The United States Adopt Cryptocurrency?! What You Should Know About Biden's Digital Dollar Bid!

President Joe Biden issued an executive order on digital assets on March 9. The directive asks government agencies to study the risks and benefits of cryptocurrency. It also calls for the Treasury Department to examine developing a central bank-backed digital currency, similar to the CBDC or "digital dollar". US Vice President Joe Biden has signed an executive order aimed at curbing "illicit finance and national security risks" that bad actors may pose. Cryptocurrency mining accounts for 0.5 percent of all electricity consumption worldwide, a tenfold rise from 2017.

Cryptocurrency markets soared in the wake of President Biden's executive order on cryptocurrencies. Bitcoin jumped nearly 9% last week to around $42,000; Ether doubled in value to nearly $2,800. Authorities are likely to conduct research on risks and benefits of cryptocurrencies over the next two to six months.