Key takeaways from Biden's executive order on cryptocurrencies

economictimes.indiatimes.com:

Biden signed an executive order on Wednesday requiring the government to assess the risks and benefits of creating a central bank digital currency — the electronic equivalent of cash in your pocket — as well as other cryptocurrency issues.Here are a few key takeaways:Central bank digital currency (CBDC) The Biden administration directed the Treasury Department, along with other key agencies including the Justice and State Departments, to submit a report by September to the White House analyzing the potential costs and benefits of a digital dollar.

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The executive order specifically requested that the report focus on how a digital dollar could improve financial inclusion, what implications it could have on economic growth and how foreign digital dollars could impact the greenback's status as the world's reserve currency. It also encouraged the Federal Reserve to continue its ongoing research into the possibility of a digital dollar and to «develop a strategic plan» for how a U.S. CBDC could be implemented. As part of the order, the attorney general will be required to assess whether legislation would be needed to execute a digital dollar, and to draft a legislative proposal taking into account ongoing research from both the Fed and Treasury on the effort.Risks and opportunities around other digital assets Biden's EO also tasked the top financial regulators, including U.S. Treasury, the Fed, the Securities and Exchange Commission, the consumer watchdog and banking regulators to produce within roughly four to six months public reports on the implications of U.S. digital assets in general, as well as how changes in