Is the United States closer to developing a digital dollar? According to a new report, it could be.
A Digital Dollar Could Be on Its Way
The order for a digital dollar first “officially” came about when Joe Biden issued a crypto executive order earlier in the year asking federal agencies throughout the country to look at the benefits and risks of crypto assets. The order also paved the way for a digital dollar’s creation, though to be fair, this wasn’t necessarily Joe Biden’s doing but rather Jared Kushner, the son-in-law of President Donald Trump.
In 2018, Kushner met with Treasury officials to discuss the potential of unveiling a digital dollar on the American public. Continuing his trend of plagiarism that has now lasted for years, Biden is behaving as though the idea is his and he’s allegedly going to be the one to put crypto on the American map, though one must be truthful and give credit to those who came up with the process first.
Nevertheless, agencies have compiled all the research they’ve been doing over the past six or seven months into a single report. These agencies have studied the properties of both digital assets and their respective blockchains to see how they can benefit the American economy and its infrastructure. Other goals include the full regulation of the crypto market and seeing how to prevent fraud in the future.
The report is being issued by the Treasury, which wrote in the document:
The reports address the future of money and payment systems, consumer and investor protections, and illicit finance risks.
Secretary Janet Yellen further stated:
Innovation is one of the hallmarks of a vibrant financial system and economy, but as we have learned painfully from the past, innovation without appropriately addressing the impact of these developments can result in significant disruptions and harm to the financial system.
Brian Deese – chief of the White House National Economic Council – says the maneuver is going to make the United States the ultimate leader in both financial and internet security. He commented:
We are laying the groundwork for a thoughtful, comprehensive approach to mitigating digital assets’ acute risks and, where proven, harnessing their benefits. We remain committed to working with allies, partners, and the broader digital asset community to shape the future of this ecosystem.
Why Regulation Is Both a Positive and a Negative
The situation is something of a two-sided coin (pardon the pun). On the one hand, some degree of regulation is likely needed if crypto is to ever be taken seriously. There’s too much crime on the horizon, and scammers are far too prominent at this point.
At the same time, regulation goes against everything crypto stands for, and with the government and third parties throwing themselves into the mix, it’s likely users could see some of their privacy cease.
Source: https://www.livebitcoinnews.com/new-report-suggests-digital-dollar-is-coming/