Joe Biden Orders Study for Government Controlled Digital Dollar to Compete with Bitcoin


Assessment: In May 2021 China banned financial institutions and payment companies from providing services related to cryptocurrency transactions. On January 4, 2022 China launched its pilot central bank digital yuan. The US is behind and is quietly panicking …

President Joe Biden plans to sign an executive order on Wednesday to study the concept of a “digital dollar” currency to compete with Bitcoin.

“We’re placing the highest urgency on the effort to assess the potential benefits and the risks of a digital dollar on payment systems, on financial stability, on national security, on the implications for human rights, and financial inclusion,” a senior administration official told reporters in a briefing call on Tuesday.

A digital dollar would be easier for the federal government of the United States to control than cash but make it more susceptible to inflation and government controls than open-source currencies like Bitcoin.

Bitcoin is trusted by users for not being susceptible to government control, allowing it to exist without government interference in changing the supply or seizing or freezing assets.
Biden officials stressed that the executive order marked the first time that the United States brought together “a coherent and coordinated view” on digital currencies “at the very highest level of government.”
“The president articulating his views about what our interests and concerns are in this space. In fact, that is notable in and of itself,” one official said.
Biden officials stressed a digital dollar would help the United States compete with other digital currencies.
One official said:
The primacy of the dollar — the U.S. dollar — it’s underpinned by fundamental advantages that the United States has held for a long time and continues to hold: credible and longstanding commitments to transparency, our rule of law, the contractual obligations and rights that everyone enjoys, the deepest and most liquid financial markets in the world, sound economic governance, and the full independence of our Federal Reserve system.
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