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A government backed crypto?

Last updated on March 12, 2023

The US Treasury is working on creating a digital currency, according to an official at a recent event. This could lead to a “digital dollar” or central bank digital currency becoming a reality pending Congressional approval. A CBDC would differ from existing digital money as it would be a liability of the Federal Reserve, and could function alongside cash. The US Treasury has a working group for determining what a CBDC could look like, and issues such as privacy, national security, and the dollar’s role in the global financial system are being considered. A digital dollar is different from cryptocurrency and would require support from Congress to move forward.

Complex Terms:

  • CBDC – Central Bank digital currency

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