(FreedomBeacon.com)- On Wednesday, President Joe Biden signed an executive order that directs the Federal Reserve to begin exploring the possibility of creating a digital currency. It’s a sign that the White House may be preparing to crack down in cryptocurrency in the same way that the Chinese Communist Party does.
Rather than allowing a multitude of digital currencies to exist, completely decentralized, the United States may be headed towards a situation where cryptocurrency is banned and the only digital currency citizens can use would be a digital dollar.
“The rise in digital assets creates an opportunity to reinforce American leadership in the global financial system and at the technological frontier, but also has substantial implications for consumer protection, financial stability, national security, and climate risk,” a fact sheet from the White House reads.
The executive order insists that the move is to ensure that the United States maintains “technological leadership in this rapidly growing space” while supporting innovation and “mitigating the risks” for consumers and businesses.
Risks? They can only be talking about other cryptocurrencies, which is notoriously volatile.
Biden said that his administration is placing the “highest urgency” on research in this area, specifically with a focus on the potential design and deployment of a U.S. central bank digital currency.
Controversial Treasury Secretary Janet Yellen also issued a statement saying that such a move would promote “responsible innovation” that could benefit the American people, while also addressing the risk of “illicit finance.”
The Biden administration really, really doesn’t want you using cryptocurrencies.
But will he have the support in Congress to move forward with the plan and ban other coins?