Biden signed an executive order last week directing various federal agencies to come up with policy recommendations on cryptocurrency. The order included a call to explore a US Central Bank Digital Currency, a type of cryptocurrency controlled by the government. Part of Biden's strategy includes ensuring any US CBDC is inline with the country's priorities and democratic values, according to the order's fact sheet.
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The Federal Reserve has been researching CBDCs for a while now. In January, the Fed released a report that delves into what a CBDC could look like in the US. Countries across the globe, including Australia, China and Brazil, are also working on CBDCs of their own.
