US to Begin Work on Future 'Digital Dollar': White House

US President Joe Biden on Wednesday will order government agencies to begin work on creating a digital US dollar, White House officials said.

The initiative will focus on "research and development of a potential United States CBDC," or central bank digital currency, studying both the potential benefits and risks, according to a statement.

"The implications of potentially issuing a digital dollar are profound," one official told reporters, stressing the crucial role of the American currency in the global economy.