Market

The US Treasury Secretary has not yet decided whether the Fed should issue a CBDC

Treasury Secretary Janet Yellen called In an interview at the Reuters Next conference on Thursday (December 2), she has not yet decided whether or not the US Federal Reserve (Fed) should issue a digital bank currency central bank (CBDC).

Janet Yellen – Secretary of the Treasury

Yellen said the decision would require broad consensus between Congress, the central bank and the White House. She believes more research is needed on the pros and cons of using CBDCs in the United States, including their impact on the banking system.

“I see CBDCs as advantages and disadvantages. And in my opinion it doesn’t exist yet. “

According to the Center for Geoeconomics of the Atlantic Council, Treasury Secretary 87 countries (responsible for more than 90% of global GDP) are currently studying CBDC.

Governor Lael Brainard has urged the Fed to urgently develop a CBDC. In July, Brainard said it was impossible to understand why the US isn’t actively developing CBDCs when China and other countries are doing the same.

Yellen said the US Federal Reserve is expected to release a report shortly detailing its work on CBDCs. She added that the Fed understands that consensus is needed.

Yellen said, however, that the question of whether the Fed should develop a digital currency is still “seriously” discussed in the White House.

Several governors fail to see the benefits of the Fed issuing a digital dollar, including Michelle Bowman, Randal Quarles, and Christopher Waller.

In September, Fed chairman Jerome Powell shared an update on the advancement of digital dollar research. He insists the Fed doesn’t lag behind other countries on CBDCs.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

13 minutes ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

2 hours ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

2 hours ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

3 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

4 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

This website uses cookies.