The digital dollar could become trusted money comparable to physical cash, says US Treasury Secretary Janet Yellen.
- At an American University event, Yellen stated the extreme divergence of perceptions about crypto, stating that is the case with transformative technology.
- She targeted part of her speech on central bank digital currencies (CBDCs), a discipline of interest for US policymakers over the last few years.
- Yellen further stated the development of the currency to its current form is a dynamic process that takes place over centuries, noting that the approach to digital assets must be informed by the appreciation of those benefits.
- Any possible CBDC design would address its effects on the financial system, ability to handle financial crime and national security questions, privacy implications, and how it might interact with existing fiat currencies or other CBDCs.
In reference to US President Joe Biden’s executive order on digital assets, she stated that potential CBDC would support the dollar’s role in international markets.
BTC USD down -0.16%
Source: US Department of the Treasury
