Will a Digital Dollar Be Introduced... Biden Signs Executive Order to Study Cryptocurrency Research

[Asia Economy New York=Special Correspondent Joselgina] The White House announced on the 9th (local time) that U.S. President Joe Biden signed an executive order directing federal government-level research on virtual currencies.

In a press release on the same day, the White House stated, "Digital assets have recently shown explosive growth, which presents an opportunity to strengthen the United States' leadership in the global financial system," and confirmed, "This is the first executive order issued to establish a comprehensive government-wide approach to the risks and potential benefits of virtual assets."

Through this, the first digital asset strategy at the U.S. federal government level is expected to be established. Attention is also drawn to whether the review of introducing a central bank digital currency (CBDC) for the dollar, the global reserve currency, will be actively pursued. If discussions on the dollar CBDC proceed in earnest, it is expected to have ripple effects throughout the global financial system.

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