The United States will evaluate creating its cryptocurrency, according to WSJ.
The White House would study the technical requirements necessary to create an official digital currency in the U.S. that -like the dollar- would be backed by the Federal Reserve. The President of the United States, Joe Biden, will sign a decree this week. He will order his government to evaluate the creation of a U.S. cryptocurrency, advanced late Monday (07.03.2022) the newspaper The Wall Street Journal.
Biden's measure will instruct the White House to study the technical requirements necessary to create an official digital currency in the United States that - like the dollar - would be backed by the Federal Reserve (Fed). Biden will also ask the Treasury Department to examine potential risks posed by cryptocurrencies to financial stability or national security, including through illicit finance, the newspaper notes. According to the newspaper, the order, which will be formally announced sometime this week, will give U.S. agencies three to six months to prepare recommendations on the cryptocurrency market. In addition, they will analyze how other countries manage digital payment systems and their effect on economic competitiveness, as well as the environmental impact of mining (creating) cryptocurrencies on energy-intensive computers.
Since the launch 13 years ago of bitcoin - the most widely used cryptocurrency - the U.S. government has been unclear about how to regulate its use and, so far, has not designed comprehensive regulations. However, the United States has criticized the adoption of bitcoin as legal tender in El Salvador: last week, the State Department warned in a report that it complicates the fight against money laundering and terrorist financing in the country. In addition, in February 2022, three U.S. senators introduced a legislative initiative to outline a plan to "mitigate the risks" to the U.S. financial system from the use of bitcoin in El Salvador.