Thursday, July 25, 2024

The U.S. Treasury and White House are taking urgent steps towards improving their capabilities of central bank money by holding regular meetings on Central Bank Digital Currency (CBDCs) and Payment Innovations. On March 1, 2023, Nellie Liang, former Federal Reserve governor and current senior fellow at the Brookings Institution, gave a speech to the Atlantic Council about CBDCs and the need for a balanced approach to their implementation. In her speech, she highlighted the importance of such meetings in order to ensure that any solution developed is equitable and effective. The Biden administration, U.S. Treasury, and Federal Reserve have taken her advice and plan to meet regularly in order to develop a clear understanding of CBDCs and determine the best way to proceed with payment innovations.

Exploring a Balanced Approach

In response to President Joe Biden’s executive order, U.S. Treasury Undersecretary Nellie Liang discussed developing a CBDC and the key considerations that must be taken into account during the process. During her remarks, she emphasized the importance of central banks in regards to CBDCs. According to Liang, any CBDC should have three core features: be legal tender, convertible one-for-one with other means of payment, and settle nearly instantly.

Liang also addressed the need to balance several priorities when it comes to CBDC development including “global financial leadership, national security, privacy, and illicit finance and inclusion.” She highlighted that the United States has an unbanked population, and a CBDC should promote inclusion and equity in delivery of financial services. In addition, Liang mentioned that members of the U.S. Government have plans to meet regularly to discuss CBDCs and other payment innovations such as digital wallets.

Overall, these talks between the U.S. Treasury and White House are crucial in order to implement a successful CBDC in the U.S. It is essential for both entities to consider multiple perspectives when discussing this subject as it has implications on global finance, security, and privacy of citizens’ financial data. To ensure success, regular meetings dedicated solely to this issue are necessary for exploring possible solutions and finding a balanced approach for everyone involved.

The U.S. Treasury and the White House have made it clear that they are taking a pro-active approach to CBDCs and payment innovations, and that regular meetings between the two entities are an important part of that effort. This latest development indicates a commitment to finding a balanced and thoughtful solution to the digital currency landscape that is tailored to the needs of the United States. With the right guidance, CBDCs and payment innovations have the potential to revolutionize the way we use money – and with both sides at the table, we can rest assured that the U.S. has the best chance of making that a reality.


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