US Treasury Department Responds to Joe Biden’s Cryptocurrency Order: Here are the Details!

According to a person familiar with an upcoming report, the U.S. Treasury Department will advise the federal government to advance efforts to issue digital dollars.

However, the final step will be taken if there is confirmation that the tokens created by the government are in the “national interest”.

“US Treasury Department To Recommend Speeding Up Digital Dollar Launch”

As the Treasury’s “Future of Money” report has yet to be released, the person who asked not to be named said the issue of national interest would depend on further approval by the Biden administration and potentially action by Congress.

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The Treasury Department will recommend speeding up work on the digital dollar in response to President Joe Biden’s crypto orders. – Coindesk

— Bitcoin System (@bitcoinsystem) September 8, 2022

This national interest decision is further compounded by the question of whether US legislatures should pass legislation to authorize the Fed to create a central bank digital currency (CBDC).

President Joe Biden’s presidential order last March, from various branches of the federal government. cryptocurrency had requested advice, and many of these reports were outdated.

The Treasury’s document on how to address the digital dollar issue, which is expected to be released in the coming days, is among the most anticipated as such a token issuance could upset the digital assets industry and have significant implications for consumers’ relationships with traditional banks.

Still, the final decision to issue a CBDC rests with the Fed’s board, and Chairman Jerome Powell, along with other senior Fed officials, has repeatedly stated that the central bank will not act without support from the administration and Congress.

*Not investment advice.