Mar 10
The White House Announces the Launch of the Digital Dollar
The president of the United States has ordered the acceleration and priority of studies and tests for the development of a CBDC.
Likewise, an in-depth analysis of the risks cryptocurrencies pose to the U.S. financial system has been tasked.
The digital dollar will enter the world of cryptocurrencies to compete with the digital yuan, launched by China, and other private virtual currencies.
President of the United States Joe Biden is looking to end the speculation circulating around cryptocurrency markets made clear the country’s intention to launch the digital dollar, an issue to which his administration had seemed slow to.
Biden has previously stated that none of the digital currency projects implemented by other countries pose a threat to the dollar as the leading currency in global commercial transactions. China’s digital yuan has been advancing rapidly since 2014 and is already in the late phases of development leading to its full implementation across the country.
Biden’s announcement is in line with plans laid by the International Monetary Fund’s to support the issuance of central bank digital currencies around the world. The body has said that CBDCs are better than cryptocurrencies. Currently, some 100 countries are said to be working at different speeds on their own CBDC projects.
Top Priority on the Digital Dollar
Biden’s executive order directs his administration to give “the highest priority to the development and investigation of a potential central bank digital currency” for the United States, the White House statement said.
The government argues that “16 percent of adult Americans — approximately 40 million people — have invested in, traded, or used cryptocurrencies,” according to studies done so far.
It expressed that “the rise of digital assets creates an opportunity to strengthen US leadership in the global financial system and on the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk.”
With this move, the U.S. is attempting to “maintain technological leadership in this rapidly growing space.”
Please support thecryptocoinreport.com by sharing this post. Also, support us on https://twitter.com/the_crypto_coin and on instagram.com/the_crypto_coin_report/
Read More..
Source: #Dailycoincom
Source: thecryptocoinreport.com
#crypto
#cryptonews
#cryptocurrency
#nft
#nftnews
