The US Treasury Department will set up a working group that will include federal agencies. Group members will begin regular consultations on the potential launch of a digital dollar. Bloomberg.
The group will include leadership of the Treasury Department, the Federal Reserve System (FRS), the National Security Council and other departments. In the coming months the group “will start meeting regularly to discuss a possible CBDC (central bank digital currency) and other payment innovations”, — said Deputy Minister of Finance Nelly Liang (Nellie Liang). The discussion is expected to raise questions about whether the digital dollar will help maintain US global financial leadership, whether it will contribute to national security, protect privacy and prevent illicit financial transactions.
Ms. Liang made it clear that the initiative should not be taken as a signal that the US government has embraced the concept of a digital dollar — the Treasury Department and the Fed are still unsure whether it is necessary. Now the Fed is working to introduce a new real-time payment system that could reduce the appeal of digital currencies, and digital currencies in turn could threaten the stability of the traditional banking system. However, the Presidential Administration is keen to get involved in international projects related to CBDC, and the working group will collaborate with departments in other countries on this issue.