On the 12 of March 2022 which is a Friday, the Whitehouse directed the federal agencies from the treasury to the commerce department to carry out one purpose. Which is solely to carry out crystal-related research on a digital dollar. The directive was to find out everything relating to the pros and cons of a digital dollar which will be termed Biden’s digital currency.
Since the introduction of bitcoin, it has simply been one of the most high-end cryptocurrencies being sought after by so many people. It is simply the go-to cryptocurrency for people that want their transactions to be anonymous. In fact, all-digital currency on its own is a booming market which is why we understand if the president wants the dollar to go crypto.
Today we take a closer look at the Bidens digital currency everything you will need to know and if there is a possibility for it to succeed.
What is the Biden’s executive order about
The body’s executive order is simply for all professional individuals the treasury department and others to research crypto-related benefits of the dollar. You should know that this is not actually a game plan it is just simply a call to action. This is to direct the federal department of treasury, Commerce, and justice of the federal reserve to see if there is a way to crypto the dollar.
That is simply what this department is doing it doesn’t mean that we are ever going to see a digital dollar.
What is the Biden’s Digital Dollar (Currency)
While the US dollar is not the most expensive currency it is simply the world’s most dominant reserve currency. Since the explosion of bitcoin so many financial organizations and institutions also individuals have pushed for a global Digital currency. Which they claim will make electronic payments easier and much faster and cheaper.
Biden’s digital dollar is simply or will simply be the currency that will never take a physical form nor depend on one to work, unlike the electronic dollar. With the digital dollar, there is no going to the ATM to cash out because it will simply function like any other cryptocurrency suck is bitcoin but it’s still a dollar.
What Importance Would the Digital Dollar Have
Well just like any other cryptocurrencies that are currently in circulation give digital dollar would simply have all eight functions + 1. This means it will surely be the currency of America seriously backed by the American government. Another thing is that it is simply going to be worth $1 to 1 digital dollar which is what bitcoin, Etherium, and other cryptocurrencies do not have.
There is also no risk of this digital currency which is a digital dollar losing is what in the future time to come. Just like any other cryptocurrency they are much importance and features the digital dollar will have;
- The benefit of faster payments
- There will be more affordable international transfer fees.
- Tax refunds would be effective alongside other government-related payments.
- Can be accessed outside of banking hours and halls.
- Even if all the banks closed down you can still make use of the digital dollar because it works without a bank account.
Digital Dollar Privacy Concern
The whole idea behind cryptocurrency is simply the fact that they are operated and controlled why not a single body. This means there is animosity when doing cryptocurrency transactions. But since the digital dollar would be operated by the government privacy has gone out of the window. This means the United States government would simply have the ability to monitor transactions.
Finally, it is also going to affect financial and banking institutions that depend on deposits from customers to run. Since this is a digital currency it does not simply need the presence of a financial bank institution to exist. So you might be saying so many banks getting close down if the currency actually comes to light.
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