March 11, 2022

Joe Biden on Wednesday signed an executive order mandating the government’s evaluation of risks and benefits of cryptocurrencies.

The order will also explore the possibility of a digital version of the dollar.

The measures will focus on six key areas including consumer protection, financial stability, illicit activity, U.S. competitiveness, financial inclusion, and responsible innovation.

Following the dictates of the order, the Treasury Department, the Commerce Department, and other key agencies will prepare reports on “the future of money” and the role cryptocurrencies will play.

Biden tasked the Department of Commerce with “establishing a framework to drive U.S. competitiveness and leadership in, and leveraging of digital asset technologies.”

The president also urged the Treasury Department to assess and develop policy recommendations on crypto. It also wants regulators to “ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets.”

For more information, read the original story in Reuters.