The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.
The Biden administration’s new executive order on cryptocurrency has raised concerns among banking trade groups that the U.S. could create its own digital currency.
President Joe Biden on Wednesday signed an executive order that could lead to greater government oversight of cryptocurrency and even a Federal Reserve-backed digital token.
The Federal Reserve on Thursday released a highly anticipated report on central bank digital currencies that suggested it is leaning toward having banks and other financial firms, rather than the Fed itself, manage digital accounts for customers.
A little over one year ago, global central banks generally panned the launch of the Libra Association stablecoin sponsored by Facebook and other payment providers. But what a difference a year can make.
