Nellie Liang, the U.S. Treasury's undersecretary for domestic finance, said in a speech at the Atlantic Council in Washington that officials from the U.S. Treasury, the Federal Reserve and the White House will begin meeting regularly to discuss possible central bank digital currencies (CBDCs). The CBDC working group led by the U.S. Treasury will further study the issue, but the Federal Reserve remains in a leading research role. The Fed emphasized that "CBDCs will only be issued if they are supported by the executive branch, Congress and the broader public."
Nellie Liang also said that CBDC can be either retail or wholesale, and that financial institutions that are already eligible for central bank accounts can use wholesale CBDC, while retail CBDC will be a supplement to cash, not a replacement. (The Block)
