US President, Joe Biden has signed an executive order on Wednesday mobilizing the federal government to create a strategy for digital assets like cryptocurrencies that promotes innovation in the industry while minimizing risks to Americans and the global financial system.

The order directs the Federal Reserve to research and potentially develop its own digital dollar, which would be similar to cryptocurrencies that have become a financial asset for some Americans in recent years and also directs the Treasury Department to develop guidelines for Americans trading and using cryptocurrency that aims to help them avoid fraud or market volatility.

Treasury will also do further research on the potential role of digital assets and blockchain in future payment systems and implement a strategy for policies and regulations on digital assets like cryptocurrency, according to a White House fact sheet.

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