Biden orders the government to study cryptocurrency and ‘explore’ a US digital dollar
According to a statement released White HouseThe Biden administration views the rise of digital assets as “an opportunity to solidify American leadership in the global financial system and at the forefront of technology.” However, cryptocurrency “also has significant implications for consumer protection, financial stability, national security, and climate risks,” the statement said.
Among other things, the order directs U.S.U.S. agencies to recommend new policies that protect the country from any illegal activity and national security risks associated with digital assets. But it’s not just about protection. The order also directs the Department of Commerce to “work with the U.S.U.S. government to build a foundation for enhancing U.S.U.S. competitiveness and leadership and harnessing digital asset technology” and assess “the technology infrastructure and capacity needs for a potential US CBDC in a way that protects American interests.”
Representatives of the crypto community quickly celebrated this announcement “We look forward to continuing our work with regulators and legislators to ensure that the path forward encourages public participation, protects U.S.U.S. leadership, and provides a holistic view of this transformational moment.”
“Well, E.O.E.O. is just another confirmation that when serious officials take a sober look at crypto, the reaction is not to set their hair on fire,” said Jerry Brito of CoinCenter. on twitter” but instead recognize it as an innovation that the U.S.U.S. will want to encourage and lead while reducing the apparent risks.”
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The value of bitcoin rose almost 8% after Treasury Secretary Janet Yellen’s premature announcement. One bitcoin is currently worth $39,141, almost 7% less than yesterday.