Biden analyzes the possible launch of the digital dollar

The president of the United States, Joe Biden, commissioned various agencies and federal agencies, including the Treasury and Trade Department, as well as the Federal Reserve of the United States, the assessment of risks and benefits, as well as the necessary actions For the launch of a digital dollar.

“My administration grants maximum urgency to research and development efforts of the possible options of design and implementation of a CBDC (centralized digital currency) of the United States”, the tenant of the White House in an executive order said.

In this regard, the president stressed that these efforts should include assessments of the possible benefits and risks for consumers, investors and companies; financial stability and systemic risk; payment systems; National security; the ability to exercise human rights; financial inclusion and equity; And the actions required to launch a CBDC of the United States if it is considered that doing so is of national interest.

For the president of the United States, a digital dollar may have the potential to support efficient and low-cost transactions, particularly cross border  transfers and payments, as well as to foster greater access to the financial system, with fewer risks from those posed Digital assets administered by the private sector.

Likewise, Biden defended that a digital dollar that is interoperable with CBDC issued by other monetary authorities could provide faster and lower cross-border payments cost and potentially boost economic growth, “support US centrality within the international financial system And help protect the role of the dollar in global finances. “

K. Tovar.

Source: El Nacional