US Government to Establish “National Digital Assets Research and Development Agenda” to Research Cryptocurrencies

The U.S. Office of Science and Technology Policy (OSTP) and the National Science Foundation announced on Thursday that blockchain and cryptocurrency will begin to develop a National Digital Assets Research and Development Agenda to examine other technologies that support U.S. currencies and explore the potential for a central bank digital currency to work with the US dollar.

White House to Set R&D Priorities in Cryptocurrency and Blockchain

“The Biden-Harris Administration will identify R&D priorities for digital assets through this all-government effort and will help direct federal resources and expertise to advance those priorities,” OSTP’s call for information to be published in the Federal Official Gazette on Thursday says.

As digital assets—virtual properties—mostly seen in the form of cryptocurrencies or NFTs, continue to proliferate, the White House is examining the technologies used to create and manage these resources—blockchain, distributed ledgers, decentralized finance, and smart contracts.

The request also seeks public opinion on the prioritization of “cybersecurity and privacy related issues such as cryptographic fundamentals and quantum resilience-programmability and sustainability.”

This feedback will be incorporated into the R&D agenda, which is expected to be a regularly updated live document.

“It is crucial that the federal government promotes safe and responsible innovation in digital assets, especially as the United States continues to examine options for a potential central bank digital currency and their implications,” a senior administration official said.

“This R&D agenda will do just that, helping to evaluate and develop technologies associated with digital assets, while supporting new approaches to mitigating the harms and risks from digital assets.”

*Not investment advice.

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