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Biden has tasked the Department of Commerce with "establishing a framework to drive U. Crypto cycling crypto industry figures have called for such action, crypto cycling the bosses of CoinbaseKraken and the Winklevoss twins' Gemini exchange. The Blockchain Association, an organization that represents multiple well-known crypto companies, said Wednesday that Biden "has the opportunity to ensure America remains the global leader for technological innovation for years to come.

It comes as China see more led the charge toward central bank digital currencies, or CBDCs, with more and more people using smartphones to make payments and handle their link. Biden isn't saying whether the U. Rather, he's calling on the government to place crypto cycling on research and development of a potential CBDC.

The Federal Reserve last year began work on exploring the potential issuance of a digital dollar. The central bank released a long-awaited report detailing the pros and cons of such virtual money, but didn't take a position yet on whether crypto cycling thinks the U. While CBDCs could rapidly speed up the settlement of payments, policymakers are evaluating a crypto cycling of issues around financial stability and privacy.

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