Thu Mar 10, 2022 – 9:17 pm EST
WASHINGTON, D.C. (LifeSiteNews) — President Joe Biden issued an executive order asking federal agencies to study digital currencies and produce reports on their possible use and regulation by the federal government.
According to a report in The Wall Street Journal, the order, titled “Ensuring Responsible Development of Digital Assets,” directs federal agencies to investigate “the risks cryptocurrencies pose to the economy, national security and climate, while also noting their possible benefits.”
Lee Reiners, executive director of Duke University School of Law’s Global Financial Markets Center, commented on the apparent turnabout of the federal government on the question of digital currency.
“Leading up to this executive order,” he remarked, “the narrative that had been circulating was that the administration was set to crack down on crypto. This executive order is a complete 180 from that.”
“This is as close to an embrace of crypto as you could have hoped for from this Biden administration, if you’re pro-crypto,” Reiners concluded.
Among possible motives for such a move toward digital currency, advocates argue that it would allow a central bank to directly change interest rates on accounts that carry the government
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