Biden's 'Cryptocurrency Research Executive Order' to Introduce US Digital Dollars 'Attention'
According to foreign media reports, President Biden in an executive order directed the Treasury Department and other financial institutions to analyze the impact of virtual currencies on financial stability and national security.
In a joint statement, National Economic Council (NEC) Chairman Brian Dess and National Security Adviser Jake Sullivan emphasized that the order would establish the first U.S. federal government-wide digital asset strategy. I will help you do that.”
Treasury Secretary Janet Yellen also said in a separate statement that President Biden's historic executive order calls for a coordinated and comprehensive approach to digital asset policy. It will address the risks associated with illicit finance, consumer and investor protection, and prevention of threats to the financial system and the broader economy.”
The White House said last year that it is considering extensive oversight of the cryptocurrency market, including executive orders, as the threat of cybercrime such as ransomware grows.
Above all, this measure is noteworthy as it was announced at a time when it was pointed out that Russia, which invaded Ukraine, would use cryptocurrency to evade harsh economic sanctions from the West. US officials have been denying the possibility that it is impossible for Russia to circumvent sanctions using cryptocurrencies.
Meanwhile, attention is being paid to whether the review of the central bank digital currency (CBCD) of the dollar, which is the key currency, will be reviewed in earnest with this executive order. Unlike private virtual currencies, if the central bank guarantees public confidence and the discussion of the dollar CBCD, which is treated as a fiat currency, proceeds in earnest, it is expected to have a ripple effect on the global financial system.
According to the White House, 16% of U.S. adults today, particularly those aged 18-29, are investing in cryptocurrencies. Earlier, the US Federal Reserve (Fed) published a white paper explaining the pros and cons of a 'digital dollar' in January and started discussing the introduction of a central bank digital currency.
Meanwhile, as expectations for a rise in the status of cryptocurrencies according to this executive order grew, on the 10th at 7:50 a.m. (Korean time), Bitcoin traded at $41,900, up 8.61% from 24 hours ago on CoinMarketCap, a global coin market relay site. recorded
The introduction of CBDC, such as Bitcoin:
In the financial world, it has been pointed out that the 'digital dollar' discussion will eventually become inevitable.
While mentioning that the introduction of the digital dollar will enable households and businesses to secure safe electronic payment and payment methods, the white paper also addresses issues of privacy protection, countering fraud, and illegal activities for the stability of the financial market. mentioned
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