President Joe Biden is set to sign an executive order Thursday meant to explore the possible creation of a U.S. Central Bank Digital Currency (CBDC). This is a digital currency that would be issued by a central bank like the Federal Reserve unlike cryptocurrencies like bitcoin which are not controlled by a single entity. The executive order also calls for continued research over the coming months followed by policy recommendations from the Department of Treasury and other government agencies on how to regulate the growing digital currency market. “The United States must maintain technological leadership in this rapidly growing space, supporting innovation while mitigating the risks for consumers, businesses, the broader financial system, and the climate,” a White House statement reads. Cryptocurrencies passed a $3 trillion market cap in November. And about 16 percent of adult Americans—approximately 40 million people—have invested in, traded, or used cryptocurrencies, according to survey data …
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