- This was stated by Deputy Minister Nelly Liang
- In the coming months, a consortium on this topic will be held with the participation of the Treasury and the Fed
- The parties will study the potential of the digital dollar and its possibilities
Yesterday, March 1, on the website of the US Department of the Treasury appeared article with comments Deputy Minister Nelly Liang on the future of money. Among other things, the politician stressed that the agency is exploring options for introducing a wholesale or retail CBDC, including to strengthen the status of the dollar.
“We are considering whether a digital currency can help maintain the global role of the dollar. We are also interested in the potential of CBDC in the field of cross-border payments and other sectors of the economy,” — says in the report.
According to Liang, a consortium of federal authorities will be held in the coming months. The parties will discuss the potential of CBDC, its possibilities and implementation options.
This solution has many advantages. Using the digital currency of the Central Bank minimizes the risk of illegal financial transactions, and also allows you to protect the privacy of users.
Calculations in it occur instantly. At the same time, CBDC is legal tender, easily convertible to fiat.
It is noteworthy that the statement of the Ministry of Finance was made more than a year after Joe Biden ordered to study the potential of the digital dollar. Now this idea is gaining popularity on the sidelines of the White House.
A former presidential adviser, for example, predicts that the digital dollar will “destroy” cryptocurrencies. But, which is typical, while this project is not even on paper, the Ministry of Finance and other departments are only studying the potential of CBDC and pondering whether the idea is worth the cost.