© Jack Gruber-USA TODAY
News: Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell testify
WASHINGTON (AP) — The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar.
Administration officials say it’d help reinforce the U.S. role as a leader in the world financial system. The White House said Friday that after President Joe Biden issued an executive order in March calling on agencies to look at ways to regulate digital assets, the agencies came up with nine reports.
One Treasury recommendation is the U.S. “advance policy and technical work on a potential central bank digital currency.” The Atlantic Council nonpartisan think tank says many other countries already are exploring or have created a central bank digital currency.
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