US President Joe Biden has signed an order urging the government to study the risks and benefits of forming a digital dollar and other cryptocurrency risks, the White House said in a statement. Biden’s order will demand the Treasury Department, the Commerce Department and other essential agencies to make reports on the future of money and the role cryptocurrencies will play.

One key objective of this order is to sort out inefficiencies in the current. Payments system boosts financial inclusion, especially for poor Americans who don’t have bank accounts due to high fees. Another critical action directs the government to consider the technological infrastructure required for US Central Bank Digital Currency (CBDC).

The order also encourages the Federal Reserve to make research and development efforts. Nine countries have launched central bank digital currencies, and 16 others have started the development of such digital assets, according to the Atlantic Council. The US dollar remains supported by crucial fundamentals, including a commitment to transparency, the rule of law and the complete independence of the Federal Reserve.