livingston
20×102mm Vulcan
Biden takes big step toward government-backed digital currency
The Biden administration is throwing its support behind further study and development of what would be known as a U.S. Central Bank Digital Currency.A U.S. digital currency could be on the horizon.
The Biden administration is putting its support behind the research and development of a “U.S. Central Bank Digital Currency,” or CBDC.
The move is part of a sweeping executive order President Joe Biden signed Wednesday instructing the federal government to explore possible uses of and regulations for digital assets like cryptocurrencies.
"My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC," the executive order reads.
“We know the implications of potentially issuing a digital dollar are profound. They’re extraordinarily wide-ranging,” a senior administration official told reporters on a call Tuesday.
The U.S. would not be the first country with a digital currency. China has introduced its own CBDC, with more than 140 million people having opened digital “wallets,” and many other countries have either rolled out or are developing digital currencies. The Bahamas’ Sand Dollar is considered among the world's most successful digital currencies.
Biden signs executive order that could bring U.S. one step closer to a digital currency
The Biden administration is throwing its support behind further study and development of what would be known as a U.S. Central Bank Digital Currency.
www.nbcnews.com