Biden prepares digital dollar

: "THE Biden είναι ένα βήμα πιο κοντά στην ανάπτυξη ενός ψηφιακού νομίσματος της κεντρικής τράπεζας, γιατί όπως αναφέρει θα βοηθήσει στην ενίσχυση του ρόλου των as a leader in the global financial system".

digital dollar

The White House said the manufacture that after President Joe Biden issued an executive order in March calling on various agencies to consider ways to regulate digital assets, the agencies came up with nine reports, covering the effects of cryptocurrencies on financial markets, the environment, innovation and other elements of the economy systemic.

Treasury Secretary Janet Yellen said a recommendation from the Treasury Department is "to move forward with policy and the work on a possible central bank digital currency or CBDC (from central bank digital currency) so that the United States is prepared for anything that happens. "Right now, some parts of the current payment system are too slow or too expensive," Yellen told reporters Thursday.

According to the non-partisan Atlantic Council think tank, 105 countries representing more than 95% of the world's Gross Domestic Product are already exploring or have created a central bank digital currency. The board found that the US and the UK is far behind of a digital dollar or its equivalent.

Eswar Prasad, a Cornell business professor who studies the digitization of currencies, said the Treasury report "takes a positive view of how the digital dollar can play a very useful role in increasing payment options for individuals and businesses." , while recognizing the risks of its development. He said the report sets the stage for creating regulations and legislation "that can improve the risk-benefit trade-off associated with cryptocurrencies and related technologies."

A statement from the US White House cautions that the report is non-judgmental and does not contain “specific design options for a potential US CBDC system”.
On the contrary, the 58 page document it analyzes 18 different options for technical designs and according to its introductory paragraph, “makes recommendations on how to prepare the US government for a CBDC system”.

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Written by giorgos

George still wonders what he's doing here ...

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