US President has mandated the government to study the pros and cons of developing a central bank digital dollar, and delve deeper into issues hounding cryptocurrencies.
The order calls on the departments of Treasury, Commerce, and other key agencies to ready reports on the “future of money” and the role that digital tokens will play, with the market breaching $3 trillion in November.
It also mandates the government to study the infrastructure required for the possibility of a central bank digital currency, months after the Federal Reserve kicked such potential for the United States.
Biden also mandated the Securities and Exchange Commission and the Consumer Financial Protection Bureau to look into other concerns involving cryptocurrencies and their risks regarding consumer protection.
The order also pushes the Federal Reserve to push through with its research and development efforts, with the country monitoring developments in a bid to retain the centrality of the dollar in the worldwide economy.
Officials noted that there has been no previous effort to gather the government expertise and authorities for a holistic approach to digital tokens.
BTC is up 8.92%, ETH up 6.61%, and BNB up 3.25%.