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President Joe Biden signs an executive order for U.S CBDC and Cryptocurrencies development

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The U.S President Joe Biden declare Central Bank Digital Currency (CBDC) as a matter of urgency as he signed the executive order that Actively call for policy Bitcoin and other cryptocurrencies on Wednesday.

The executive order outline an entire government approach where a lot of regulatory organizations are called to work together in the research and development of digital assets.

"My Administration places the highest urgency on research and development efforts into the potential design and development options of a United States CBDC, " the order states. " Any future dollar payment system should be designed in a way that is consistent with United States priorities."

President Biden's order will require the Treasury Department, the Commerce Department and other key offices to get ready reports on the future of money and the role of Digital Currency.

Industry insiders seem to welcome the Executive order which was expected to be essentially positive on cryptocurrencies based on the previous reporting.

This EO is coming out after Kristaina Georgieva the managing director of the International Monetary Fund (IMF) said why a well designed CBDC is far better than cryptocurrencies.

The message I take from this EO is that the federal government sees cryptocurrencies as a legitimate, serious and important part of the economy and society, Jerry Brito, director of D.C. based think tank Coin Center, tweeted. 

 All in all, the order reflects a stance that the U.S. wants to be a place where cryptos are developed and used by people. It's worth noting that a series of decisions by China has led to a massive influx of firms to the U.S. and Ted Cruz one of the lawmakers have been loudly speaking out in support of the cryptocurrency industry.

 

China is also looking into developing its own CBDC, and the U.S doesn't seem to be left out too.



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