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In short: A more political digital dollar under consideration

While the issue of crypto-assets is controversial in the country, the US President himself has just opened the door to a digital dollar controlled by the Federal Reserve. The initiative competes with the Digital Dollar Project founded by Accenture and the Digital Dollar Foundation, but aims to address an increasingly pressing political issue.

Joe Biden's administration is finally beginning to analyse the opportunities for a digital version of the dollar. The US President has just signed an executive order requiring the US Treasury, the Commerce Department and federal agencies (including the Securities and Exchange Commission (SEC) and the Consumer Financial Protection Bureau) to work on a report to establish the pros and cons of creating a central bank digital currency in the US.

The FED, which was already working with MIT to build a technology platform dedicated to this future currency, is also committed and even urged to accelerate its research on the subject.

The project is indeed considered urgent; the report should be ready in six months.

Among the questions to be addressed

    issues concerning the protection of American interests
    prevention of illicit use of a digital currency,
    the promotion of "responsible innovation" favouring financial inclusion in particular,
    the question of US leadership and the protection of global financial stability.

This strategic and political decision was taken in a context marked by war, the break in contact with Russia and China's advances in MNBC.