Such a move would need broad accord among Congress, the U.S. central bank and also the White House.
U.S. Treasury Secretary Janet Yellen has given her opinions on the potential of a digital dollar however is hesitant to come back to any conclusions at this stage in proceedings. Yellen said on weekday that she had not shaped a read on whether or not the Federal Reserve ought to produce a digital version of the dollar, however such a move would need broad agreement among Congress, the U.S. financial institution and therefore the White House.
This follows the recent reports that the Federal Reserve is presently researching whether or not an electronic version of the dollar would be helpful. Yellen said that she sees each pros and cons to the digital dollar. though she will have thoughts on its implementation, she feels a lot of analysis must be done before bobbing up with any definite answers.
According to Yellen, the benefits of a financial institution digital currency would like more study, as well as its effects on banking establishments.
In distinction, Federal Reserve Governor Lael Brainard, whom President Biden has chosen for vice-chair of the U.S. financial institution, has mixed up urgency in establishing a digital dollar. She advised that she cannot fathom not having one once China and alternative nations are developing their own financial institution digital currencies, that she considers a race to the highest.
( Arnold Kirimi, Cointelegraph, 2021)