According to the White House, US President Joe Biden signed an executive order on Wednesday for the creation of digital dollar directing the government to evaluate the risks and benefits of developing a central bank digital currency, as well as other cryptocurrency concerns.
The administration's holistic and methodical approach soothed market fears of an imminent governmental crackdown on cryptocurrencies, and Bitcoin soared as a result of the news. Bitcoin climbed 9.1% to $42,280 in noon trading, putting it on course for its biggest percentage rise since February 28.
The Treasury Department, the Commerce Department, and other important departments will be required by Biden's directive to submit reports on "the future of money" and the role that cryptocurrencies will play.
Wide-ranging oversight of the cryptocurrency market, which surpassed $3 trillion in November, is critical to ensuring national security, financial stability, and competitiveness in the United States, as...
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