Biden orders CBDC report from Fed and other agencies

Joe Biden
Joe Biden
Gage Skidmore

US president Joe Biden has ordered government agencies, including the Federal Reserve, to develop a central bank digital currency (CBDC) proposal within seven months.

The March 9 executive order gave the Fed and other agencies 180 days to submit a report on a CBDC. The report must deal with issues arising from national security, financial inclusion, privacy, money laundering and monetary sovereignty.

Acting Fed chair Jerome Powell was directed to develop a nationwide plan for the “launch of a

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