Treasury Deputy Secretary Muzinich says the administration is studying the possibility of a government-sponsored digital currency, as is the Fed. He says there are efficiency and cost benefits to using a distributed ledger and that it's important for govt to embrace innovation
"There is a lot of work going on behind the scenes," Treasury's Muzinich says, but no decision yet on whether to move forward with a government-sponsored digital currency.
Muzinich says concerns that officials are studying as Treasury and the Fed weigh a govt-backed digital currency include the potential for illicit financial activity, risks to financial stability, implications for the banking system, privacy
Muzinich warned of potential “governance” problems with digital currencies, echoing concerns that have been raised about Libra. “Would important decisions about our economic system have been taken out of the hands of government accountable to the people”? he said.
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