- Assistant Secretary for Finance
- No final decision on CBDC yet
United States Department of the Treasury continues consider introducing a digital dollar (CBDC). They are studying how to make retail payments with such a currency as anonymous as possible. This was stated by Assistant Secretary of State Graham Steele at the Transform Payments USA 2023 conference.
“It is important to decide to what extent we can maintain confidentiality and anonymity in such payments. To do this, the Ministry of Finance is studying all available technologies and methods, including Privacy Enhancing Technologies (PETs).”
Privacy Enhancing Technologies are solutions that minimize the use of personal data. This includes various tools.
Graham Steele also noted the possible risks of the digital dollar, especially mass withdrawals. The recent banking panic in the US showed how dangerous technology can be that allows you to quickly move deposits.
“This technology is only getting faster. It increases the risks that panic will arise with sudden movements of funds. ”
The official added that the Treasury has not yet made a final decision on the implementation of the US CBDC. The issue is being studied by a specially created group.
“We are evaluating policy objectives related to global financial leadership, national security and privacy, illicit funding and financial inclusion”
Last week, the SEC chairman said the US “doesn’t need more digital currencies.”