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Why Biden’s plans for a digital dollar might vex banks and crypto firms
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The Biden administration’s plan to study whether to launch a digital dollar may bring together some strange bedfellows: banks and crypto companies.
It isn’t yet clear what the administration’s statement seeking to “explore a US Central Bank Digital Currency” and its potential to work “in a manner that protects Americans’ interests” might mean in practical terms. A CBDC could work in a number of different ways. But both traditional deposit-taking lenders and some upstart digital currency companies have had worries about what...
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