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Sunday, January 23, 2022

Janet Yellen: Her Viewpoint on Central Bank CBDCs

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US Treasury Secretary Janet Yellen says she has not yet decided whether or not the United States should implement a Central Bank Digital Currency (CBDC).

Janet Yellen’s personal opinion on the matter

In a new interview with Reuters, Yellen said she was waiting for the Federal Reserve to issue a CBDC assessment.

She notes that Fed Chairman Jerome Powell has promised the report will be produced “very soon.”

As for her personal views on the matter, the Treasury Secretary says she sees pros and cons to implementing a CBDC.

“There are benefits, but also significant costs… It could lead to disintermediation of the banking system, and we have to weigh the pros and cons. I don’t have an opinion yet. “

The need to reach consensus

Yellen notes that whatever decision is taken on the CBDCs, a consensus will have to be reached between different US authorities.

“I think it’s important to understand what the Fed’s point of view is, but she agrees that it’s a decision that requires consensus.

They would like to know the administration’s point of view on this and, frankly, we have yet to seriously discuss this in the White House. And Congress will also be involved ”.

Powell said this summer his focus on execution rather than speed when it comes to developing a CBDC.

Yellen revealed to Reuters that she has no plans to quit her post at the Treasury anytime soon.

“I have no intention of leaving this position.

I appreciate it very much and we have a tremendous amount of important work to do, so I have no plans to leave the treasury anytime soon. “

According to Yellen, the benefits of central bank digital currencies need to be further explored, including their impact on banking institutions.

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