According to the US Treasury Secretary, digital dollar requires broad consensus from authorities

This would require broad consensus from Congress, the U.S. central banks and the White House.
Janet Yellen, U.S. Treasury Secretary, has offered her views on the potential for a digital currency but is hesitant about coming to any conclusions at this stage. Yellen stated on Thursday that she was not yet able to form a view about whether the Federal Reserve should create a virtual dollar. However, such a move would require broad consensus from Congress, the U.S. central banks and the White House. According to recent reports, the Federal Reserve is currently examining whether an electronic version would be beneficial. Yellen stated that she sees both the pros and cons of the digital dollar. Although she has thoughts about its implementation, she believes more research is needed before she can provide any definite answers. In contrast, Lael Brainard (Federal Reserve Governor) has called for urgent establishment of a digital currency. She said that she couldn’t imagine not having one, given that China and other countries are creating their own central bank digital currencies. This she considered a race to be the top.Related to: It’s now, or never — The US must prepare for digital currency. According to the Fed secretary, consensus is necessary before moving forward. Yellen stated that the Federal Reserve was currently conducting a study on the topic and that it would be ready soon. However, they are aware that they need broad agreement from all authorities before they can move forward. “This is an important decision and must be supported by consensus. There are many benefits, but there are also significant costs. “Cointelegraph reported that Fed Chair Jerome Powell said that the central bank did not need to rush their digital currency development plans. Powell stated that the Fed is not rushing to adopt the movement, despite several central banks having their own CBDCs.

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