President Biden Wants US To Lead Digital Money Revolution Including Crypto And CBDC

President Biden wants the US to be at the forefront of the crypto industry. (Photo; vjkobjn - Pixabay)

JAKARTA – Recently, the President of the United States, Joe Biden, signed an executive order aimed at making Uncle Sam's country lead innovation in the cryptocurrency sector. The survey reports that there are currently 40 million US citizens investing in cryptocurrencies. This is the main reason the US is leading the financial and digital asset revolution.

"The rise in digital assets creates opportunities to strengthen America's leadership in the global financial system and at the forefront of technology, but also has substantial implications for consumer protection, financial stability, national security, and climate risk", the executive order document reads.

“The United States must maintain technology leadership in this rapidly evolving space, supporting innovation while reducing risks to consumers, the broader business financial system, and the climate. And, it must play a leading role in international engagement and the global governance of digital assets consistent with US democratic values and global competitiveness.”

In the executive order document, the government will soon determine whether the US will launch its own digital dollar or not. The US will first conduct research and development on the potential of a central bank digital currency (CBDC). Therefore, the government encourages the Fed to continue research, development, and assessment of the CBDC.

The White House is encouraging several parties to protect US investors investing in emerging cryptocurrencies. In essence, the US wants to protect American consumers, investors, and businesses and reduce the use of digital assets in illegal activities, as reported by CryptoPotato.