Unlike other countries, the United States is taking a more thorough approach to the issue of creating a national digital currency. This requires the government to carefully assess the risks and benefits of every decision as well as take into account systemic risk, human rights, and even justice. Such an approach is essential to ensure the national security and financial stability of the country.
To date, more than 100 countries are considering launching a central bank digital currency or are already testing it in pilot projects. US President Joe Biden also decided to move forward with a CBDC and ordered the government to develop a policy regarding a digital dollar and cryptocurrencies that already exist. He believes that a rise in digital assets creates an opportunity to reinforce American leadership in the global financial system. According to Biden, a US-issued virtual currency could be used to "support efficient and low-cost transactions, particularly for cross‑border funds transfers and payments, and to foster greater access to the financial system, with fewer of the risks posed by private sector-administered digital assets" such as bitcoin.
The US authorities clearly understand the role of the dollar in the global financial system. Therefore, they have to carefully consider all the downsides before launching its digital version. Biden's order encourages regulators "to ensure sufficient oversight and safeguard against any systemic financial risks posed by digital assets." In other words, a central bank digital currency will be launched only if it meets the needs of the country.
