Former Biden economic adviser: The US government is actively pursuing a digital dollar to crowd out private cryptocurrencies

According to CoinDesk, Daleep Singh, former senior economic adviser to U.S. President Joe Biden, told the U.S. Senate Banking Committee that the U.S. government is actively pursuing a digital dollar as a means of crowding out private cryptocurrencies, which it believes will lead to ransomware and breaches. sanctioned behavior. Daleep Singh, a former acting assistant secretary of the US Treasury and a senior official at the Federal Reserve Bank of New York, left the US government last June to join PGIM Fixed Income as its chief global economist.