{"id":18256,"date":"2023-03-02T15:45:22","date_gmt":"2023-03-02T15:45:22","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/us-treasury-and-white-house-to-hold-regular-meetings-on-cbdcs-and-payment-innovations-bitcoin-news\/"},"modified":"2023-03-02T15:45:22","modified_gmt":"2023-03-02T15:45:22","slug":"us-treasury-and-white-house-to-hold-regular-meetings-on-cbdcs-and-payment-innovations-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/us-treasury-and-white-house-to-hold-regular-meetings-on-cbdcs-and-payment-innovations-bitcoin-news\/","title":{"rendered":"US Treasury and White House to Hold Regular Meetings on CBDCs and Payment Innovations \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On March 1, 2023, Nellie Liang, undersecretary for domestic finance at the U.S. Treasury, delivered a speech to the Atlantic Council in Washington concerning the subject of central bank digital currencies (CBDCs). Liang detailed during her speech that a CBDC is one of several options for \u201cupgrading the legacy capabilities of central bank money,\u201d and members of the Treasury, Biden administration and the Federal Reserve \u201cwill begin to meet regularly\u201d to discuss the topic.<\/strong><\/p>\n

U.S. Treasury\u2019s Nellie Liang Discusses Key Considerations in Developing a CBDC<\/h2>\n

The undersecretary for domestic finance at the U.S. Treasury, Nellie Liang<\/a>, gave a speech<\/a> at the Atlantic Council titled \u201cNext Steps in the Future of Money and Payments.\u201d During the speech, Liang discussed U.S. President Joe Biden\u2019s executive order, which called on the government to develop an approach for the digital currency sector. Liang also referenced the collapse of some crypto businesses last year, \u201cruns on stablecoins,\u201d and the \u201ccommingling of customer and firm assets.\u201d<\/p>\n

\u201cAll of these calamities reinforce the recommendations made for regulators to vigorously enforce existing laws to protect consumers,\u201d Liang said. Her speech primarily focused on central bank digital currencies (CBDCs) and how she believes \u201ccentral banks are at the heart of the global monetary system.\u201d She further noted that an important decision is whether the government creates a wholesale CBDC, retail CBDC, or both. Liang added that a CBDC<\/a> will have \u201cthree core features.\u201d<\/p>\n

\u201cFirst, a CBDC would be legal tender. Second, a CBDC would be convertible one-for-one into other forms of central bank money \u2014 reserve balances or paper currency. Third, a CBDC would clear and settle nearly instantly,\u201d Liang said.<\/p>\n

The senior Treasury representative said that a CBDC must address \u201cglobal financial leadership,\u201d \u201cnational security,\u201d and \u201cprivacy,\u201d but it also needs to deal with \u201cillicit finance and inclusion.\u201d She said the U.S. CBDC Working Group is focused on meeting these objectives and identifying trade-offs. Regarding inclusion, Liang noted that the U.S. has a large unbanked population and that a CBDC should be evaluated on whether it can promote \u201cinclusion and equity in the delivery of financial services.\u201d<\/p>\n

Liang concluded her speech by mentioning that members of the U.S. government have plans to meet regularly to discuss CBDCs. She also emphasized that 11 countries have fully launched central bank digital currencies, and many other jurisdictions are dedicated to researching and developing the idea.<\/p>\n

\u201cIn the coming months, leaders from Treasury, the Federal Reserve, and White House offices, including the Council of Economic Advisors, National Economic Council, National Security Council, and Office of Science and Technology Policy, will begin meeting regularly to discuss a possible CBDC and other payments innovations,\u201d Liang said in her closing remarks.<\/p>\n

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\nTags in this story
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American CBDC<\/a>, Atlantic Council<\/a>, CBDC<\/a>, CBDC ideas<\/a>, CBDCs<\/a>, central bank digital currencies<\/a>, Central Banks<\/a>, consumer protection<\/a>, Council of Economic Advisors<\/a>, Cryptocurrency<\/a>, Digital Currency<\/a>, Equity<\/a>, Executive Order<\/a>, Federal Reserve<\/a>, financial inclusion<\/a>, financial industry<\/a>, Financial Regulation<\/a>, Financial Services<\/a>, financial system<\/a>, global financial leadership<\/a>, illicit finance<\/a>, Joe Biden<\/a>, National Economic Council<\/a>, National Security<\/a>, National Security Council<\/a>, Nellie Liang<\/a>, payments innovations<\/a>, Privacy<\/a>, Research and development<\/a>, Stablecoins<\/a>, trade-offs<\/a>, unbanked population<\/a>, US CBDC<\/a>, US government<\/a>, US Treasury<\/a><\/div>\n<\/div>\n

What are your thoughts on the U.S. government\u2019s plans to meet regularly to discuss CBDCs and other payment innovations? Share your thoughts about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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