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Biden proposes the creation of the digital dollar in the United States
At least six countries have their own digital currencies, including China with the CyberYuang
This Wednesday the White House announced that the president of the United States, Joe Biden, proposed to the members of his government the creation of the “digital dollar”.
In this sense, the North American president ordered to study the risks and benefits that the implementation of a cryptocurrency would have, as well as the digital infrastructure necessary to serve the North American population.
Through a decree, Biden requested that the implementation of this digital currency, which would be issued by the Central Bank of that nation (Central Bank Digital Currency or CBDC) and managed by the Federal Reserve, be studied urgently and as a top priority.
According to a senior White House official, what they seek with this measure is to guarantee the financial stability of the United States, protect national security, promote the financial platform for people of lower status and deal with cybercrime and financing. of terrorism.
How do CBDCs work?
CBDC represent the digital currencies issued by the Central Bank of each country, and differ from Bitcoin by having a single issuer.
In this way, the citizen has a "digital wallet" linked to the Central Bank of his country, where he receives the virtual currency, without being related to any private financial institution; thus being able to carry out transactions instantly without intermediaries.
Countries that have their digital currency CBDC
According to the specialized site Bloomberg Economics, currently six (6) countries have digital currencies backed by their central banks.
Among the countries that have a CBDC that are:
Bahamas: Sand Dollar.
China: CyberYuang.
Saint and Nevis, Antigua and Barbuda, Saint Lucia and Grenada: DCash
In the case of these Caribbean islands, they have the Dcash digital currency which is issued by the Eastern Caribbean Central Bank (ECCB), which allows its use within each country and among other nations.
The ECCB hopes that by 2025 DCash will be implemented in the other islands of the region such as Montserrat, Dominica, Anguilla, Saint Vincent and the Grenadines.
Additionally, Bloomberg Economics indicates that 46 countries are working on the implementation of their own digital currency.
Among the countries that are already in emission plans are South Africa, Pakistan, India and Thailand.
While the nations that maintain ongoing analysis of cryptocurrencies are: the United States, Japan, Russia, South Korea, France, Portugal, Spain, the Netherlands, Germany, Denmark and other countries on the European continent.
Bitcoin on the rise after Biden announcement
Upon hearing the news about the decree issued by President Biden, the best-known cryptocurrency in the world, Bitcoin, shot up rapidly, rising 8.5%, thus exceeding 42 thousand dollars.
For its part, Ethereum (another cryptocurrency) also rebounded, exceeding 6% and reaching 2,753 US dollars.
