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Treasury’s Yellen Details Views on Digital Assets, CBDCs

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US Treasury Secretary Janet Yellen highlighted the divergent views on cryptocurrencies but noted that this comes in line with new and “transformative” technologies.

Source: Coindesk

BTC is down 1.79%, ETH down 2.10%, and ADA down 2.52%.

In a prepared speech, Yellen noted that there are arguments for and against digital assets, but the government should step in to ensure “responsible innovation,” which takes into account a dialogue between stakeholders and lessons from history.

Yellen also spoke about proposals to introduce a digital dollar, noting that a central bank digital currency could be established as a “form of trusted money comparable to physical cash” but with the benefits of digital assets.

The Secretary said conclusions are still uncertain at this point, but officials should be clear that establishing a digital dollar would likely present a “major design and engineering challenge” needing years of development.

Yellen added that such innovation would need cooperation among countries to ensure that development would not hit the international payment infrastructure.

Tags:

TWTR: #Treasury #JanetYellen #Crypto #CBDC

ST: $BTC.X $ETH.X $ADA.X

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