Biden expected to outline CBDC policy

US President Joe Biden will most likely issue a new executive order concerning crypto currencies later in the week, according to a report by Yahoo Finance.

One of the focus points of this new policy will be to take a closer look at central bank digital currencies (CBDCs). POTUS will most likely order a study into a prospect digital dollar, which the US is already working on.

The new policy is expected to build on a recent report that was published by the Federal Reserve and engage several other federal agencies who would also be asked to investigate the CBDC, along with what challenges it faces, whether it poses any stability issues, and other vital aspects of the implementation of such a currency.

The US may be willing to act as it sees other nations begin to develop a similar solution, including the European Union and South Korea, with China already seeking to increase adoption for its e-yuan.

Other parties are expected to join the development process, including the Office of Science and Technology. Meanwhile, the Financial Stability Oversight Council has already been asked to participate in the development of a CBDC by assessing the potential risk of digital assets in general.

More US agencies have already been on the job. The Federal Trade Commission and Consumer Financial Protection Bureau have been collaborating with the Attorney General to find out more about the impact digital assets have on market competition, for example.

The US is still not in a hurry to launch a CBDC, but a digital dollar may allow the country to retain its hegemony in global financial markets if done right. Too late, and the US may see the role of the dollar as reserve currency quickly lessen.

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Updated: 02/23/2022 — 10:00