US President Joe Biden will sign a decree today calling on the government to assess the risks and rewards of creating a digital dollar by the central bank (Fed) as well as other cryptocurrency issues, according to officials. government.
Biden’s decree provides for reports on the “future of money” and the role of cryptocurrencies by the Ministries of Finance and Commerce, as well as important authorities.
Officials said an extensive surveillance of the cryptocurrency market, which exceeded 3 trillion, was needed. to ensure national security, financial stability and competitiveness of the United States and to prevent the growing threat of cybercrime.
According to analysts, the long-awaited decree is a strong recognition of the growing importance of cryptocurrencies and their potential consequences for the US and global financial system.
In January, the Fed asked Congress whether the US should have a digital dollar, leading analysts to predict that it would take years.
However, one official said that the US will introduce the digital dollar, but with caution, given the role of the dollar as the main reserve currency.
Nine countries have so far introduced digital currencies by central banks and 16 others, including China, have begun developing such digital currencies, according to the Atlantic Council, with some in Washington fearing the dollar could ceded to China part of its sovereignty. “The role of the dollar has been and continues to be crucial to the stability of the international monetary system as a whole. The digital currencies of foreign central banks and their introduction do not threaten that sovereignty,” he said.
SOURCE: AMPE
Source: Capital
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