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MNI BRIEF: White House Prepares For Possible Digital Dollar

(MNI) Washington
(MNI) Washington
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Officials across the Biden administration in a series of reports are recommending advancing further work on policy and technical issues so that the United States is in a position to issue a central bank digital currency should it be determined in the national interest.

The nine reports submitted to the President to date and led by the Treasury Department stop short of coming to a decision in whether to issue a central bank digital currency and say the government should only take the final step if there’s sign-off that it is in the national interest. The reports encourage the Federal Reserve to continue its ongoing CBDC research, experimentation, and evaluation and call for the creation of a Treasury-led interagency working group to support the Fed’s efforts.

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Officials across the Biden administration in a series of reports are recommending advancing further work on policy and technical issues so that the United States is in a position to issue a central bank digital currency should it be determined in the national interest.

The nine reports submitted to the President to date and led by the Treasury Department stop short of coming to a decision in whether to issue a central bank digital currency and say the government should only take the final step if there’s sign-off that it is in the national interest. The reports encourage the Federal Reserve to continue its ongoing CBDC research, experimentation, and evaluation and call for the creation of a Treasury-led interagency working group to support the Fed’s efforts.

Keep reading...Show less