The US is 'very far' behind China and others in creating a national digital currency
Even before President Joe Biden's White House Executive Order (EO) last week, the US had been exploring the creation of a Central Bank Digital Currency (CBDC). But its efforts have fallen far short of other countries.
In the Executive Order, Biden called on several US agencies and regulatory bodies to intensify their exploration of a digital form of a dollar, similar in some ways to cryptocurrencies, such as bitcoin, but vastly more stable. Biden called on the Federal Reserve System (The Fed) and other oversight bodies to develop recommendations on how to close regulatory gaps, mitigate economic risks, and address cybersecurity concerns around cryptocurrency.