Treasury recommends exploring creation of a digital dollar

Treasury Secretary Janet Yellen speaks Sept. 15, 2022, in Lanham, Md. The Biden administration is moving one step closer to developing a central bank digital currency, otherwise known as the digital dollar.

WASHINGTON — The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help reinforce the U.S. role as a leader in the world financial system.

The White House said on Friday that after President Joe Biden issued an executive order in March calling on a variety of agencies to look at ways to regulate digital assets, the agencies came up with nine reports, covering cryptocurrency impacts on financial markets, the environment, innovation and other elements of the economic system.

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