US President Joe Biden signed an executive order today, which requires the government to assess the risks and benefits of creating a central bank digital dollar.
According to Reuters this afternoon:
Biden’s order will require the Treasury Department, the Commerce Department and other key agencies to prepare reports on “the future of money” and the role cryptocurrencies will play.
Wide-ranging oversight of the cryptocurrency market, which surged past $3 trillion in November, is essential to ensure U.S. national security, financial stability and U.S. competitiveness, and stave off the growing threat of cyber crime, administration officials said.
Analysts view the long-awaited executive order as a stark acknowledgement of the growing importance of cryptocurrencies such as bitcoins and their potential consequences for the U.S. and global financial systems.
One of the order’s key measures directs the government to assess the technological infrastructure needed for a potential U.S. Central Bank Digital Currency (CBDC) — an electronic version of dollar bills in your pocket.
It’s all happening now, isn’t it?
We can’t say that we weren’t warned. I’ve interviewed dozens of men and women over the years, who predicted that cashless followed by digital currencies was on the way in and that if we didn’t stop it, it would be checkmate.
Once CBDC’s replace cash, that sound we’ll hear behind us, will be the sound of the cell door slamming shut.
