11 March 2022 (09:52-UTC-07 Tango 06) 20 Esfand 1400/07 Sha’ban 1443/09 Gui Mao 4720
I’m amazed how many lovers of cryptocurrencies, and ignorant main stream news sources, are applauding U.S. President Joe Biden’s latest executive order. The Devil is in the details, and the details do not say the U.S. is going to accept privately generated cryptocurrencies!
To make it quick, Biden’s order gives numerous government officials 180 days to present him with what they think will benefit the U.S., and what is a threat to the U.S. The focus of the order is on all aspects of U.S. National Security. Primarily it is about stopping “…foreign CBDCs…” from usurping “…existing currencies and alter the payment system in ways that could undermine United States financial centrality…”
If there is going to be any U.S. backed cryptocurrency it is going to be one that is created by the U.S. government: “….to develop a strategic plan for Federal Reserve and broader United States Government action, as appropriate, that evaluates the necessary steps and requirements for the potential implementation and launch of a United States CBDC.”
Read the complicated Executive Order for yourself: Executive Order on Ensuring Responsible Development of Digital Assets
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