It might sound like something from a dystopian science-fiction novel, but it's all too real, and it could soon change life in America forever.

In March 2022, the Biden administration released a sweeping executive order that directed numerous federal agencies to crack down on digital assets, including on popular cryptocurrencies, as well as to study the potential development of a central bank digital currency (CBDC).

A CBDC would not be a digital version of the existing paper-based dollar, but rather an entirely new currency that would exist exclusively in a digital (meaning an electronic, non-physical) form.

In September 2022, the White House announced the completion of the CBDC reports. Although the administration did not officially propose a CBDC following the release of the reports, it did announce that it had developed "policy objectives" for a U.S. CBDC system.

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Biden also directed the leadership of the National Economic Council, National Security Council, Office of Science and Technology Policy and the Treasury Department to "meet regularly" with the Federal Reserve to further design a potential CBDC.