The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar.
, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.in March calling on a variety of agencies to look at ways to regulate digital assets, the agencies came up with nine reports, covering cryptocurrency impacts on financial markets, the environment, innovation and other elements of the economic system.said one Treasury recommendation is that the U.S.
According to the Atlantic Council nonpartisan think tank, 105 countries representing more than 95% of global gross domestic product already are exploring or have created a central bank digital currency. Eswar Prasad, a trade professor at Cornell who studies the digitization of currencies, said Treasury's report "takes a positive view about how a digital dollar might play a useful role in increasing payment options for individuals and businesses" while acknowledging the risks of its development.
"These reports focus on risks — not opportunities," the statement reads, "and omit substantive recommendations on how the United States can promote its burgeoning crypto industry, including job creation, improvements to the financial system, and expanded access for all Americans."and other digital assets.
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