As the digital currency gains more and more traction, the United States seems to be falling behind on its project. Many American institutions are still showing some reservations about adopting the digital dollar. The statements of Nellie Liang, a senior US Treasury official, go precisely in this direction. According to her, the digital dollar project is not necessarily among the priorities of the United States. The reason is simple: it requires longer procedures and preparations at the level of the different institutions.
A long way to go before the adoption of the digital dollar
The latest news is that the digital dollar project is in the testing phase. But the recent declarations of Nellie Liang leave perplexed as for its outcome. “The United States will not adopt the digital dollar for 5 years (or more).” Here is indeed an excerpt and a summary of the declarations of this senior American Treasury official during an interview granted to Bloomberg News Wednesday, December 21.
According to Nellie Liang, there are many steps to take before finally adopting the digital dollar. The fact is that there is no way the FED can issue a CBDC without the clear support of Congress and the Executive Branch. For its part, the US government must also prepare for the potential launch of a US digital dollar. “Exploring a potential CBDC was about preparing for a need that didn’t yet exist,” she explained.
The CBDC will not impact the status of the dollar and the leadership of the United States
“Wouldn’t the CBDC help the dollar retain its status internationally? “. Nellie Liang answered NO to this question (with an implication). For this expert in economics, the world leadership of the United States does not come from its technology (and even less from the digital dollar). Rather, it results from its system of governance. But not only ! American leadership is also the result of the rules that govern its markets, its rule of law, and the security and solidity of its institutions.
For staunch crypto protectors, Nellie Liang’s remarks do not bode well. Embracing a digital dollar is a step the United States needs to take as soon as possible, they say. Others could join Nellie Liang’s opinion, insofar as the establishment of a regulatory framework Accurate should be THE priority.
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