Joe Biden has approved the creation of the digital dollar to counter bitcoin

US President Joe Biden on Wednesday signed an executive order aimed at regulating the thorny issue of cryptocurrencies in the United States. It is not the US president who wants to regulate hopeless transactions, but this is the first time a politician has openly stated so. The idea of ​​the digital dollar. Sure, what could this change?

Designing Bitcoin

In a country where 40 million citizens own digital currencies, it only made sense for Joe Biden to get things in order. Approved last Wednesday, the new mandate thus ensures better consumer protection while at the same time promising stricter oversight. Specifically, the U.S. Treasury wants to define the steps needed to better integrate Bitcoin into the US financial landscape, but not only that.

It must be said that this decision was mainly in the financial interest of the government of Kamala Harris and Joe Biden. According to the latest estimates announced by Euro News, 5 million Americans do not have a bank account In a traditional company. Many people want to return to cryptocurrencies and especially bitcoin as they face increasingly high bank fees. Great deficit for the country’s economy.

Digital dollar to compete with Bitcoin

Most importantly, the US government confirmed Launch of the National Non-Fiat Currency. The new digital currency of Digital dollars, And it is not the same as Staplecoin, but the electronic version of the dollar, the Central Bank Digital Currency (CBDC). A great project, it could take years to take root in the habits of American taxpayers.

Now that Joe Biden has approved the executive order, the government must now accept it Seriously weigh the risks and benefits What would be such a result. Remember that in addition Salvador converts bitcoin into legal tenderChina has already used its e-yuan since the beginning of 2022. Banning the remaining cryptocurrencies.