The US government will start working on the launch of a national cryptocurrency

An interagency working group under the administration of US President Joe Biden will start holding regular consultations on the launch of a state digital currency (CBDC). National Economic Council Director Brian Deese and Treasury Secretary Janet Yellen said that the White House, the Treasury Department, and other government agencies will support the Federal Reserve’s (Fed) research on the digital dollar. The presidential administration notes that the United States wants to prepare for the issuance of CBDCs if the Treasury decides that the initiative is in the country’s interests. Biden’s representatives emphasized that the final decision will be made by the Fed.

At the beginning of the year, the Fed submitted a report on the results of its study of CBDCs. The regulator noted that the emergence of a national cryptocurrency would allow the US dollar to maintain its status as the world’s reserve currency. on March 9, President Joe Biden signed an executive order to coordinate federal agencies in regulating cryptocurrencies. The document obliged to consider the benefits and risks of issuing a national digital asset. And on March 29, the US Congress received a bill that was supposed to transfer control over the issuance and circulation of the digital dollar to the Treasury Department, as the Fed cannot manage regular accounts.

Earlier, the White House presented the first-ever concept of cryptocurrency regulation in the United States. The main points covered by the recommendations are:

• protecting consumers and investors;
• promoting financial stability;
• countering illicit financing;
• uS leadership in the global financial system;
• economic competitiveness;
• financial accessibility of cryptocurrencies.