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Executive Order 14067, officially titled Ensuring Responsible Development of Digital Assets, was signed on March 9, 2022, and is the 83rd executive order signed by U.S. President Joe Biden. The ultimate aim of the order is to develop digital assets in a responsible manner. [ 1 ]
A U.S. digital currency could be on the horizon. The Biden administration is putting its support behind the research and development of a “U.S.
According to a press statement given by Secretary of State Antony J. Blinken, the executive order is intended to protect and promote positive financial innovation whilst putting a stop to malicious use of digital assets, and he specifically addresses the Russian attack on Ukraine as one of the reasons for the executive order's creation. [43]
President Joe Biden will sign a wide-ranging executive order directing agencies across the government to study cryptocurrencies and a central bank digital currency (CBDC).
On March 9, 2022, Biden issued Executive Order 14067 to federal departments and agencies to assess the benefits and risks of cryptocurrencies, [143] [144] and directed the Federal Reserve to continue its research, development, and assessment efforts for a central bank digital currency (CBDC) for the U.S. dollar.
The job description said the Fed “seeks a technologist to perform central bank digital currency research and development” and to “ensure the Federal Reserve is well-positioned to design ...
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Since 2014, China's central bank has been working on a project called DCEP (Digital Currency Electronic Payment) or digital renminbi, [8] often also referred to as the "digital yuan" as it would be backed by the yuan. [9] At the end of 2017, the China's central bank organized a number of banks and institutions to jointly develop the DCEP system.