Biden set to sign executive order related to CBDC in US this week
The US President Joe Biden is all ready to bring the new age of finance to the nation, as per a report from Reuters. He is ready to sign a new executive order that is related to crypto policies and the creation of a CBDC in the nation and this is another major development towards cryptocurrencies in the US after the approval of the Infrastructure Bill.
Biden brings a new executive order
The President of the United States will be signing this new order as early as this week, as per the report from Reuters cited a source familiar with the matter. Moreover, the "long-awaited executive order" will direct the Justice Department, Treasury, and other agencies, towards studying the "legal and economic ramifications" behind the creation of a new central bank digital currency in the US.Last year, the White House had revealed that they will be approaching cryptocurrencies via a broad angle and considering the development of a U.S. central bank digital currency. This announcement also stated that an executive order was at bay. The report from Reuters also added:
Biden's order sets a 180-day deadline for a series of reports on "the future of money" and the role that cryptocurrencies will play in the evolving landscape.Moreover, the source for Reuters said that there will be a vital shift in policy in 180 days which is a "likely step toward the creation of a central bank digital currency," the source noted.
Executive order coming on Wednesday
Popular media outlet Bloomberg was responsible to disclose that the executive order signed by Biden will be coming out on Wednesday and the order will ask the Justice Department to figure out if a new law needs to be created for the creation of a CBDC. Moreover, the Federal Trade Commission, the Consumer Financial Protection Commission, and other government agencies have to study the impact of CBDC on consumers.Continue reading by joining Cryptonary Pro
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