Biden Signs Order to Explore Digital Dollar

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Cryptocurrency
President Biden signed an executive order on cryptocurrencies, including the study of creating government-backed digital currency

U.S. President Joe Biden signed an executive order Wednesday on "Ensuring Responsible Innovation in Digital Assets."

The order, among other cryptocurreny issues, requires the Treasury Department, the Commerce Department, and other federal agency partners to address the risks and the potential benefits of creating a central bank digital dollar.

"Digital assets, including cryptocurrencies, have seen explosive growth in recent years, surpassing a $3 trillion market cap last November and up from $14 billion just five years prior," the White House said Wednesday in a fact sheet. "Surveys suggest that around 16 percent of adult Americans — approximately 40 million people — have invested in, traded, or used cryptocurrencies. Over 100 countries are exploring or piloting Central Bank Digital Currencies (CBDCs), a digital form of a country’s sovereign currency."

The order is designed to help position the U.S. to continue playing a leading role in the innovation and management of digital assets while protecting consumers, investors and businesses, Brian Deese, director of the National Economic Council, and Jake Sullivan, White House national security adviser, said in a statement.

"We are clear-eyed that ‘financial innovation’ of the past has too often not benefited working families, while exacerbating inequality and increasing systemic financial risk," they said.

The measures announced Wednesday will focus on six key areas:

  • Consumer and investor protection
  • Financial stability
  • Illicit finance
  • U.S. leadership in the global financial system and economic competitiveness
  • Financial inclusion
  • Responsible innovation

Specifically, as outlined by the fact sheet, the executive order calls for measures to:

  • Protect U.S. Consumers, Investors, and Businesses by directing the Department of the Treasury and other agency partners to assess and develop policy recommendations to address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth. The Order also encourages regulators to ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.

  • Protect U.S. and Global Financial Stability and Mitigate Systemic Risk by encouraging the Financial Stability Oversight Council to identify and mitigate economy-wide (i.e., systemic) financial risks posed by digital assets and to develop appropriate policy recommendations to address any regulatory gaps.

  • Mitigate the Illicit Finance and National Security Risks Posed by the Illicit Use of Digital Assets by directing an unprecedented focus of coordinated action across all relevant U.S. Government agencies to mitigate these risks. It also directs agencies to work with our allies and partners to ensure international frameworks, capabilities, and partnerships are aligned and responsive to risks.

  • Promote U.S. Leadership in Technology and Economic Competitiveness to Reinforce U.S. Leadership in the Global Financial System by directing the Department of Commerce to work across the U.S. Government in establishing a framework to drive U.S. competitiveness and leadership in, and leveraging of digital asset technologies. This framework will serve as a foundation for agencies and integrate this as a priority into their policy, research and development, and operational approaches to digital assets.

  • Promote Equitable Access to Safe and Affordable Financial Services by affirming the critical need for safe, affordable, and accessible financial services as a U.S. national interest that must inform our approach to digital asset innovation, including disparate impact risk. Such safe access is especially important for communities that have long had insufficient access to financial services. The Secretary of the Treasury, working with all relevant agencies, will produce a report on the future of money and payment systems, to include implications for economic growth, financial growth and inclusion, national security, and the extent to which technological innovation may influence that future.

  • Support Technological Advances and Ensure Responsible Development and Use of Digital Assets by directing the U.S. Government to take concrete steps to study and support technological advances in the responsible development, design, and implementation of digital asset systems while prioritizing privacy, security, combating illicit exploitation, and reducing negative climate impacts.

  • Explore a U.S. Central Bank Digital Currency (CBDC) by placing urgency on research and development of a potential United States CBDC, should issuance be deemed in the national interest. The Order directs the U.S. Government to assess the technological infrastructure and capacity needs for a potential U.S. CBDC in a manner that protects Americans’ interests. The Order also encourages the Federal Reserve to continue its research, development, and assessment efforts for a U.S. CBDC, including development of a plan for broader U.S. Government action in support of their work. This effort prioritizes U.S. participation in multi-country experimentation, and ensures U.S. leadership internationally to promote CBDC development that is consistent with U.S. priorities and democratic values.

 

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Kaiser Wilhelm

So here we are either joining a process dedicated to opening new avenues of financial interaction or being lured down the primrose path to the very gates of monetary hell.

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Last edited 2 months ago by Kaiser Wilhelm
Major D

Not to be an alarmist or anything, but I do believe central bank digital currency could become the Big Brother’s ultimate holy grail of monitoring & tracking devices. Interesting Op-Ed:
Opinion | Cash Will Soon Be Obsolete. Will America Be Ready? – The New York Times (nytimes.com)

Antonio

You ever read The Book of Revelation (The Apocalypse) in the Bible? No one can buy or sell unless they have a mark (microchip?) in their forehead or hand. Sounds controlling to me. I suppose they can track your location and purchase habits.

Kaiser Wilhelm

Antonio,

I’ve had a tracker in my *ss ever since the aliens applied their probe to me.

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Last edited 2 months ago by Kaiser Wilhelm
Major D

Ha! That’s what must have happened to me, too! And how I caught the metal (coin) collecting bug

Kaiser Wilhelm

Major D,

So you too have gained an awareness of the one consistent side effect of alien b*tt trackers; an uncontrollable desire to collect coins! Thankfully like myself you don’t have any actual memory of the original implant process (illustration below).

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Rich

Holy Sphincter! Sir Kaiser

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Last edited 2 months ago by Rich
SENZA

Hit him again WTF

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SENZA

There is an unsolved mysteries episode abut Aliens and Men in Black – that happened in our neighborhood and one of the neighbors would not accept the “Official Government Explanation” aka Weather Balloon and they got to meet the Men in Black – it wasn’t a social call and it wasn’t Will Smith.

They told us the Ass probe was not required only voluntary……..

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Kaiser Wilhelm

Old Buddy SENZA and Good Sir Rich,

The young upward-cross-eyed tongue-twisted young lady in the meme above has been filmed literally hundreds of times as the recipient of rear entry intrusions of the strictly earthbound kind. You probably know her as the one and only Chloe Cherry currently of Euphoria fame.

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Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Major D,

It’s funny you should bring that up because I just read an article about the very reverse of those fears. In that version of the scenario that I read cryptocurrency allows whoever makes use of it to in effect escape all overseeing and observation.

Once again it shows that there is always more than one way of looking at things.

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Last edited 2 months ago by Kaiser Wilhelm
Major D

Kaiser, I think that depends on who runs the cryptocurrency. If a country’s central bank runs it, it could very easily track it.

Kaiser Wilhelm

Major D,

Honestly, I know too little about how these cryptos function to give any reliable opinion in that regard. I will say that since I trust any central bank less than half as far as I could throw it, the fainter a connection those institutions have with any major innovative enterprises the better.

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Last edited 2 months ago by Kaiser Wilhelm
SENZA

BitCon Artists first said it can never be tracked now they have done a turn around thinking the Government will adopt what was never meant to be adopted.

This guy is one of the worst Bitcon Scammer pumpers I have ever seen – he makes Cramer look smart

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Kaiser Wilhelm

Is he calling from “Microsoft” to do a total “fixation” of your computer?

Last edited 2 months ago by Kaiser Wilhelm
SENZA

The debit card already does the monitoring – cash is pretty much dead and probably one of the worst spreaders of COVID and most diseases. Over 90% of cash has cocaine residue, carries and transfer disease. Crack dealers love it.

SENZA

.

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Kaiser Wilhelm

That’s novel; the coke residue is worth more than the bills it’s stuck on.

Last edited 2 months ago by Kaiser Wilhelm
Coinbread

Will they have a collectible addition, with special 1s and 0s?

Antonio

Touché!

Kaiser Wilhelm

As Michael would regularly respond with on The Office, “That’s what she said!”

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Last edited 2 months ago by Kaiser Wilhelm
Kia99
  • No doubt the Mint will oblige, they could be NFTs. And when the CoinNews computer listed “PCGS Introduces Digital Coin Albums” as a related article, my mind connected that and this current article and first I tried to envision an album in which I could place my 2014 bitcoins, my MS70 2019 ether and the dogiecoin from 2021. Then I wondered how PCGS grades crypto currency. Alas, April first is still 3 week away.
Major D

Wouldn’t that be a kicker, to have NFTs of bitcoins that didn’t make the cut-being PCGS graded MS/PR68’s and 69’s after paying their grading fees

Kaiser Wilhelm

Major D and Kia99,

The two of you have managed to thoroughly confuse me even more about a subject that had already puzzled me to the nth degree in the first place. Good work, gentlemen…start your engines!

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Rich

so easy, a caveman could do it

Kaiser Wilhelm

I knew I should have had a haircut and shaved before I took that selfie.

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Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

Be not all too disappointed, my friend Kia99; you actually had me going there!

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SENZA
Kaiser Wilhelm

It appears you weren’t kidding, SENZA. Holy cow!

Last edited 2 months ago by Kaiser Wilhelm
Kaiser Wilhelm

I chanced on this band as I was looking over Youtube. They’re called Greta Van Fleet and their time is now. I’ve listened to the concert three times!

http://www.youtube.com/whUatch?v=K2T7ww7QU

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Last edited 2 months ago by Kaiser Wilhelm
Rich

Sir Kaiser, while on the subject of bands, I have been wanting to ask you and SENZA, do you think Krokus sounds a little like AC/DC?

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Last edited 2 months ago by Rich
Antonio

Oh no! You mean my bitcoins and cryptocurrency is worthless?

Kaiser Wilhelm

Not necessarily, Antonio, but I’m fairly certain they are all completely invisible.

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Major D

subject to inflation

Kaiser Wilhelm

Today’s subject: Inflation

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SENZA

When I worked for a major Auto Manufacturer – every bathroom stall had a plaque above the Toilet Paper Dispensers that said: U of M and Michigan State Degrees – take as many as you need. I think we are all saying pretty much the same thing here…

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Kaiser Wilhelm

SENZA, since I attended MSU aka Michigan State University in the mid-sixties I want to be absolutely sure all that toilet paper in Detroit and/or environs is clearly marked with the initials of our then and forever arch rivals, the U of M aka the University of Michigan. Go Spartans!

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Kaiser Wilhelm

And just for the heck of it, there’s this slap in the Wolverine’s face…

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Rich

So SENZA, you must be the other Motor City Madman

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Kaiser Wilhelm

Good Sir Rich,

That is one heck of a scary visage that you plopped in up above; WTF? By the way, when I visited Detroit from MSU (East Lansing) over Christmas vacation ’65, I got to see Gordie Howe and the Red Wings – the hockey team, not a Motown group – play the Chicago Black Hawks. I’m told by my Chicago domiciled son-in-law that had been a cool thing to witness. All I know is that the city then was a lot snazzier than now, at least as it is portrayed in newsreels and documentaries. It’s too bad.

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Last edited 2 months ago by Kaiser Wilhelm