Washington Due to the rapid spread of cryptocurrencies, the US government is preparing for the possible introduction of a digital dollar. US President Biden wants to sign a decree ordering “urgent research and development” of a potential digital currency for the US Federal Reserve.
The decree essentially outlines a comprehensive strategy for dealing with cryptocurrencies. This also includes the protection of consumers, the stability of financial markets, and the use of digital currencies by criminals.
White House National Economic Council Chairman Brian Dees and Biden’s national security adviser Jake Sullivan said the decree would ensure “US leadership in innovation and regulation of the digital asset ecosystem” in the United States and around the world.
More than 100 countries around the world have already started planning or pilot projects for an official digital currency. In July 2021, the European Central Bank (ECB) Governing Council decided to officially launch a pilot project to prepare for the possible introduction of a digital euro.
A US official denied the impression that the United States was late in this case. “The implications of a potential digital dollar issuance are profound,” he said, referring to the dollar’s role as the world’s most important currency.
Cryptocurrencies have experienced tremendous growth over the past few years. According to the White House, the total volume of digital assets, including digital currencies, exceeded $3 trillion last November. Five years ago it was $14 billion. According to the data, 16 percent of adults in the United States – about 40 million people – have used, invested in or traded cryptocurrency.
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