US Treasury secretary believes CBDCs should be confidential
Assistant Secretary for Financial Institutions at the US Treasury Graham Steele spoke at a Texas conference about digitizing financial services. He focused on Central Bank Digital Currencies (CBDCs) and discussed their potential and consequences. Steele, who oversees banking, credit unions, insurance, consumer protection, capital access, and cybersecurity policies, acknowledged the trend of digitizing financial services. He highlighted computing power and connectivity advancements as driving forces behind this shift. Steele emphasized the need to consider the financial industry’s new digital risks and opportunities. He delved into significant developments such as CBDCs, the upcoming launch of FedNow, and the growth of Open Banking. Steele mentioned that the United States is actively studying the implications of CBDCs through an interagency working group led by the Treasury Department. The committee examines various policy goals related to global financial leadership, national s...