Biden issues executive order to explore cryptocurrency-like digital dollar. It’s finally happening, officially…

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President Biden signed an executive order on Wednesday to explore establishing a U.S. Central Bank Digital Currency (CBDC) — also known as a “U.S. digital dollar” — akin to a cryptocurrency.

One key difference between the digital dollar and cryptocurrency is that the former would be subject to some regulation by central banks. So, for instance, the Federal Reserve could issue some monetary policy around issuance rates, address any inflation concerns and more. Senior Biden administration officials told reporters that already there are more than 100 countries that are looking into issuing their own centralized digital currencies.

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By 6 a.m. ET, when the announcement of the order was official, Bitcoin had risen by over 9.5% over the previous day, according to Coinbase.

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