Biden Exploring Creation of Crypto-Like ’Digital Dollar,’ Says Report – The Daily Beast

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Who would’ve guessed that President Joe Biden is a crypto bro? According to reports, Biden will announce Wednesday that he’s setting up a group to explore if the U.S. should have its own crypto-like “digital dollar.” The president will reportedly sign an executive order telling the Treasury Department, the Commerce Department, and other agencies to report back to him on the future of money and whether the U.S. should create a digital currency. However, according to CBS News, the “digital dollar” would be different from cryptocurrency because it would have to be regulated by central banks. Even if the project gets the green light, it doesn’t sound like anyone will be spending digital dollars soon. An unnamed official told Reuters: “We’ve got to be very, very deliberate about that analysis because the implications of our moving in this direction are profound for the country that issues the world’s primary reserve currency.”

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