Home News US Economy

Yellen says a digital dollar would take years of development

Bloomberg
Bloomberg4/7/2022 10:50 PM GMT+08  • 3 min read
Yellen says a digital dollar would take years of development
Photo by Piotr Cichosz on Unsplash
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Treasury Secretary Janet Yellen said a digital dollar would take years to develop if the US decides to proceed with one, underscoring a deliberate approach by American policy makers as they flesh out their regulatory plans to address the rapid spread of digital assets.

US regulators are now engaged in a six-month review aimed at coming up with recommendations on a raft of issues linked to digital assets, including a digital version of the US sovereign currency. The initiative was launched through an executive order by President Joe Biden.

“I don’t yet know the conclusions we will reach, but we must be clear that issuing a CBDC would likely present a major design and engineering challenge that would require years of development, not months,” Yellen said in prepared remarks to an event Thursday in Washington. CBDC refers to a central bank digital currency -- for the US, a digital dollar.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.