The Biden administration is one step closer to launching a digital dollar.
Biden’s working group will meet regularly to support the Fed’s CBDC research, according to a published report. The group will take positions according to the Fed’s digital dollar decision.
Biden Administration Interested in Digital Dollar
In a statement by Brian Deese, Director of the National Economic Council, and Secretary of the Treasury Janet Yellen, the White House, the Department of the Treasury and other executive bodies are willing to do whatever it takes to support the Fed’s ongoing research into the digital dollar.
The Treasury also stated that a regulatory framework should be established for international payment providers.
A senior official stated that the US could issue a CBDC if the Fed considers that the CBDC has a positive impact on the country’s interests.
Officials continue to debate whether China should issue a digital dollar to compete with the digital yuan.
Biden’s working group will meet regularly on these issues. Representatives from different institutions will appear in this group.
Government officials also emphasized that the final decision on the digital dollar will be made by the Fed.
The Fed plans to launch a payment system called FedNow next summer.
