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    Biden to Sign U.S. Central Bank Digital Currency Executive Order

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    U.S. President Joe Biden is slated to sign an executive order later this week instructing several agencies, including the Treasury and Justice Department to study the economic and legal consequences of creating a U.S. Central Bank Digital Currency (CBDC), according to a source familiar with the matter.

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    In 2021, the White House stated they were considering numerous actions to manage ransomware and other cybercrime involving cryptocurrencies.

    However, some critics of the proposed executive order conclude such actions would require congressional approval, the source stated.

    The executive order is expected to be signed on Wednesday, according to Bloomberg.

    Heightened concerns regarding the use of cryptocurrency by Russian civilians to circumvent Western sanctions have emerged since the invasion of Ukraine.

    The White House also has warned recent moves by China may indicate the nation will likley create their own cryptocurrencies.

    On Monday the Financial Crimes Enforcement Network (FinCEN) sent out a statement warning financial institutions to be on high alert for attempts by Russian entities to evade new sanctions imposed by the U.S. over Russia’s invasion of Ukraine.

    Along with the Justice Department, the Federal Trade Commission, the Consumer Financial Protection Commission and other agencies will determine whether or not a new law is needed to create a U.S. CBDC and what the impact will be on consumers.

    The impact of bitcoin mining on the environment will also be studied, the source said.

    Last year, U.S. Treasury Secretary Janet Yellen raised the alarm about an “explosion of risk” from the misuse of cryptocurrency and went on to say new financial technologies could be used to reduce inequality and assist in law enforcement efforts.

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