Read the story here. Advertise at Before It's News here.
Profile image
By 21st Century Wire
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Biden Releases Plan to Regulating Crypto, Usher in CBDC ‘Digital Dollar’

% of readers think this story is Fact. Add your two cents.

Problem, reaction, solution. 

Government is now claiming the problem is cryptocurrencies a ‘new and dangerous’ unregulated track moving freely among the global money markets.

And so the reaction is one of outrage by the gods of money. ‘Something must be done,’ they clamour.

We’re told that they have the solution to this problem: Central Bank Digital Currency (CBDC).

Make no mistake: this is the first step for ushering in a cashless society.

There it is, in black and white…

The Blaze reports…

Last week, the Biden White House released its first-ever framework on how it would like to regulate cryptocurrencies.

The framework follows an executive order issued by Biden in March, in which the president called on federal agencies to issue reports examining the risks and benefits of cryptocurrencies. In total, nine reports were submitted to the White House.

Notably, the White House’s framework states that the Treasury Department and Federal Reserve will consider a central bank digital currency — what has been called a “digital dollar.” The White House has yet to officially endorse the creation of a digital dollar.

Federal Reserve Chair Jerome Powell previously said the primary incentive for the U.S. to create its own central bank digital currency would be to eliminate the need for other forms of digital currencies in America. “You wouldn’t need stablecoins; you wouldn’t need cryptocurrencies, if you had a digital U.S. currency,” Powell told Congress. “I think that’s one of the stronger arguments in its favor.”

The reports also encourage regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to “aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.”

As the cryptocurrency market has exploded over the past several years, so to have crypto-related crimes. Last month, the SEC charged 11 people for their roles in “creating and promoting a fraudulent crypto pyramid and Ponzi scheme that raised more than $300 million from millions of retail investors.” And in February, U.S. officials seized $3.6 billion worth of bitcoin-related to the 2016 hack of crypto exchange Bitfinex.

“Innovation is one of the hallmarks of a vibrant financial system and economy, but as we’ve painfully learned from history, innovation without adequate regulation can result in significant disruptions and harm to the financial system and individuals,” Treasury Secretary Janet Yellen told reporters upon the release of the White House’s framework.

At its peak last November, the cryptocurrency market was valued at over $3 trillion. Crypto has been in a downward spiral throughout 2022; Bitcoin — by far the largest and most popular cryptocurrency — is current trading at less than 30% of its peak value…

Continue this story at The Blaze

READ MORE BITCOIN NEWS AT: 21st Century Wire Bitcoin Files



21st Century Wire is an alternative news agency designed to enlighten, inform and educate readers about world events which are not always covered in the mainstream media.


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.