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U.S. Treasury Secretary Janet Yellen says a digital dollar could serve as reliable money

Alex Coin
April 9, 2022
Reading Time: 4 mins read
0

En su discurso, Yellen destacó las bondades que supone la creación de un dólar digital por parte del gobierno de EE UU, pero también indicó que esto requiere un abordaje muy detallado para evaluar adecuadamente las posibles implicaciones.

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***

U.S. Treasury Secretary Janet Yellen recently indicated in a speech that a digital dollar issued by the local government could become reliable money, perfectly comparable to that circulating in cash.

This and other reflections by Yellen came during an event held at theCentro para la Innovación de la Escuela de Negocios Kogod de American University, in which he made an extensive review on the perspective with which the U.S. government has been approaching the issue of digital currencies, even going as far as the possibility of issuing an CBDC to become the digital version of the US dollar.

Crypto market developments, technology and Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies.

Yellen’s presentation began by reviewing the need to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. cryptocurrencies and their associated market, which is why a few weeks ago U.S. President Joe Biden signed an executive order asking all U.S. agencies to join efforts in this area:

“A few weeks ago, President Biden signed an Executive Order calling for a coordinated and comprehensive government approach to digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset policy. Digital assets have grown explosively, reaching a market an area or arena, online or offline, in which commercial dealings are conducted. capitalization of USD $3 billion last November versus USD $14 billion just five years earlier.”

The need to address this market lies mainly in technological advances and how everyone can operate financially from smart devices, but the advent of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. and cryptocurrencies also brought with it the Blockchain, thus eliminating the problem of the transfer of value through the Internet, all in a decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. and distributed way.

After these and other details, Yellen comes to a point at which she posits five lessons from the opportunities and challenges posed by new financial technologies, at which point she addressed considerations of a digital dollar.

The utility of a digital dollar

In relation to this point, the Treasury Secretary reviewed the considerations to be taken into account an account is essentially a whose purpose is to track the financial activities of a specific asset/ when sending funds internationally, highlighting that there are cases in which a single transfer would involve the payment of 10% commissions, a rather high figure that represents a setback for those who wish to send remittances and economic support, so the idea of a CBDC may be relevant:

“The development of our currency currency is a medium of exchange that defines value. to its current form has been a dynamic process that took place over centuries. Today, monetary sovereignty and uniform currency have brought clear benefits for economic growth and stability. Our approach to digital assets should be guided by an appreciation of those benefits. Some have also suggested that the introduction of a Central Bank Digital Currency, or ‘CBDC’, could contribute to a more efficient payment system. As a central bank liability, a CBDC could become a reliable form of money comparable to physical cash, but which could offer some of the projected benefits of digital assets”.

However, the potential design of a CBDC would have to address the impact on the financial system, the ability to address crimes of a financial nature and other national security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. aspects, not to mention possible privacy implications and the ability of the currency in question to address macro policy under the interaction with other forms of value.

Therefore, President Biden’s executive order proposes a first approach in terms of this objective, since it will also allocate a space to evaluate what concerns a CBDC emitida por el gobierno norteamericano, asunto que ha sido calificado como prioritario en varias oportunidades por diversos funcionarios.

Lessons from this work

As for the lessons from all this, Yellen highlights that one of them is that the financial system would benefit from responsible innovation, i.e. that technological advances may well represent an evolution for current systems, a win-win situation if approached in the right way.

On the other hand, she called for regulations to be precise precisely because the harms could fall heavily on the most vulnerable people if this fails. Therefore, all rules should focus on the activities and their risks, rather than on the technologies themselves.

And the last considerations go down the path that the US benefits from the dollar’s current role as a store of value, which is why regulators should work with the industry to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. responsible innovation. On the latter, he highlighted specific concerns about the crypto market such as price volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. and the presence of stablecoins.


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Source: CoinDesk ,Treasury

Version by Angel Di Matteo / DiarioBitcoin

Imagen de Unsplash

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Alex Coin

Cryptoinvestor. I follow the world of cryptocurrencies. Looking for the most relevant and significant news for you :)

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