Will the era of the dollar end?!
The US dollar dominates global finance, and it is considered one of the paper currencies that dominate the financial markets.
Recently, the US Central Bank announced that US President Joe Biden has signed an executive order to study the launch of the digital dollar, which is the intangible equivalent of fiat currencies.
The increasing use of digital currencies has sparked the interest of countries in digital currencies, according to the White House, 100 countries are considering launching digital currencies or, rather, have begun to launch them.
A survey indicates that 16% of Americans, or about 40 million people, have invested or traded cryptocurrency.
The United States of America put this project on the table some time ago, so the announcement of Joe Biden's executive order was expected.
Joe Biden's executive order is based on 7 key points
Protecting users and investors by assigning the US Treasury to develop laws governing digital assets.
Protecting financial stability by encouraging the Financial Stability Oversight Board to identify and mitigate financial risks.
Combating illicit financing through the cooperation of all government agencies to curb the illicit use of digital assets.
Strengthening US technology leadership and economic competitiveness
Enhancing US leadership in the global financial system by directing the Department of Commerce to create a competitive framework and take advantage of digital asset technologies.
Promote equitable access to safe and affordable financial services by emphasizing the critical need for safe and affordable financial services as part of the national interest of the United States.
An urgent study to examine the possibility of launching a digital central bank currency, CBDC, if it is considered in the national interest and in line with US priorities and values.
democracy.
Through joe Biden's executive order, we note that the United States of America is taking a serious step toward a coordinated and comprehensive digital asset policy.
The efforts of all financial regulatory entities and government structures have joined forces, as clear roles have been assigned to all relevant structures and departments to create a digital currency for the central bank.
The US Central Bank's announcement did not specify the position of digital currencies on the US economy and its future, but rather set out the regulatory policy and protective measures that the US government will take.
Thus, we are still waiting for the following procedures and their impact on digital currencies! And the question will remain, will America rely on the digital dollar and thus strengthen its position in the financial markets?!