In her first speech on digital assets, SecYellen called them “transformative.” A CBDC could become a 'trusted money comparable to physical cash,' she said, and policy must evolve to meet the growing potential.
at an American University event, Yellen highlighted the extreme divergence of perceptions about crypto, saying that’s often the case with “transformative” technology.
She focused part of her speech on central bank digital currencies , an area of interest for U.S. policymakers over the past few years. Any potential CBDC design would have to address its impact on the financial system, ability to address financial crime and national security questions, privacy implications, ability to address macro policy and how it might interact with existing fiat currencies, stablecoins or other CBDCs, Yellen said.
"I don't yet know the conclusions we will reach, but we must be clear that issuing a CBDC would likely present a major design and engineering challenge that would require years of development, not months. So, I share the president's urgency in pulling forward research to understand the challenges and opportunities a CBDC could present to American interests," she said.
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