US to begin work on future 'digital dollar'
09 March 2022, 06:52 pm | Updated: 22 February 2025, 08:04 pm
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President Joe Biden on Wednesday is going to give order government agencies to begin work on creating a digital US dollar, White House officials said.
The initiative will focus on "research and development of a potential United States CBDC," or central bank digital currency, studying both the potential benefits and risks, according to a statement.
"The implications of potentially issuing a digital dollar are profound," one official told reporters, stressing the crucial role of the American currency in the global economy.
