The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.
The executive order on cryptocurrency has raised concerns in the banking industry about the Biden administration’s approach to possibly creating a digital currency issued by the federal government.
President Joe Biden on Wednesday signed an executive order that could lead to greater government oversight of cryptocurrency and even a Federal Reserve-backed digital token.
Off the field, Super Bowl advertisers were in a tough competition of their own, with big names in cryptocurrency and mortgage lending among the firms shelling out $7 million to reach sports fans.
Major central banks have joined together to explore whether they should issue cryptocurrencies as the use of cash declines and more people turn to electronic forms of paying.
Facebook officially moved forward with its plans Monday to create a new digital currency called Libra, despite several high-profile defections from the project and intense criticism from U.S. regulators and politicians.
JPMorgan Chase & Co. has been hit with a lawsuit in Manhattan federal court accusing it of charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances.