Bitcoin reached the value of US $ 42,000 again, after a statement made by the secretary of that portfolio, Janet Jellen, appeared on the website of the US Treasury Department. It discussed an executive order that apparently is pending the signature of President Joe Biden, which would give the green light to various government entities to further study the legal and economic implications to consider, in the event that the Central Bank of that country officially initiates the creation of a digital dollar.
This is not the first time that the US has made public its interest in issuing a possible cryptocurrency of its own. In January of this year, the United States Federal Reserve conducted another study evaluating the feasibility of competing against cryptocurrencies by issuing CBDCs (Central Bank Digital Currency, also known as “digital dollars”).
Similarly, the previous analysis, entitled ‘Money and payments: the dollar in the era of digital transformation’, also considered evaluating strategies so that the dollar cannot lose its economic hegemony against virtual assets, since one of the risks mentioned there, is that the creation of such a currency “could change the structure of the country’s financial system, altering the roles and responsibilities of the private sector and the Central Bank.”
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Although at the time of the publication of the previous document it was clarified that it “only intended to publicly discuss the subject”, it was also warned that without the approval of a law by the US Congress it would not be possible to shed light on it. green to the digital dollar. However, the statement published on March 8 on the Treasury Department website announced that Biden was expected to sign a decree on Wednesday the 9th for the Department of Justice, the Treasury and agencies linked to his government to investigate with «urgency» the creation of the digital dollar.
The digital dollars would be similar to the Chinese digital yuan and, therefore, will differ from the electronic dollars in that the latter are used for online transactions, while the former do not have a physical form.
The news made the value of cryptocurrencies such as Bitcoin rise, because the advances in the creation of its own token for the US were understood as an increase in the legitimacy of virtual currencies in the financial system of that country.