Is the United States government forgoing cash for cryptocurrency? A recent Instagram post claimed as much, saying President Joe Biden “announced that the U.S. dollar will now become cryptocurrency.”
“Breaking news!” the July 12 post said. “Biden unveils executive order EO-14067, a groundbreaking move that transforms the U.S. dollar into a cryptocurrency.”
This post was flagged as part of Meta’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Meta, which owns Facebook and Instagram.)
This isn’t breaking news, and it’s also wrong.
Biden signed Executive Order 14067 in March 2022. It directed the Federal Reserve to weigh the risks of using digital currency and research the possibility of using a central bank digital currency.
In September, the Treasury Department published three reports in response to the order, identifying “the real challenges and risk of digital assets used for financial services,” Treasury Secretary Janet Yellen said in a statement. The reports included one on the “future of money and payments,” but it doesn’t suggest replacing the U.S. dollar with cryptocurrency. Biden also didn’t transform the dollar into a cryptocurrency.
We rate that claim False.
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