US Treasury Secretary Janet Yellen said a CBDC is needed.
Yellen also highlighted the importance of establishing a regulatory framework for digital assets.
Janet Yellen Highlights the Importance of CBDC
Treasury Secretary Yellen also talked about the regulatory framework while stating the need for a central bank digital currency (CBDC).
Reminding the Terra collapse, Yellen stated that USDT also “broke money”.
Speaking at the International Monetary Fund (IMF) meeting, Yellen emphasized that there are more regulations applicable to the crypto industry than people realize, while suggesting that there are many gaps that need to be addressed.
Janet Yellen stated that regulating digital finance is a difficult thing and stated that she wants to work with Congress to fill the gaps she mentioned.
Stating that CBDC has the potential to solve many problems, Yellen pointed out that the creation process may take many years.
“We can continue to consider whether the practice is correct. But we have to be in a position to publish one.”
Last week, the Financial Stability Oversight Council, which includes Yellen, requested Congress to provide guidance on the regulation of digital assets.
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