03/09/2022

Biden Orders Government to Study Digital Dollar, Other Cryptocurrencies

This order will require the Treasury Department to examine the future of money

President Joe Biden signed an executive order on Wednesday requiring the government to assess the risks and benefits of creating a central bank digital dollar, as well as other cryptocurrency issues, the White House said.

Bitcoin surged on the news as the administration's holistic and deliberative approach calmed market fears about an immediate regulatory crackdown on cryptocurrencies. In midday trading, bitcoin rose 9.1 percent to $42,280, on track for its largest percentage gain since Feb. 28.

Biden's order will require the Treasury Department, the Commerce Department and other key agencies to prepare reports on "the future of money" and the role cryptocurrencies will play.

Please select this link to read the complete article from Reuters.