{"id":5621,"date":"2023-06-13T19:15:36","date_gmt":"2023-06-13T23:15:36","guid":{"rendered":"http:\/\/leadingcryptonews.com\/us-has-not-yet-determined-whether-it-will-pursue-a-cbdc-says-treasury-official\/"},"modified":"2023-06-13T19:15:36","modified_gmt":"2023-06-13T23:15:36","slug":"us-has-not-yet-determined-whether-it-will-pursue-a-cbdc-says-treasury-official","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/us-has-not-yet-determined-whether-it-will-pursue-a-cbdc-says-treasury-official\/","title":{"rendered":"US ‘Has Not Yet Determined Whether It Will Pursue a CBDC’, Says Treasury Official"},"content":{"rendered":"


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Based on last week\u2019s <\/span>regulatory<\/span> onslaught, it seems U.S. authorities <\/span>do not<\/span> like digital currencies. But a central bank digital currency (CBDC)? That has not been ruled out yet. At least, that's what one U.S. Treasury Department representative said a<\/span>t today\u2019s <\/span>Transform Payments USA 2023<\/span> conference,<\/span><\/p>\n

Graham Steele, assistant secretary for financial institutions, spoke about the U.S. government\u2019s <\/span>FedNow<\/span> payment service, <\/span>central bank digital currencies<\/span> (CBDCs) and the future of “open banking” at the industry event, organized by Reuters.<\/span><\/p>\n

Steele, representing the Treasury Department, was clear in the fact that the United States \u201chas not yet determined whether it will pursue a CBDC.\u201d He did say, however, that the Treasury is leading an interagency working group to study a \u201cpotential\u201d U.S. CBDC.<\/span><\/p>\n

Central bank digital currencies are digital versions of fiat currencies. <\/span>As of December 2022<\/span>, roughly 114 countries, which represent 90% of global GDP, are researching how and whether they should launch a CBDC.\u00a0<\/span><\/p>\n

According to Steele, the working group wants to \u201cstrike the right balance\u201d between global financial leadership, national security, <\/span>privacy<\/span>, illicit finance, and financial inclusion.<\/span><\/p>\n

He acknowledged that the risks of a retail CBDC, such as the danger of bank runs, which could be exacerbated by the ease and speed in which transactions can occur under such a system.\u00a0<\/span><\/p>\n

CBDCs have been critiqued by many for their perceived <\/span>lack of privacy<\/span>, as well as the fall in institutional trust over the years, showcased by a <\/span>recent poll<\/span> conducted by the Cato Institute showing only 16 percent of Americans support one. Steele addressed these concerns, tying them neatly with <\/span>illicit activities<\/span>, a common talking point among U.S. regulators and crypto-skeptics.<\/span><\/p>\n

\u201cIt is important that we consider the extent to which privacy and anonymity might be preserved,\u201d he said.<\/span><\/p>\n

Steele added that the Treasury will be exploring Privacy Enhancing Technologies (PETs) while also \u201censuring transparency and traceability, thus reinforcing the trust of users in digital financial transactions.\u201d<\/span><\/p>\n

Bitcoin<\/span>, <\/span>Ethereum<\/span>, <\/span>stablecoins<\/span>, and other types of cryptocurrency were absent from Steele\u2019s commentary.\u00a0<\/span><\/p>\n

Steel said that the digitization of financial services is coming fast, and that the treasury-led group will look to work with industry leaders and policy makers to cover any possible \u201cshortcomings.\u201d<\/span><\/p>\n

Regardless of what is to come of the U.S. government\u2019s approach to digital currencies, both private and public, it's clear officials are preparing for the approach itself.<\/span><\/p>\n

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<\/p>\n

Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Based on last week\u2019s regulatory onslaught, it seems U.S. authorities do not like digital currencies. But a central bank digital currency (CBDC)? That has not been ruled out yet. At least, that’s what one U.S. Treasury Department representative said at today\u2019s Transform Payments USA 2023 conference, Graham Steele, assistant secretary for financial institutions, spoke about […]<\/p>\n","protected":false},"author":1,"featured_media":5622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"class_list":["post-5621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending-cryptos"],"yoast_head":"\nUS 'Has Not Yet Determined Whether It Will Pursue a CBDC', Says Treasury Official - Leading Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leadingcryptonews.com\/us-has-not-yet-determined-whether-it-will-pursue-a-cbdc-says-treasury-official\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US 'Has Not Yet Determined Whether It Will Pursue a CBDC', Says Treasury Official\" \/>\n<meta property=\"og:description\" content=\"Based on last week\u2019s regulatory onslaught, it seems U.S. authorities do not like digital currencies. 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