Joe Biden gave the order to conduct research on cryptocurrencies. After that, expectations for a digital dollar arose.
Ever since US President Joe Biden took office, his stance on cryptocurrencies has been questioned. From time to time, we made headlines about his statements about cryptocurrencies. Today, a decision has been made that concerns the entire blockchain world. The President of the United States has given an executive order to the treasury department to conduct research on the digital dollar.
Joe Biden orders execution for digital dollar target
The new executive order issued by the President of the United States concerns the treasury department. Some of the officers in this department have been tasked with investigating how cryptocurrencies can impact the individual economy and the overall economy of the country. This means that in the near future, the US Government may start to be interested in cryptocurrencies. While it is a remote possibility for now, it is also possible that the government will issue its own cryptocurrency.
This approved strategy also includes collaboration with the Federal Reserves and experimentation with other countries. As a result, a central bank-linked digital currency will be drafted or even go further and be released. In addition, there is a goal to prevent illegal transactions, which is one of the points where cryptocurrencies are most criticized. If a digital currency with a countermeasure against illegal transactions, backed by the US Government, is released, its back will be quite strong.
We wonder if we will encounter a 'digital dollar' in the future. If the US launches its own cryptocurrency, cryptocurrencies will now have their highest credibility. While El Salvador is currently lauded for making Bitcoin its official currency, a country's creation of its own cryptocurrency could create a different scenario.
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