“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.
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.
