Joe Biden. Source: a screenshot of the video, Sky News / YouTube
The US White House has confirmed that President Joe Biden will sign an executive order on digital assets, which will outline recommendations for consumer protection and financial stability in the US, as well as formally consider a US central bank digital currency. (CBDC). The ordinance does not contain any new regulations.
According to a White House statement released today:
"The ordinance defines a national policy for digital assets through six key priorities: consumer and investor protection; financial stability; illicit finance; US leadership in the global financial system and economic competitiveness; financial inclusion; and responsible innovation ".
Support for technological innovation in digital assets
He also added that the US plans are collaborating with other countries to "protect itself from risk and drive responsible innovation" in the crypto sector.
In addition, the statement states that Biden’s administration will work to develop "aligned international capabilities that respond to national security risks", as well as work with the private sector to "study and support technological advances in digital assets."
Development of a CBDC
The statement said the administration will also formally consider developing a US central bank digital currency, backed by the Federal Reserve, the country's central bank.
According to Jeremy Allaire, co-founder and CEO of cryptocurrency payments firm Circle, the new order marks "a turning point for cryptocurrencies," which can be compared to how the US government has woken up to the commercial internet in 1996-1997.
Allaire reported that the executive order is "suitably focused on the here and now of rapid growth of digital assets and stablecoins [...] so that these technologies can thrive responsibly," before adding that he believes the order it should be seen as "the single greatest opportunity to engage with policy makers" on crypto issues.
A senior administration official was quoted by the Wall Street Journal as saying:
"This is no longer a niche problem and it is extremely important to have the right tools to mitigate the risks for consumers and investors and, frankly, for the entire financial system."
COMMENT. Remember that the block-chain system is a system of false democracy. There are equal conditions between the nodes, but it is like arguing that the Knights Templar were democratic because they shared food and property. Now mining is reserved for a few supercomputer owners. The common citizen who buys cryptocurrencies has infinite possibilities of being scammed, from the Ponzi method to the theft of badly invested money. Combining an anarchist system with a state system is impossible. This is demonstrated by Meta (Facebook) who has given up on launching its cryptocurrency. So we hope that the world will realize the validity of the proposed exhibition of digital currency that respects the canons of the CBDC.