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Treasury Secretary Janet Yellen said the design and development of a digital dollar would likely take years if the U.S. chose to create one, while outlining the various questions the Biden administration is weighing as it considers ways to make payments faster in the U.S.
In a speech at American University in Washington on Thursday, Ms. Yellen said the administration’s efforts would consider the impact of a CBDC on monetary policy, national security and international trade, as well as its utility for consumers. Whether Congress would need to authorize the creation of a digital dollar is also an element of the executive order. “I can’t tell you yet what 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,” Ms. Yellen, a former Fed chairwoman, said.
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