18:47 EET on March 1 2 minutes to read
An Ex-Biden Adviser Discloses the Administration's Push for the Digital Dollar - What is happening?
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In an effort to "crowd out" private cryptocurrencies, the government is attempting to introduce a digital dollar, according to a former senior economic advisor to President Joe Biden.
Daleep Singh, a former deputy national security adviser for international economics in the Biden administration, claimed during a Senate Banking Committee hearing on Tuesday that a digital dollar would do away with the need for the cryptocurrency ecosystem that supports ransomware attacks and sanctions violations.
In March of last year, Singh, who was the president at the time, signed an executive order to promote U.S. regulation of digital assets.
r, said that the decision was intended to increase regulation in order to combat ransomware attacks and other hazards associated with cryptoassets.
Additionally, he said that in his capacity as a consultant, he was "trying to push our government to launch a digital dollar, which I think is the single best step that we could take because it would crowd out the ecosystem of crypto that allows national security adversaries like Russia to exploit our deficiencies, our weaknesses in terms of our critical infrastructure."
The adoption of a central bank digital currency (CBDC) by the U.S. government, according to Singh, "is the single best action that we could take [to defend national interests] because it would drown out the ecology of crypto."