The US Treasury Department currently sees no need to rush with a digital version of dollar as regulators first need to be sure whether a central bank digital currency (CBDC) is effective enough to improve the speed of interbank payments, Bloomberg reports, citing Nellie Liang, Undersecretary for Domestic Finance at the Treasury.
Liang said that the US won't be in a hurry as the country's leadership "doesn't come from our technology." She added:
"It comes from our governance system, the rules that govern our financial markets, our rule of law and the safety and soundness of our institutions."
Liang says the country should consider making its own CBDC only if many countries also introduce their CBDCs. That move might become a factor in pushing the US to adopt one, she added.
