The White House punted on whether it was ready to support the creation of a digital dollar, which would have allowed the United States to further adapt to the evolving crypto industry and help strengthen the dollar's dominance in competing with China.
The White House released a fact sheet on Friday announcing several new financial and technological initiatives to help the U.S. succeed in the race to innovate in the financial tech industry. However, it said it would put off decisions about approving the creation of a Central Bank Digital Currency, a government-created digital token compatible with the cryptocurrency marketplace.
The Treasury Department would lead an interagency group to"consider the potential implications of a U.S. CBDC, leverage cross-government technical expertise, and share information with partners," according to the White House. This group will include leaders from the Federal Reserve, the National Economic Council, the National Security Council, the Office of Science and Technology Policy, and the Treasury Department. It will share updates between agencies as it develops. While several reports from federal agencies appeared to support the creation, the White House said there was still much to do about research.
When asked if legislative action from Congress would be required to create a CBDC, senior White House officials said they still needed to do additional research before making a statement. If a CBDC is to be adopted, it will need to ensure that it can"protect consumers, promote economic growth, improve payment systems, provide interoperability with other platforms, advance financial inclusion, protect national security, respect human rights, and align with democratic values," according to the White House.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion | Inside the Climate Movement and Still Outside the White House'Important deals, ones of this size, don't happen in a vacuum. They happen because far more people, with no official power of their own, have been pushing for years and decades,' writes billmckibben
Read more »
After Republicans escalate migrant busing scheme, White House condemns 'chaos'Press sec. Karine Jean-Pierre tells marykbruce the situation along the U.S.-Mexico border 'is going to take some time.' “We are fixing a broken system. It is not like turning the light switch on.'
Read more »
Texas gov's office blasts White House after it calls migrant bussing an 'illegal stunt': 'hypocrites'Greg Abbott's office is responding to Karine Jean-Pierre after she called his move sending busses of migrants to Washington, D.C. an 'illegal stunt.'
Read more »
White House says tentative deal reached to avoid rail strikeBREAKING: Rail companies and unions struck a tentative agreement to avoid a strike that businesses feared would've led to severe supply chain disruptions, the White House said.
Read more »