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Yellen says a digital dollar would take years of development

Bloomberg4/7/2022 10:50 PM GMT+08  • 3 min read
Yellen says a digital dollar would take years of development
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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.

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