President Biden wants to know more about cryptocurrencies before creating a digital dollar

The White House is set to start working on a strategy to study and regulate cryptocurrency, while also looking into developing its own central bank digital currency (CBDC). Coming off the back of a Federal Reserve report (PDF warning) into a digital dollar, and according to a report in Yahoo Finance, President Biden will issue an executive order on cryptocurrency oversight next week.

The executive order will reportedly commission a study into the US creating its own ‘digital dollar’ or CBDC, along with tasking numerous agencies across the government to develop reports on payment systems, environmental impact, financial stability issues, and other risks that all come with dealing with crypto.

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