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Janet Yellen says CBDCs are “certainly worth getting involved in developing”

New push for a centrally controlled currency.

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At the International Monetary Fund (IMF) annual meeting, US Treasury Secretary Janet Yellen stressed there is a need to regulate digital assets.

Yellen used the crush of Terra, a USD-backed stablecoin and the “breaking the buck” of Tether, another stablecoin, to support her argument that the digital assets market should be regulated.

Related: Central Bank Digital Currencies make authoritarianism, censorship, and surveillance easy

Yellen said that there are existing regulations that can be applied to digital assets, but there are “holes” that should be addressed, and that she was working with Congress to address those holes, even though digital finance is “a tough thing to regulate.”

Yellen also commented about central bank digital currencies, saying that they have benefits and could solve many problems. Although it would take many years, Yellen said a CBDC is “certainly worth getting involved in developing.”

“We can continue to think about whether it’s right to implement,” Yellen said, adding that the US should be “in a position where we could issue one.”

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Resist censorship. Reject surveillance. Reclaim your voice.

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Logo with a red shield enclosing a stylized globe and three red arrows pointing upward to the right, next to the text 'RECLAIM THE NET' with 'RECLAIM' in gray and 'THE NET' in red

Resist censorship. Reject surveillance. Reclaim your voice.

Stay informed on censorship, cancel culture, and surveillance, and learn how to take your digital rights back.

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