HNewsWire-An American digital currency is on the horizon and will launch soon
The action is part of a broad executive order announced Wednesday by President Joe Biden, which directs the federal government to investigate potential applications and restrictions for digital assets such as cryptocurrencies.
"My Administration prioritizes research and development efforts into the possible design and deployment options for a US CBDC," the presidential order states.
The directive directs a broad range of authorities to conduct study and provide findings on a range of topics relating to digital currencies, ranging from design and security to financial and social implications.
A detailed explanation of cryptocurrency's rising popularity Jan. 31, 202205:45
"We are well aware of the magnitude of the repercussions of creating a digital dollar. They're incredibly broad in scope," a senior administration official told reporters Tuesday on a conference call.
Although a digital currency in the United States would likely have little impact on daily activities such as purchasing goods and services, economists believe it might have a significant impact on central and commercial banking, as well as government sanctions, banking accessibility, and taxation.
"The potential is immense, and it's quite exciting," said David Yermack, a professor and head of New York University's finance department.
According to a fact sheet provided by the White House, the executive order would direct the administration to explore the technological requirements for a digital currency and push for the Federal Reserve to continue its research and development.
In January, the Fed released a white paper discussing the possibility of establishing a CBDC to supplement current payment systems. It concluded that although a CBDC may make payments more affordable and convenient for consumers, it could also jeopardize the integrity of the US financial system.
The government also said in its fact sheet that it will take efforts to "mitigate the illicit financing and national security concerns presented by the criminal use of digital assets" by "directing an unprecedented emphasis of coordinated action across all relevant United States Government departments."
The United States of America would not be the first nation to adopt a digital currency. China launched its own CBDC, with over 140 million users opening digital "wallets," and a number of other nations have either launched or are developing their own digital currencies. The Bahamas' Sand Dollar is widely regarded as one of the most successful digital currencies in the world.
Yermack said that the Biden administration's decision demonstrated what he thinks is the inevitability of a larger shift toward digital currency.
"The issue is not whether, but when," he said. "Once central banks get control of the technology, the game is finished." Yoke
While the administration fact sheet provided no details on how a digital currency in the United States might work, Yermack suggested that the functionality could be relatively straightforward, with transactions flowing directly to and from the Fed, bypassing banks and payment systems and enabling near-seamless cash flows.
It is a simple notion with the potential for far-reaching consequences. According to Yermack, a widely used digital currency would raise existential concerns for banks and a slew of other financial institutions centered on payment facilitation.
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