Steven Mnuchin Does Not Expect US to Issue Digital Dollar in Next 5 Years
Ana Alexandre's original article for cointelegraph.com reduced by 71%
United States Secretary of the Treasury Steven Mnuchin said that he and Federal Reserve Chairman Jerome Powell do not anticipate the development of a national digital currency in the country. Mnuchin delivered his comments during a House Financial Services Committee hearing in Washington, Bloomberg reported on Dec. 5.
"Chair Powell and I have discussed this - we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency," Mnuchin said. The Treasury secretary's statement came in response to a question about Facebook's yet-to-be-released Libra stablecoin. Powell said in the letter that, prior to issuing a CBDC, the Federal Reserve has to address a number of legal questions, including monetary and payments policies, financial stability, supervision and operational issues, and their vulnerability to cyber-attacks.
On Dec. 4, a panel of senior financial regulators in the United States headed by Mnuchin warned the public about the purported risks of stablecoins and cryptocurrencies. "If a stablecoin became widely adopted as a means of payment or store of value, disruptions to the stablecoin system could affect the wider economy.
Financial regulators should review existing and planned digital asset arrangements and their risks, as appropriate..
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