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Joe Biden ordered his administration to give ‘top priority’ to research and development of a digital dollar

The president of the United States, Joe Biden, will announce this Wednesday the launch of a project that seeks to create a “digital dollar”according to the White House.

The president will sign an executive ordere requires his administration to give “the highest priority to the development and investigation of a possible digital currency of the Central Bank” (CBDC) for the United States, according to a statement.

“We must be very, very careful in our analysis, because the implications” in case of adopting the digital dollar “would be very profound for the country, whose currency is the world’s main reserve currencysaid a senior White House official.

In addition, he considered that the most advanced digital currency projects in other countries “do not threaten” the dominance of the dollargiven that the United States has a privileged place in world finance.

According to the White House, more than a hundred countries have launched digital currencies or are considering doing so.

United States study the project for a long timebut until now had not coordinated efforts to launch a digital dollar.

According to the White House, more than 100 countries have launched digital currencies or are considering doing so. Photo: EFE.

The worldwide rise of cryptocurrencies like the bitcoinand the growing use of digital payment systems, sparked interest in creating an official digital currency.

Biden will also ask the federal administration study the risks related to the development of cryptocurrencies, it is about financial risks or security risks, such as its use for criminal purposes that threaten national security in any way.

A senior official stated that the US administration “will continue to strongly combat” any use of cryptocurrencies that serves to “avoid sanctions Americans”, which “also applies to Russia”, which has faced heavy Western sanctions since it invaded Ukraine.

The same source estimated, however, that in the case of Russia, it does not think “that the use of cryptocurrencies is a viable means to evade financial sanctions” that seek to separate the country from world financial circuits.

The White House noted that, according to some studies, around one 16% of adults Americans used or invested in cryptocurrencies.

“The development of digital assets offers the opportunity for the United States to reinforce its dominance in finance and technologybut it also has important consequences for consumer protection, financial stability, national security and the environment,” the statement said.

With information from AFP.


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