Treasury Secretary Janet Yellen said further study is needed to determine the advantages and disadvantages of adopting a central bank digital currency, Reuters reported Thursday.
“I see both pros and cons to doing it. And my own mind is not made up about this,” Yellen said Thursday in an interview.
She mentioned an upcoming Federal Reserve report on the digital currency and noted that the creation of the digital dollar would require consensus among the White House, U.S. central bank and Congress.
“This is a decision that’s important and needs to command consensus. There are some benefits, but there are also meaningful costs,” Yellen said. “It can work to disintermediate the banking system. And, you know, we need to work through the pros and cons. I don’t have a view yet.”
On Jan. 27, the Potomac Officers Club will host a virtual forum to offer the GovCon community an insight into the national security aspect of digital currencies. Register here.
