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Developing Future Payments System: Treasury Department Recommends More Research on U.S. CBDC

The CBDCs have been making headlines for a while now, and this trend continues these days as well. Check out the latest reports about CBDCs below.

CBDCs in the news

The U.S. Treasury Department is recommending more research on the development of central bank digital currencies (CBDCs).

In a new report, the Treasury Department says the US has as one of its important targets to create a future payments system that promotes American values, minimizes risks, and fosters inclusion.

To achieve its goal, the agency recommends more research on a possible U.S. CBDC in case one is ever seen as beneficial to the national interest.

“The Federal Reserve is encouraged to: continue its research and technical experimentation on CBDCs, including its work on analyzing the possible choices of technology and other design elements of a CBDC; continue evaluating policy considerations as described in its January 2022 discussion paper.”

The same notes reveal the following:

“[It should also] find mechanisms to provide the public with periodic updates on these initiatives, given the strong public interest in this topic; and consider how research and development on digital assets and other related innovations that is conducted or supported by other Federal agencies could support a U.S. CBDC.”

The online publication mentioned above notes the fact that The Treasury Department says it will support the Federal Reserve by forming an inter-agency CBDC task force.

More CBDC announcements

Not too long ago, we were revaling that Ripple may issue announcements related to central bank digital currency (CBDC) in the coming weeks.

It’s been just revealed that Ripple’s senior advisor for CBDC and global partnership Antony Welfare hints that the San Francisco-based firm could make an announcement as XRP-focused analyst CryptoEri shares that Ripple is working on several related projects.

“Make sure you follow me for more CBDC announcements in the next few weeks”

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