In remarks that could frustrate those who want a U.S. central bank digital currency to be created with urgency, the Treasury Secretary says she is undecided on whether to create a CBDC.
Uncertainty remains over whether the U.S. plans to push ahead with a central bank digital currency — with Treasury Secretary Janet Yellen confirming she's undecided on digitizing the dollar.
One of those calling for a little more urgency is Lael Brainard, who sits on the Federal Reserve's Board of Governors. She wants the U.S. to catch up — and over the summer, she said she "can't wrap my head around" not having one when China does.
It doesn't look like there will be a decision any time soon. For now, we await a Federal Reserve report into the prospect of digitizing the dollar.
Yellen went on to reveal that CBDCs have not been discussed in a "serious way" at the White House — and said input would also be required from Congress.
As Washington stalls, private companies are stepping in to fill the gap by issuing their own stablecoins.
A number of reports have warned that the absence of a CBDC could ultimately undermine the dollar's position as a major global currency.