging oversight of the cryptocurrency market, which surpassed $3 trillion in November, is essential for U.S. national security, financial stability and competitiveness. The administration’s move shows it acknowledges the growing importance of cryptocurrencies and their potential effects for the global financial system.

Biden’s executive order also directs the government to explore the technological infrastructure needed to create a CBDC, an electronic version of dollar bills. The Federal Reserve has previously stated that developing and introducing a digital dollar could take years.

So far, nine countries have developed CBDCs and 16 others, including China, have started development of such assets. China’s move worries Washington that the dollar could lose some of its dominance to China.

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