The Biden administration, which launched the digital dollar plan in March, said on Friday it saw many benefits and opportunities, but needed to ensure the “responsible development” of such a currency, which involves many risks.
“Responsible development of digital assets is vital to American interests,” White House top economic adviser Brian Deese said at a press conference.
He noted the risks associated with the protection of consumers and investors, as well as the safety and stability of the financial system, or “the financial and technological leadership (of the United States) in the world.”
Faced with the global rise of cryptocurrencies such as Bitcoin and the growing use of digital payments, US President Joe Biden signed a decree in March asking the Ministry of Economy to submit a report on the “future of money” to him within six months.
He actually got nine, which suggests continuing to work on the matter, the White House explained.
However, no time frame was specified.
The reports “provide a solid foundation for policymakers as we work to understand the potential benefits of digital assets and mitigate and mitigate risks,” Treasury Secretary Janet Yellen said at the same briefing. Telephone.
“Innovation is one of the hallmarks of a vibrant financial system” but it needs “adequate regulation,” he added.
“If these risks are mitigated, digital assets and other emerging technologies may offer significant opportunities,” promised Joe Biden’s Secretary of the Economy and Finance.
The US Federal Reserve (Fed), which has been working on this issue for several years, is encouraged to continue its work on this matter, with the support of a Treasury-led task force.
Alondra Nelson, director of the Office of Science and Technology Policy, said the environmental effects of creating cryptocurrency must also be considered and not get in the way of government goals.
“We found that crypto-assets consumed between 1 and 2% of all US electricity each year” and “produced between 0.4 and 0.8% of our greenhouse gas emissions, similar to those emitted from iron and steel production in the US,” she said.