The Biden administration is throwing its support behind further study and development of what would be known as a U.S. Central Bank Digital Currency.
A U.S. digital currency could be on the horizon.
The Biden administration is putting its support behind the research and development of a “U.S. Central Bank Digital Currency,” or CBDC.
The move is part of a sweeping executive order President Joe Biden signed Wednesday instructing the federal government to explore possible uses of and regulations for digital assets like cryptocurrencies.
“My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC,” the executive order reads.
The order asks for a wide variety of agencies to begin research and submit reports on a variety of issues surrounding digital currencies, from design and security to financial and societal impacts.
