Digital Dollar Is a Long Way From Reality, US Treasury Official Says
- Need for CBDC currently doesn’t exist, undersecretary says
- Fed won’t issue CBDC without clear Congress, executive support
This article is for subscribers only.
The Treasury Department’s top official for financial markets and stability expressed little urgency over the federal government’s need to prepare for the potential launch of a digital US dollar.
Regulators need to examine whether a central bank digital currency — or CBDC — would actually improve the speed or cost of real time interbank payments, which the Federal Reserve is aiming to introduce in 2023, said Nellie Liang, undersecretary for domestic finance at the Treasury.