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Biden orders government to study digital dollar, other cryptocurrency risks

Mount Equity Group Tokyo Japan > News > Markets > Biden orders government to study digital dollar, other cryptocurrency risks

Representations of virtual cryptocurrencies are placed on U.S. Dollar banknotes in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/Illustration

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WASHINGTON, March 9 (Reuters) – U.S. 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% to $42,280, on track for its largest percentage gain since Feb. 28. read more

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…

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