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Deputy U.S. Treasury Secretary Elaborates On Nation's Progress Towards A CBDC
Summary: On Wednesday, October 7 Deputy Treasury Secretary Justin Muzinich confirmed during a digital seminar on trans-Atlantic economic relations that the U.S. Treasury Department is looking into a government-issued digital currency. Muzinich said the department is working with the Federal Reserve to explore a CBDC and added that the Boston branch of the Federal Reserve is already deep into the ...
On Wednesday, October 7 Deputy Treasury Secretary Justin Muzinich confirmed during a digital seminar on trans-Atlantic economic relations that the U.S. Treasury Department is looking into a government-issued digital currency.
Muzinich said the department is working with the Federal Reserve to explore a CBDC and added that the Boston branch of the Federal Reserve is already deep into the research phase of a CBDC and is working with MIT's Digital Currency Initiative.
He expressed an understanding that governments must be open to innovation. He acknowledged efficiency and cost benefits that come with distributed ledger technology, but also highlighted that consumer privacy and preventing illicit activity will pose issues.
While both the Federal Reserve and Treasury Department are researching CBDCs, it will likely be years before concrete steps are taken towards issuing a government-backed digital currency.
By Emily Mason
Tags: CBDC,Deputy Treasury Secretary,Federal Reserve,US Treasury Department
Link: Deputy U.S. Treasury Secretary Elaborates On Nation's Progress Towards A CBDC [Copy]
