As the White House has set out to etch out a U.S. Crypto Policy, the Biden Administration is all set to aim for the same via an executive order to be sent out in February. The executive order will ask for reports from federal agencies.
It will be the first of its kind, an initial government-wide strategy for digital assets. Federal agencies will be tasked to study the risks and opportunities.
Fed holds meetings to decide on a strategy
Senior administration officials are holding hectic parleys to plan an effective strategy for Digital Currencies. The blueprint is vague and ambiguous. However, experts feel that the Federal Reserve has taken the first tentative steps towards creating a CBDC. The hardest part is designing a CBDC that satisfies Congress and the White House while smoothly transitioning into the payment and banking systems without disruption.